Rebuild Credit, Increase Savings and Reduce Debt with Fox Money Blueprint

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04.12.2024 Written by Fox Communities Credit Union

Fox Money Blueprint Financial Makeover

Like our physical health, maintaining the overall health of our finances is an ongoing process. Regular financial “check-ups” are a great time to check in with your finances and set goals. No matter where you are on your financial journey, taking a closer look at your finances can really help you on your path.

Whether you have debt, want to increase your savings, are looking to reduce debt or all the above, there is a way forward! But where does one even start? Enter the Fox Money Blueprint! It’s a free, online step-by-step process that walks you through the blueprint for assessing your financial well-being, setting goals and tracking progress. The Blueprint is a financial makeover for your money! Stay tuned for the first installment of the new Fox Money Blueprint coming soon.

Each month, we’ll share each step in the Fox Money Blueprint process:

1. Build the Foundation

  • Create a vision
  • Set goals
  • Don’t go alone

2. Create a Spending/Savings Plan

  • Plan Identify where your money is going
  • Analyze and Optimize
  • Fine Tuning- Track your expenses

3. Start Saving!

  • Pay yourself first
  • Build an emergency fund
  • Save for the future

4. Pay off high-interest rate debt

  • Debt Snowball
  • Debt Avalanche
  • Debt Management Plan

5. Building Momentum: Keep Saving!

  • Fully funded emergency fund (3-6 months of expenses)
  • Max out retirement
  • Save for long-term goals

Fox Ripple Effect Financial Makeover Challenge

Ripple Effect LogoAs you learn new skills with the Fox Money Blueprint, you can also follow two teams of Fox members and all that they are learning as part of the Fox Ripple Effect Makeover Challenge.

Fox Communities Credit Union launched this new event on April 2 and challenged two teams to reduce debut, build savings and improve their credit scores for chances to win cash prizes.

Each team works one-on-one with a Goodwill Financial and Debt Solutions Services personal finance coach to learn new skills and work towards their financial goals in this 6-month challenge. The team with the largest improvement in each of those 3 financial areas will receive a $5,000 top prize.

Catch all the updates from the participants on Fox’s social media channels and blog!