How you can take control of your finances - and tap into expert help

This article was written for our sponsor, RTP Federal Credit Union

In the past few years, prices for everyday items have noticeably increased, and homes have gotten more expensive. Mortgage rates have skyrocketed, and credit card balances are at record highs. Many people are feeling the pinch.

If you haven't recently assessed your financial situation and made necessary changes, there's no better time than now. Here are a few ways you can take control of your finances.

Create a simple budget

You no doubt have heard that budgets matter — because they do.

"One of the first steps is always to start a budget," said Jill Beck, Marketing and Member Services Director at RTP Federal Credit Union. "This will provide the full picture of income versus expenses."

You can keep it simple and write this information in two columns on a piece of paper, or you can use one of the many free online budgeting tools or apps.

Pay off debt and set goals

Once you know what money you have coming in and going out, it's time to put it to work.

"After creating a budget, creating a debt payoff plan as well as a savings plan are all vital," Beck said. "Another tactic is to develop a list of financial goals. This will help create a road map to achieving financial wellness."

Include short- and long-term goals on your list of what you would like to achieve financially. Your age and income will impact these goals and the direction you must take in order to achieve them.

"A person's goal at age 25 is going to be different than their goal at 55," Beck said. "Our different types of accounts and loans help a member determine what is best for their particular needs and stage in life. These range from youth and teen accounts to first-time auto loans for new borrowers to high yield Certificates of Deposit."

Ask for expert help

Talking to the experts at your credit union can help you find solutions to problems you may be facing, said Kristin Lombardi, Member Service and Loan Manager at RTP Federal Credit Union.

"Our staff is trained, so a lot of times our members will come in, and they'll start talking and they'll tell a story," Lombardi said. "If the staff overhear something, they can offer something that might help them."

By talking to staff members, you may find that you could use a different product to better put your money to work or to save on interest. For example, if you are using a credit card to pay for home improvements, a staff member might be able to help you find a less costly way to pay.

"We may be able to get you into a home improvement loan or a home equity line of credit," Lombardi said. "There are some tax implications that may help out, as well."

Use savings tools

Saving for the future is a crucial part of financial planning. It may seem difficult, but even a little makes a difference. Having your credit union automatically transfer a small amount from your paycheck can make that easier.

"They can start a savings account, and if they have the direct deposit go to the checking, we can do a payroll split to have some go to their savings," Lombardi said.

Right now is an excellent time to earn interest by opening a Certificate of Deposit (CD). The minimum amount to open a CD at RTP Federal Credit Union is only $250. The credit union can also help you open a savings account where you deposit just a few dollars regularly. When you've saved enough, you can then move the money to a CD.

Wherever you are on the path to achieving your financial goals, getting to know the people at your financial institution will help.

"Our members love that we are local. Everything about us is local," Beck said. "They know they have easy access to speaking with member services and branch managers, whether it is on the phone or in person."

This article was written for our sponsor, RTP Federal Credit Union