Achieving financial goals can often feel like an overwhelming task. With multiple expenses and obligations constantly competing for our attention, it can be challenging to stay on track with our savings goals. However, with the help of technology and innovative tools, reaching financial freedom is becoming more attainable than ever before. One such tool is the Interior Federal Goal Builder, designed to make the process of setting and achieving financial goals simpler and more effective. In this section, we will explore the features and benefits of this tool, and how it can help individuals on their journey towards financial success.
What is the Goal Builder?
The Goal Builder tool is a comprehensive and effective financial tool that simplifies the process of setting and achieving financial goals. It is an empowering tool that helps individuals take control of their finances and reach their desired financial milestones.
It's designed to help individuals set and achieve their savings goals. It includes a Rainy Day goal category for unexpected expenses.
How does the goal builder work?
The Goal Builder tool works by allowing users to set and track their financial goals in a simple and organized manner. It starts by presenting all the available savings, checking, and money market accounts for the user to choose from. Once a goal is created, the user can allocate funds from their selected account towards a specific goal.
Users can also schedule automatic allocations towards multiple goals at once, making it more convenient and effortless to save money. Additionally, the Rainy Day goal category provides a buffer fund for unexpected expenses. The tool also offers notifications and alerts through toast messages to keep users updated on their goal progress.
Compared to other tools, the Goal Builder offers more functionality and flexibility, allowing users to have control over their financial goals. Finally, it also has a user-friendly interface, making it easy for anyone to use and manage their goals effectively.
Why should I use the goal builder?
Some of the many reasons why you should consider using the goal builder include:
- Keep track of multiple goals: Unlike traditional savings accounts where all funds are lumped together, the goal builder allows you to set and track multiple goals. You can easily allocate funds for different purposes, such as saving for a vacation, emergency fund, or down payment on a house.
- Automated savings: With the goal builder's "set-it-and-forget-it" feature, you can schedule automatic contributions to your goals. This takes the burden off of manually managing your savings and ensures you are consistently working towards your goals.
- Flexibility: The goal builder gives you the flexibility to customize your savings plan. You can choose frompercentage-based or fixed-amount contributions and adjust them as needed. This allows you to cater to your unique financial situation and goals.
- Easy tracking: The goal builder provides visual representations of your progress, making it easy to see how close you are to achieving your goals. This can serve as motivation and help you stay accountable.
- Rainy Day Fund: The goal builder's unique Rainy Day Fund allows you to set aside money for unexpected expenses without having to allocate it towards specific goals and provides a safety net for any emergencies that may arise.
- Shared accounts: The goal builder also takes into consideration shared accounts, ensuring that they do not affect your individual goals and savings plan.
Financial Education
Interior Federal Credit Union offers a variety of resources to help members improve their financial wellness and achieve their financial goals. Through partnerships with GreenPath Financial Wellness and Visa, members have access to comprehensive education portals, tools for budgeting and managing finances, as well as resources for retirement planning. Additionally, GreenPath provides financial counseling services to aid in reducing debt and improving credit scores.
The credit union also prioritizes fraud prevention by offering a secure digital banking guide, password manager, and identity theft protection through the VISA® Credit Card. These resources can ultimately lead to financial stability and success for members. By utilizing these tools and programs, individuals can gain control of their finances and plan for a financially secure future.
Financial Resources
The Financial Resource Center (FRC) is a comprehensive platform that provides educational and informative resources for all aspects of personal finance. It offers valuable tools and articles to help individuals make informed financial decisions, plan for their future, and achieve their financial goals.
Through various channels such as Auto Buying, Career Planning, Consumer Resources, Financial Calculators, Financial Planning, Insurance, Loan & Credit Management, Savings & Investments, Shopping, Small Business Services, Tax Planning, and Travel, the FRC covers a wide range of financial topics to cater to the diverse needs and interests of its users.
Money Management Tools
Money Management is a powerful financial tool that helps users track and manage their debt, net worth, and cash flow. With the Loan Details feature, users can easily see when their debt will be paid off based on current projections and see details such as minimum payments, interest rates, and due dates.
The Debt Snowball Strategy allows for an efficient way to pay off debt without having to make drastic changes to one's budget. Users can also prioritize their debt using different methods, such as highest interest or lowest balance first.
The Net Worth tab allows users to track the sum of their assets and liabilities, giving them a clear understanding of their overall financial standing. By adding property accounts, such as home or vehicle values, users can get a more accurate picture of their net worth.
The Cash Flow tab helps users plan for future expenses by allowing them to input recurring bills and one-time payments, giving them a better understanding of how their current spending will affect their finances in the future. By setting up cash events and categorizing them, users can easily see where their money is going and make adjustments to achieve financial goals.
Financial calculators
Financial calculators are electronic tools designed to help individuals and businesses make accurate financial calculations and decisions. These calculators use mathematical algorithms to perform complex calculations quickly and efficiently, saving time and effort compared to manual calculations.
There are various types of financial calculators available, each with its specific functions and features designed for a particular purpose. Here is a list of them:
