What is Financial Literacy? It refers to the ability to understand and effectively use various financial skills, including:
● Investing wisely
● Borrowing smartly
● Personal budget management
Being financially literate helps create balance and a foundation to manage your money correctly. VFCU aims to provide services and information to help our community borrow and manage correctly. We want to share four benefits of Financial Literacy.
Financial Literacy Means Freedom
Studies have shown that people who have high levels of financial literacy are more likely to:
● Make ends meet with their finances
● Spend less of their income
● Create a three-month emergency fund
Financial literacy also means a financial future. Besides a 401K, the best investment would be to self-contribute your assets and help you reach goals such as:
● Paying off your debt.
● Having adequate retirement funds.
● Helping family members through significant life changes.
Interest is an essential factor when trying to borrow or grow your funds. For example, you’d want the best rates by putting money into an interest-yielding investment, such as the money market or an individual retirement account (IRA). You should know the difference between:
- Simple interest is the amount you can earn on the money you initially invest. After some amount of time, your investment will grow through interest.
- Compound interest is the amount you earn from your original investment plus the interest you have made in addition to the interest you’ve already earned.
Choose Between Brownsville Banks or VFCU
Getting approved for a loan can mean unfixed loan rates if you go through a Brownsville Bank. For our credit union Brownsville branch, not only are we a non-profit, but we also:
- Return profits to our members
- Provide fixed rates on loans, such as personal loans
- Provide Brownsville banking services and lending.
Enjoy Financial Services with Credit Union Brownsville Location
Members who apply at VFCU will have plenty of effective banking services that benefit their financial lifestyle. Become a VFCU member and:
● Apply for loans easily online.
● Get access to VFCU Member Benefits.
● Get a FREE credit score when downloading the VFCU Mobile Banking App.
Get ahold of other potential benefits of our loans by applying online, or for more information on our loans, call (956) 546-3108.
Borrow from our Credit Union Brownsville Branch!
Contact us for more information and see if you can become a member of VFCU and gain access to plenty of membership benefits!