Congratulations! All the years of studying have paid off. You have a diploma in hand and a bright future ahead. You’ll soon have a full-time job. What do you do with all that extra cash?

• Use your financial education and create a budget. Then stick to it!
• Use credit wisely. Credit cards aren’t evil. FECA credit cards can be a great tool if used responsibly.
• Meet with a FECA Credit Solutions counselor to get advice on setting up your accounts to fit your lifestyle.

What’s the best advice we can give graduates?

Start saving now!

It’s never too early to start. If your employer doesn’t offer retirement benefits, open a retirement account on your own and start putting money in. Your biggest asset is time. If you use it wisely, you can build wealth even with a low income.

IRAs – Individual Retirement Accounts

• Save for a car or a home. Now may not be the right time, but when you’ve saved up enough, look at buying a vehicle.
• Build an emergency Fund – Begin putting funds away for the unexpected.

Set Up Your Digital Tools

Your mobile device is the gateway to so much in your life, why should your finances be any different? Managing your finances with FECA’s digital tools can make life easier.

• Online & Mobile Access – Get 24/7 access to all your FECA accounts.
• FECA Mobile App – Put your finances in the palm of your hand, anywhere you are.
• Mobile Wallet – Connect your FECA Debit or Credit cards to make payments easier, faster, and more secure by using your mobile device instead of physical cards.
• Direct Deposit – Get your employer to automatically deposit your paycheck so you don’t have to bother with cashing the checks yourself. It’s faster, more secure, and gives you options like splitting funds into multiple accounts.
• Bill Pay – Mailing checks is a thing of the past. Set up Bill Pay to quickly pay your recurring bills. Set automatic payments for bills that don’t change so you always pay on time & don’t hurt your credit.
• Low Balance Alerts – Easier digital payments can also mean it’s easier to overdraw. Set up alerts to warn you when your balance reaches the amount you set.

The decades ahead of you can be your greatest advantage! Through the power of compounding, you can put time to work for you. Compounding happens when your savings earn returns that are then reinvested back into your account, also earning returns. Over time, the process can snowball. Even saving a few bucks a week can make a big difference.

• Automatic Savings – Set up direct deposit or automatic transfer of funds into your FECA Savings Account. It’s easy to save when funds are split before you have the chance to spend it.

Spend some time thinking about your future and what’s important to you. Whether it’s eventually starting a family, buying a home, or taking the trip of a lifetime, having a plan will help you achieve it. You also don’t have to figure it out on your own.

• FECA Credit Solutions – Get advice on setting up your FECA accounts to better benefit your lifestyle.
• FECA Financial Advisors – It’s never too early to start long-term planning, especially if you’re facing paying off student loans. Our advisors can help give your financial journey a roadmap.

For those starting out, the lack of any credit history can make it difficult to purchase a car or get an apartment, or even rent a car.

• FECA First-Time Visa – This Visa credit card is designed to build a credit pattern for those just starting out by reporting your good payment habits.
• Pay Your Bills on time – For those with little credit history, it’s critical to pay your bills on time to build a pattern of good activity.

It can be difficult to buy your first car or house. The experts at FECA experts can help you evaluate your credit score, down payments, and monthly payments that fit your budget.

• Auto Loan – If you’ve found the car, we’ll help you get into it!
• Home Loan – Ready to make the jump from renting to owning? We can help you make the leap.
• FECA Credit Solutions – Better credit scores result in better rates, which means you pay less. Our Counselors can help you improve your scores.

Weddings are expensive

Weddings are beautiful. And expensive. From engagement rings, caterers, flowers, and hiring a band, the costs can add up quickly. Then there’s the honeymoon. The key to wedding planning is setting a budget. Remember, you’ve got the rest of your lives to plan for, too!

Personal Loan – Our Lending Team can help you get the funds you need to meet your budget that makes sense.

It’s important to begin any new partnership with communication. Setting up clear objectives and priorities together will help keep things running smoothly for years to come.

• FECA Credit Solutions – Get advice on setting up both shared and separate FECA accounts.
• FECA Financial Advisors – Can help create a budget to help make those day-to-day financial decisions.
• Savings & Money Market Accounts – Saving for the unexpected should be a line item in your budget.

While rewarding, kids are expensive. You can expect lots of new expenses from team uniforms, memberships, and possibly private school or college expenses.

• ESA – Set up an account for education expenses with tax benefits.
• FECA Financial Advisors – Our advisors can help establish long-term plans that work best for your family.

Obligations like mortgage payments, grocery bills, and childcare can seem to take up the majority of your expenses. However, it’s important to put money aside for things down the road.

• Club Accounts – Trust us, your partner will love that you’re already thinking about saving for vacations.
• Home & Auto Insurance – Don’t forget to protect your family’s assets. We have great protection options.
• Beneficiaries – Take the time to set up your beneficiaries to ease stress in case of the unexpected.

After you’ve settled in, you’ll need to re-evaluate your budget. There may be expenses that no longer apply or new ones that come with your new home. For instance, if you’re moving from a warmer climate to a cooler one, you’ll have to prepare for additional electricity expenses that come with heating the house during the winter.

• Update your address – It’s important to update your contact info with FECA, auto lender, insurance providers, post office, and other important accounts so you don’t miss important communication. Don’t forget to update your address on anything with automatic payments or beneficiaries.
• Keep your receipts – It’s a good idea to keep any receipt that has to do with your move. You can also label these transactions in the mobile app to help you keep track of your spending.
• Find your closest branch or ATM – One benefit of being a member of FECA is that we partner with thousands of other credit unions to provide a nationwide network of branches & ATMs. So even if you move to another city, you don’t need to cancel your membership. There is always a branch or ATM available nearby.

Contact us to help with updating your mortgage, safety deposit box, and account and credit card information.

• Beneficiary – Assigning beneficiaries to your FECA accounts can ease access to funds.
• Take steps before, if possible – Becoming a joint owner of financial accounts makes the transition easier.
• Inheritance – Our FECA Financial advisors can help with sudden addition of large sums of money.
• Funeral Expenses – Dealing with the passing of a loved one is hard enough. If you need financial assistance, let our Credit Counselors help you get the funds you need quickly.

These additional steps can help manage your loved one’s accounts:

• Get copies of the death certificate – Many institutions and accounts may need a copy to alter or close accounts.
• Find financial account records – Will, credit union and/or bank accounts, retirement accounts, investments, etc. Look for beneficiary information.
• Get copies of all insurance policies – life, health, disability, homeowners, auto, and any others.
• Notify important institutions – Social Security, Financial institutions, credit bureaus, credit cards, and the DMV to cancel the driver’s license & transfer vehicle ownership.
• Reroute mail – You need to reroute mail to a family member or executor of the estate.

If you’re facing an income increase or decrease, reassess your household budget.

• Don’t cancel your Membership! For members who leave FedEx, no matter the reason, you never have to cancel your FECA membership.
  Once a Member, Always a Member!
• FECA Credit Solutions – Meet with Credit Counselors to create a new budget that fits your current situation.
• Evaluate your Automatic Payments – If your finances have changed, you may want to adjust your payment schedules.

Once you start your next job, you’ll need to reconnect your accounts.

• Direct Deposit – Get your new employer to automatically deposit your paycheck so you don’t have to bother with cashing the checks yourself. It’s faster, more secure, and gives you options like splitting funds into multiple accounts.
• Automatic Savings – Set up direct deposit or automatic transfer of funds into your FECA Savings Account and rebuild your emergency funds.
• Retirement Funds – Speak with a FECA Financial Advisor or tax advisor to determine if you can transfer your previous 401K into your new one or roll the funds into an IRA.