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Check in on your financial New Year’s resolutions
It may be hard to believe, but we’re already halfway through 2023, and there’s no better time to review your financial New Year’s resolutions. We’ve all been there—around six months into the calendar year, coming to the realization that we’ve fallen behind on those resolutions we made back in January.
But instead of feeling defeated, now is the perfect time to reset. There’s something restorative about summer that makes this the perfect time to check in with yourself. Along with sunshine and longer days comes excitement and brighter moods, making us more inclined to be active—physically or mentally. So, take advantage of that feeling by reviewing these financial resolutions, and the updates you can make to help you jump into your new mindset.
Organize your finances
If you haven’t started towards your financial goals yet, this is the best place to start. Begin by tracking all your spending for one week. Use your smartphone, an app like Mint, or a small notebook. Record every bill you pay and every expenditure you make with cash, check, and credit card. This exercise helps you know what you’re spending. As you organize your expenses, ask yourself how important these purchases are and what is driving your decision. What do you need and what can you do without?
This step may be time consuming, but it is key your financial success. Knowing how much money you have, where it’s going, and what value it brings will be the basis for almost every other financial decision you make this year.
Create and stick to a budget
If you’re already organized and sticking to a budget, this is a good time to check in. Start by reviewing the last few months of expenses to see if there are categories you want to adjust. Talk with your insurance agent to make sure you have enough—or if you have too much—home or car insurance. Can you find a more reasonable internet/phone provider? Can you mow your own lawn? Is your Amazon Prime membership worth the annual cost? You may find you’re allocating more money than needed, freeing up some funds.
While you’re organizing finances or reviewing your budget, be sure to look closely for impulse purchases. Impulse buying is an all-too-easy way to put a major dent in your budget—especially with thousands of items available online at our fingertips. Next time you find yourself impulsively adding items to your online shopping cart, wait 72 hours. If you find yourself still fawning over that new top or latest electronic after 72 hours has passed, then you can treat yourself (if you have room in your budget, of course).
Build emergency fund
Additionally, now’s a good time to audit your emergency fund. You may not need to use it any time soon, but it’ll save your financial life if you do. If you’ve been slacking on this goal, you may consider signing up for an automatic savings program, like Digit or Qapital. This allows you to painlessly put money aside for a rainy day.
Crushing your goal and ready to kick things up a notch? Open a Money Market account or high-yield savings account to get more bang for your buck.
Pay down debt
Life is expensive—you need certain things and everyone has it, so some amount of debt is fine. Debt can be used for good (like when you need a mortgage), but it can also spiral out of control. Since we are at the halfway point, now is a great time to review your progress on paying down your debt.
Revolving debt that continues month after month after month can be detrimental to your financial health and could hinder any financial progress, whether it’s your emergency savings, investments, your mortgage, retirement, or even saving for a vacation. Be sure that you’ve been paying it down monthly and that your accounts reflect those payments. While it may not be gone by the end of the year, you’ll likely have made a significant dent.
If you feel like you’re not making moves towards your financial resolutions, ask yourself why you made them in the first place. An important part of any New Year’s resolution is having a strong “why” for making it. Maybe your goals were planned with a partner that is no longer in the picture, or maybe your priorities have just changed. Don’t beat yourself up if you haven’t made as many moves towards your goals as you hoped you would have by now. Instead, take time to review your current resolutions and set some new goals for the rest of your year.
Ask yourself what’s not working in your routine or your lifestyle that’s blocking you from progress? Would having an accountability partner help you make tangible changes, or does a good old-fashioned star sticker chart help motivate you? Would scaling down your goal make it more achievable? Figuring these things out can help you reconfigure your resolutions in a way that feels more manageable to you.
The reason for doing this exercise is so that you can make sure those important goals don’t get abandoned until next January. Take this opportunity to create a new plan that ensures you start working towards those resolutions now.
- It’s never too late to make a financial resolution. In fact, reviewing and updating your goals throughout the year is key to ensuring reasonable expectations.
- If you haven’t started towards your financial goals yet, organizing your finances is the best place to start.
- Examine your budget and adjust as needed. Now is a good time to check on your emergency funds and debt, as well.
- If you feel like you’re not making moves towards your financial resolutions, it’s okay to start over with new goals.
Resolutions aren’t easy to keep but making the commitment to getting your finances in order is worth the effort. That’s why we encourage you to revisit your resolutions now, so on January 1st you can look back and celebrate the great accomplishments you’ve already made.
What to do if you’ve made a financial mistake
There are few feelings worse than when you realize that you’ve made a financial mistake. Whether you’ve splurged on something you shouldn’t have, forgotten to pay a bill on time, or worse, gotten scammed out of some money, that sinking feeling in your stomach is hard to shake. Financial mistakes are a hard topic to discuss because no one wants to discuss mistakes we’ve made with money. We’d rather share the highlights like our great investment or the vacation we got at a steal.
The truth is financial mistakes can happen to anyone, no matter your age or experience. But mistakes are an opportunity to learn so that next time, you’ll know how to react, understand, and recover from those financial mistakes. Below are seven steps to take if you’ve made a financial mistake.
1. Acknowledge the mistake
Let’s say you’re out running errands when you stumble onto a splurge-worthy purchase. It’s on sale and you think you’re in the clear, but soon you realize you’ve overdrawn your account. Now what?
The first step in dealing with a financial mistake is to admit you’ve made one. It’s easy in hindsight to see the warning signs, but it’s important not to beat yourself up. It’s tempting to think about what you should have done differently or wish you could turn back time, but doing so won’t change anything. Instead, make a plan so you can move forward and avoid future mistakes.
Back to our example—your first step is to acknowledge you’ve made a mistake so you can make things right.
2. Assess the damage
A financial mistake can make it feel like you’ll never be back on solid ground. That’s why it’s important to fully assess your current financial situation; it might not be as bad as you think. If you are in a relationship, you should discuss this with your spouse or significant other. By being open, you can both understand the pressures and will be able to work together to find the right solution.
If you’ve overdrawn your account, you’re probably dealing with a Non-Sufficient Fund (NSF) fee. Make a tally of how much is owed, including any additional fees, so you can properly resolve this mistake.
3. Freeze your spending
Once you’ve fully examined the issue, you may want to consider freezing your spending. Look at your monthly budget and see where you might be able to trim some expenses. Cut out any extras you don’t absolutely need, such as eating out, subscribing to multiple streaming services, or recreational travel. It might seem like a bummer, but it’s only temporary until you are financially stable again. In the meantime, you might find you prefer saving money to spending it.
4. Talk about it
Depending on the financial problem, you may want to seek the help of a relative, a friend, or a financial advisor. Remember, you can meet with a Georgia’s Own financial advisor at no cost and no obligation. Outside advice is important because they will provide you with perspective and ideas on how to resolve the problem. There’s nothing wrong with asking for help when you need it.
Additionally, it is important to break the stigma surrounding financial discussions. For a lot of people, talking about money is sometimes seen as taboo, especially if you’ve made a mistake. But talking about it helps others avoid the same mistake.
In addition to financial wins, tell your friends when that cool gadget you bought wasn’t actually worth it. If you feel like you’re constantly moving money around your budget, talking with a financial advisor may help you restructure your budget to better fit your needs, and help you avoid the constant struggle.
5. Determine your options and resolve the problem
Once you understand the repercussions, have had a discussion with your significant other, and talk to a trusted advisor, it’s time to look at all of your options to resolve the problem. When you’ve decided on your best option, make a list of action steps to ensure you accomplish everything needed to get you back on track. Then, it’s time to start checking things off that to-do list. Fixing the financial mistake will make you feel better and give you a path to go forward.
If you have the funds available, you may decide to transfer money from another account to cover any NSF fees along with your purchase. If you’ve really blown your budget, and you’re able to, you may want to return the item.
6. Learn from your mistake
Now that you’ve resolved your financial mistake, your mind is clear for you to fully examine why you made the mistake and what you can do to prevent it in the future. No one makes a financial mistake intentionally—sometimes we rush a large purchase without fully factoring the debt into our budget or we forget about an upcoming payment. Life, and mistakes, are bound to happen. But understanding how you made the mistake is critical to preventing it from happening again.
7. Plan for the future
Lastly, once the initial crisis has passed, it’s time to start planning for the future. Open and work toward fully funding an emergency savings account, set up as many bills as possible on auto-pay (so you can avoid late payments and fees), and regularly review and modify your budget as needed.
As long as you can still feed yourself and keep a roof over your head, chalk it up to a learning experience and use it going forward. The worst thing you can do is become so discouraged you give up, turning a temporary setback into a permanent one.
Moving forward, you have several options to keep you from repeating your mistake. Set up balance alerts to stay on top of your accounts, and consider setting up overdraft protection. You can also opt-out of overdraft protection so the purchase is declined, if that is preferable. Lastly, make sure you update and adjust your budget regularly.
- Mistakes can (and will!) happen to all of us. The best thing to do is acknowledge the mistake so you can learn from it.
- Assess the damage with your partner, and consult a trusted advisor to help find a resolution.
- Once you’ve resolved your financial mistake, create a plan to avoid future mistakes and fund an emergency savings account.
When you have a budget and a financial plan, you might be tempted to think everything should go smoothly. But that isn’t always the case—we all make a mistake from time to time. It never feels good to make financial mistakes, but it doesn’t have to be the start of a downward spiral. By acknowledging the mistake, creating options to resolve the problem, and discussing it, we create a path forward and action plan to actually fix the problem.
How to budget for pet ownership
Owning a pet is one of the greatest joys in many people’s lives. Bringing love and laughter into our homes, owning a pet can be seriously fun. But pet ownership is also a serious commitment: many pets can live for more than 10 years, leaving some pet lovers unprepared for the price tag attached to owning and caring for an animal in a responsible manner.
Here, we break down what to expect and how to best budget for pet ownership.
What to expect
Basic pet care costs
Regardless of where you live, the cost of getting a new pet is significant. If you purchase your pet from a reputable breeder, you can expect to spend anywhere between several hundred and several thousand dollars, while adoption fees from a shelter can range from zero to several hundred dollars. But regardless of that upfront cost, the cost of ongoing care for your new pet is even more important to consider.
Of course, you’ll need to feed your pet. According to the American Pet Products Association (APPA) 2021–2022 National Pet Owners Survey, feeding a cat can cost on average $4.88 per week, and it increases to $5.52 a week for a dog. Additionally, you’ll likely want enrichment tools like toys and treats, as well as beds, leashes, and crates.
Medical care is another guaranteed expense. Four-legged friends need basic medical care to prevent future problems, and even fish get sick. For dogs and cats, a yearly checkup is routine maintenance. According to the APPA survey, the average American spends about $583 in medical expenses per dog each year; medical expenses for cats are estimated to be about $343 per year, although most cat owners have more than one.
Just like humans, taking your pet for their routine checkups is critical to staying ahead of any health issues, and in turn, unexpected expenses. It’s much more expensive—and risky—to treat illnesses than to protect against them. It’s also a good idea to shop veterinary practices by comparing fees for preventative care.
Spaying or neutering your pet can also save a lot of money by preventing serious health problems, including cancers. Many local shelters provide resources for low- or no-cost spay/neuter surgeries.
Beyond the basic costs, many pet owners also need to open their wallets to pay for expenses such as grooming and boarding. If you take your pet with you on your travels, most hotels and airlines will charge hefty fees to accommodate Rover or Fluffy. Additional costs can also come in the form of pet sitting while you’re at work, as some pets can’t be left alone for long periods. Lastly, it’s important to note that as your pets age, their needs may change. They may require specialized diets, more regular veterinary care, or a daily pet sitter, all of which equals more money. Keep all these things in mind as you start the budgeting process.
Budgeting for a pet
Overall, pet spending has increased over the last few years. Many pet owners have demonstrated an increase in spending in the past 12 months, with food as a top expense, regardless of pet type owned. Veterinarian care is also a greater expense for pet owners. That said, there are still ways for you to save some cash while properly caring for your pet.
Review and update your budget
We know you’re already a rockstar with a budget. Adding a new pet adds a new category of expenses, which means it’s time for another budget review. You may want to reserve a set amount each month to cover all anticipated expenses, like a bag of food, so that when it’s time to restock, you’ll already have money allocated for that purpose. And if you want to splurge for a special treat, you can check your budget and make sure there’s money available.
After your first year of pet ownership, consider setting aside at least $80 every month for your cat or $200 for your dog.
To cope with the medical costs, an increasing number of pet owners are turning to insurance policies. Some employers offer pet insurance programs, but others can be purchased independently. Pet insurance functions more like property insurance than health insurance. Unlike health insurance, the policyholder must pay for their pet’s healthcare directly, then be reimbursed by the insurance provider.
Pet insurance never covers preexisting conditions. While insurance can be helpful in an emergency, be sure to read the fine print and make sure that you understand applicable spending caps, deductibles, and coverage limitations.
Pad your emergency fund
Ideally, the money you set for routine pet expenses will cover everything your new companion will ever need. However, accidents can happen, and an emergency vet visit can cost as much as $5,000—and sometimes even more!
Every pet parent should have an emergency fund for unexpected expenses. Your emergency fund can cover everything from a surprise surgery to a flat tire. Consider opening a Money Market account for your emergency fund, so your money can grow while it sits.
- Many pets live for more than 10 years, so it is important to be fully aware of the costs of owning a pet.
- Annual costs of owning a pet can range from several hundred to several thousands of dollars, with food being the biggest cost, along with vet bills.
- Pet insurance is one way to manage the medical part of the expense of caring for a pet. You may also want to add to your emergency fund for potential emergencies.
Overall, owning a pet is not cheap but is so worth it. Their unconditional love brings so much happiness into people’s lives. April 11th is National Pet Day, and we want to celebrate all the wonderful pets out there. And if you’re considering adding a new member to your fur family, be sure to consider the above factors before committing.
How to teach your kids about money at every age
April is Credit Union Youth Month, and what better time to remind you about the importance of teaching your kids to save money? Today, financial literacy is one of America’s biggest issues, so the sooner your children understand the how and why behind saving their hard-earned pennies, the brighter their financial future.
Effectively communicating the importance of saving for a rainy day can be quite the challenge for parents, especially because stashing your cash isn’t always fun. That’s the secret, though. Saving CAN be fun if you make it that way, and once your kids realize it was all a lesson, they’ll already understand its importance. Mission accomplished!
Here are some creative and practical ways to tap into savings fun and prepare kids of all ages for a smart and responsible financial future:
Preschoolers & Kindergarteners
Visit your local financial institution
Little eyes are watching you! A study by the University of Cambridge found that money habits in children are formed by the time they’re 7 years old. Set a healthy example for them, and they’ll be much more likely to follow it when they get older.
One of the easiest ways to start is with an afternoon outing to your local bank or credit union. Kids are curious, and we’re betting the drive-thru is far less interesting than what’s inside. Schedule a short tour and consider opening a savings account for your child when you’re done. Georgia’s Own’s Coindexter Club® is a great way to start learning about money and interest. An account for a child under the age of 13 can begin with an initial investment as low at $5.00 and will start earning interest at $5.01. Which leads us right to…
Start saving and setting goals
Gone are the days of the pink ceramic piggy bank with the curly tail—we’re going high-tech here. Purchase an automatic coin-counting bank so your child can keep track of how much money they’re saving and spending. It’ll help with addition and subtraction skills, and they’ll love the pride and satisfaction they feel when they can actually see their progress.
Once they have the hang of saving, start adding savings goals. When they’ve hit their goal, you can reward them with prizes like a special trip to the zoo or an additional contribution to their savings. Savings is the most important financial habit to instill early on, and this tip can easily be adjusted with age.
Distinguishing wants versus needs
“Look at this!! Can we get it please?!” Sound familiar? This age group really knows how to capitalize on the impulse buy—especially when it uses someone else’s money.
Instead of giving in, let your child know they can use their new hard-earned allowance to pay for it. Helping them distinguish between what they really want and what they really need will help them think harder before spending their own money. Another good tip is to encourage your child to wait at least a day before they purchase anything over $15. It will likely still be there tomorrow, and they’ll be able to make that money decision with a level head the next day.
Pay it forward
Teach your children to be generous. While healthy spending and saving is important, the value of generosity trumps them both. Whether it’s with money, time, or talent, it’s important to give back to the community. You can volunteer together to pack lunches for the homeless, visit a nursing home, or fold clothes at a thrift shop. No matter what they choose, over time they’ll see how giving doesn’t just affect the people they give to, but the giver as well.
Play to learn
Board games are fun activities you can enjoy with the whole family while secretly teaching them about money. Buy some property and build some hotels in Monopoly Jr., go to college and choose a career in The Game of Life, and get to the next month without blowing your entire paycheck in Pay Day. Each one requires wise financial decisions and includes a surprise monkey wrench or two along the way!
Video games like Animal Crossing as well as computer games are also a great way to introduce money management. Try Peter Pig’s Money Counter. It’s an interactive game from Visa® that teaches counting skills and savings strategies to kids from ages 5-8. For your littler ones, Cash Puzzler is a game that lets 3-to-6-year-old kids put their memory to the test by putting scrambled puzzle pieces together to form images of different dollar bills. For your sport-loving kids who are ages 11 and up, check out Visa’s NFL-themed Financial Football game, which focuses on money management. And The Payoff, for ages 14 and up, is played in a web-app that simulates a mobile phone, allowing players to chat with characters, check their bank, open fake websites, check their emails and more.
Let ’em earn it
Do you have a child who loves to vacuum or fold the bath towels? Do they watch you mow the lawn or water the plants? Get them involved in age-appropriate chores and give them an allowance so they understand how money is earned. They’ll think it’s fun, and you might get a little help around the house.
We know you don’t always get to do the things you enjoy when you’re earning a salary, so toss in a not-so-favorite chore every now and again as they get older. While not as much fun, it’s a good reality check!
Are there other chores that need to be done in the house? Make a list of things that need doing and assign a payment amount to each one. If your child is saving for something special or wants a side hustle to supplement their allowance, they can choose an additional chore and get paid for completing it.
Find their entrepreneurial spirit
Is your child a crafter or an artist? Do they love to bake brownies? There are tons of opportunities to sell things in the neighborhood (supervised, of course). Try setting up shop at the home swim meets, during the neighborhood garage sale, or at the holiday craft show. Discuss the cost of the ingredients and supplies, the price of the items, and how to calculate a profit. If you have an older child, help them design a colorful flyer to drum up some dog sitting, lawn mowing, or mother’s helper opportunities.
Tweens & Teens
Teach your gamer how to game
Have a gamer? There’s a huge market for pre-owned video games. Talk to your child about buying certain items new or used and the savings opportunity it can offer. If you’re making the purchase, you might even consider giving your child the amount you saved a time or two as a way to emphasize the impact.
This is also a good time to discuss selling items, like old video games, toys, and electronics as a way to make some extra money and clear out that clutter. Explain to your child that when they sell items that they no longer use, the funds could be reinvested into something else they’ve been swooning over—or they can save it in that nifty coin-counting bank! As the adult, you’ll want to list the items for sale on the resale sites, but have the kids help take pictures, make up descriptions, and set prices.
Stick to a budget
Have your child grab a calculator (or your smartphone) and head to the grocery store together. Before you leave the house, though, set a budget for your shopping trip. As you walk up and down the grocery aisles together and put items in your cart, ask your child to add the cost of each item to your running total, being mindful of your budget.
Compare brands and pricing, and explain the benefit of buying items on sale. Did you bring your coupons? Ask your child to match them with the appropriate items and then add the money you saved. What was the goal, and was it more or less than the last trip? As your kids age into teens, you can add in new concepts, like how to create a monthly budget, calculating fixed and variable expenses, and more.
Introduce them to investing
Once your kids have saved some money, you can consider introducing the concept of investing. With your younger teens, try purchasing a blue-chip stock with fictitious dollars and having them track the daily market fluctuations. How much money would they have lost or gained in three months, six months, and a year? Do the same with a penny stock and you can introduce the idea of risk and return.
If they’re older and you’re already an investor, consider opening a custodial brokerage account for them or helping them purchase fractional shares. Keep in mind the potential tax considerations for custodial accounts and work with an advisor to ensure they would be appropriate for your situation.
Build that resumé
Your teen is likely babysitting, mowing lawns, or engaging in some other entrepreneurial activity to earn a few bucks. Encourage them to keep track of their earnings and brainstorm with them about how they can improve and expand their business. If they’re old enough, a summer job may be a good way to introduce the concept of taxes.
- Kids are always watching–so be sure to set a good example with your own finances and start introducing these concepts as early as possible. While it’s never too late to start, kids have their money habits set young.
- Some of the most important concepts to cover are savings, budgeting, and paying it forward.
- Talking about money may not sound fun, but it can be for both you and your kids!
Whether it’s across the kitchen table, on the way to a baseball game, shopping for school supplies, or tucking them in at night, there are an unlimited number of ways to work financial responsibility and savings into the conversation. The most important thing is to get started early and to continue making time to discuss financial responsibility as your kids age—but it’s never too early or too late to start teaching your kids about how they can create a more financially stable future.
Vacationing with inflation: tips for traveling on a budget
As we head into warmer months, dreams of sandy beaches or European adventures are starting to fill many of our heads. Spring break is on the horizon, and summer will be here before we know it. But with inflation at a high, you may be wondering if a vacation is even possible. The good news—YES! While it may take a little more planning, your (well-deserved) vacation can still go off without a hitch. Keep reading for our tips on how to have your best vacation while battling inflation.
While inflation is driving up prices across the U.S., the same is true abroad. On top of that, pent-up travel demand from the COVID-19 pandemic is still propelling travel bookings. This makes planning ahead to lock in lower rates a key to managing costs.
The other benefit to planning ahead is flexible travel bookings. These can typically be canceled and rebooked should the prices drop. Be sure to read through the fine print and avoid bookings that carry restrictions or other limitations. For example, airfare refunds are often issued as vouchers or travel credit, not cash.
Do your research
Another key part of your planning should be a review of pricing trends. Nerdwallet compared the prices of flights, lodging, and rental cards with their pre-pandemic datapoints. While airfare has increased overall, prices on flights have started to fall again. Meanwhile, the price of renting a car has skyrocketed, as has the price of eating out.
Keeping these factors in mind can help you decide how and where you want to spend your money. If you’re flying and have some flexibility, you may consider flying on a weekday. Booking a hotel room with a kitchen might not be cost-effective under normal circumstances, but it could be this year. And visiting a destination with good public transportation will help you avoid those high rental car prices.
Set realistic budgets
Once you have a plan in mind, and an idea of cost, it’s time to set a budget. According to a recent Forbes survey, 45% of respondents are allowing for a higher travel budget in 2023 than they spent in 2022. But a little more than a quarter of respondents (28%) said their budgets would remain about the same this year.
Many travel sites publish average budgets, but when it comes to vacation budgeting (and budgeting in general), your personal preferences often dictate your overall spending. For example, do you prefer to fly first class when traveling overseas, or are you taking short-haul flights on budget carriers? Take stock of your preferences and plan accordingly. You may also want to review your past vacation budgets and adjust for inflation.
Consider a credit card with rewards
While inflation is affecting most things, it hasn’t impacted everything. As travel has become more expensive, the per-point value for most credit card reward programs actually went up in 2022. This means the redemption costs of points and miles are actually deflating while cash prices inflate.
And the more travel rewards you have, the more options you’ll have for traveling in 2023. A survey by Hyatt showed that more than half of respondents said they’d change their travel plans to earn or redeem points. A huge stash of points can get you those free hotel nights or airfare, allowing you to take that 2023 dream trip you wouldn’t have been able to afford otherwise.
Additionally, some cards offer even more perks for travelling—included travel insurance can make inevitable missed connections and flight cancellations more of an annoyance than a major setback or cover your expenses while you wait for lost or delayed luggage to be found. And reimbursements toward CLEAR, Global Entry, or TSA Precheck will save you time during airport security or passport control.
Don’t forget– Georgia’s Own Visa Signature, Platinum, and Student Visa cards offer travel and emergency assistance and trip cancellation/interruption reimbursement when you book travel with those cards.
Though both daily life and travel may be more expensive, there are still ways to plan a vacation in 2023 at a cost you can afford.
- Plan ahead so you can lock in the best rates with flexible options.
- Pay attention to trends in prices and book what makes sense for you.
- Consider a Rewards credit card to help you earn more.
Despite the rise in inflation, that same Forbes study found that there is still a big push to travel in 2023. A resounding 87% of survey respondents expect to travel at least as much as they did in the prior year, with 49% selecting that they expect to travel more.
Unfortunately, many of the same recent travel challenges are expected to spill into 2023: crowds, high prices, and flight disruptions. These headaches aren’t entirely unavoidable, but the above tips will help make your next trip easier.
Banking on Purpose since 1934
For nearly 90 years, Georgia’s Own has been a trusted, financial partner. Our commitment to our members, our employees, and the communities that we serve are the foundation upon which Georgia’s Own was built.
The safety and soundness of our members’ money has been our number one priority since our inception in 1934, and remains unwavering today. The credit union business model is designed to return earnings to members (rather than stockholders), which inherently creates a safer, more conservative financial portfolio for these financial institutions—and Georgia’s Own is no exception. Our liquidity remains strong and our capital position remains well above what our regulators require. In addition, each of our individual depositors is insured up to $250,000 by the National Credit Union Association (NCUA). Our members can rest assured that their money is secure at Georgia’s Own, and we will continue to ensure that they are safeguarded at every step.