Money-Saving Tips from Direct Financial, the Credit Union that moves you forward faster!

Direct Financial, a division of New England Federal Credit Union, wants to empower you to make good financial decisions so they can improve your financial well-being. The credit union has two locations in Detroit, one in Tower 200, Level 1 inside the GMRENCEN and the other in the Whitmer Building. Direct Financial also has a vast network of ATMs and CO-OP shared branches across Metro Detroit.

 

Direct Financial Services

 

 

They are a full-service credit union offering checking, savings and money-market accounts to all members. Representatives will work with you to craft personalized mortgages, home equity loans, car loans, lifestyle loans, personal loans, energy smart loans, and loans for boats, motorcycles, ATVs, snowmobiles and RVs.

You can also apply for a Direct Financial Visa® Explorer or Visa Explorer Rewards credit card. Direct Financial also hosts free, no-obligation financial education, planning and counseling seminars, featuring a different relevant topic each month.

 

Direct Financial wants to make banking convenient, so everything you would do in a bank, you can do online. Apply for mortgages, loans, credit cards, open accounts, pay bills, speak with representatives and more – all without having to leave your desk. You can also download New England Federal Credit Union’s Mobile Banking App for easy and efficient access to your Direct Financial accounts.

 

Money-Saving Tips

 

 

We recently sat down with Direct Financial’s Senior Loan Officer, Christin Canter, to get a better sense of how to save money on a budget and what services Direct Financial provides.

 

GMRENCEN: How can people decrease debt while saving money?

Christin: It’s different for everyone, but the best thing you can do is budget, budget, budget. We advise tracking your spending habits over a few months and seeing where you really spend your money. A lot of people don’t realize how much grabbing take-out actually adds up to. Compare those numbers and set a realistic budget for yourself with those purchases in mind.

 

It’s also a good idea to pay yourself first. Pay yourself like you would a bill at the beginning of the month to set some money aside for savings, and you’ll see that money grow quickly. Always have a savings goal, too. Start off small, and then think bigger.

 

GMRENCEN: What should members consider before investing in a large purchase, like a house or a car?

 

Christin: Everyone should review their credit score before buying a house or car. You can look for ways to increase your credit score and it’s also an opportunity to look for incorrect information on your credit report.

 

You should also think about collateral bills that will come with buying a house or car. You’ll have the monthly payment, of course, but upkeep and maintenance can be a factor, as well as unexpected emergencies and fixes. You need to be prepared for everything.

 

GMRENCEN: What are some ways to increase credit scores?

 

Christin: It’s always better to be proactive than reactive, so this is a great question. Better your credit score by limiting the number of bank accounts and credit cards you open. Also, it’s best to only use 30 to 40 percent of your approved credit limit. The closer you get to using your entire credit card limit, the lower your credit score will be.

 

It’s also a great idea to consolidate your debt, which Direct Financial can do for our members. The less loans people have, the better.

 

This is just the beginning of the wealth of information Direct Financial can provide to members. If anyone has questions about Direct Financial, they’re encouraged to stop in at the branch or call 800-966-8200.

 

Have you had success saving money? Let us know some of your tips and tricks in the comments!

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