Understanding how to properly manage money can be complex and often intimidating. Monetary counseling provides insight into many strategies that will help to reduce debt, raise credit scores, and increase savings.
Usually offered through local Credit Unions, financial counseling introduces members to qualified, friendly people that are trained in a variety of financial disciplines. In addition to saving and budgeting, this includes areas such as bankruptcy and home foreclosure avoidance.
The Financial Counseling Process
During the initial stages of the monetary counseling process, the adviser works with the client to identify comprehensive financial goals. This can include debt reduction, college tuition planning, preparing for retirement, and/or saving for a home. The counselor will help the member develop a budget that considers income, debt, assets, and liabilities. For members of a specific Credit Union, financial counseling provides insight into monthly budget reporting and tracking, as well as discipline training to stay on track.
Pay Offs of Financial Counseling
There are numerous benefits provided through comprehensive financial counseling. Credit Union members will emerge from the process more aware of how they spend money and get educated about a variety of strategies designed to help them reach their financial goals.
? Understanding a Credit Report: Credit report scores play a significant role in the loan qualification process. Knowing how to interpret a credit report, what factors affect credit quality, and applying that knowledge will help members improve their overall credit rating.
? Debt Reduction: Families burdened with unmanageable debt understand the stress and despair associated with serious financial problems. Upon completion of monetary counseling, members will have a thorough understanding of how to reduce their debts and properly manage money.
? Build Savings: Financial trainers will assist each member in creating a plan that is tailored to each of their specific goals. Whether an early retirement, a vacation home, or college tuition, a well-crafted plan will help members accomplish their savings objective sooner and more efficiently.
? The Basics of Money: Learning basic debt reduction and cash management techniques will help create a healthier personal financial environment. Financial consultants will thoroughly explain money dynamics and offer insight into taking full control over financial matters.
Better Money Management
For those interested in learning more about financial counseling, you can approach your Credit Union member service representatives for they can provide information that will explain the many benefits that financial consulting services can offer.
Source: http://www.newrichstrategies.com/2012/07/financial-counseling-intro-to-money-management-basics/
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