As American incomes jump, importance of allocation does, too

After years of slow growth, U.S. household income jumped by 5.2 percent from 2014 to 2015. That’s nearly $2,800 per family, on average.

To be clear, these are “real income” gains – meaning that households have some extra money, even with factoring in the rising cost of living. What’s the best thing to do with this money?

The options are endless. It’s easy to spend it. Anybody can do that, and it is fun. It’s not the most financially savvy thing to do with an income jump. Most financial experts would want you to invest or save it, especially those experts that say we should all be saving at least five percent of our incomes, and that’s just for our future retirement funds.

This where MYINSIGHT can help create a budget for you by scouring through your previous financial transactions to help you identify where the gaps may be, spot trends in your spending, including where you’re spending your money, how to save and how to create a budget.

This free digital money management tool for Travis Credit Union members also allows you to set goals, track spending, pay debts and calculate your net worth. With income increasing, it’s important to structure your cash flow to make sure you’re working toward achieving your financial goals.

To access MYINSIGHT, log into Online Banking to try it out! To learn more, visit www.traviscu.org/myinsight to view a series of video explaining how MYINSIGHT works. Travis Credit Union members who are not yet enrolled in free Online Banking can visit our website to get started.

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