Find Out Your Financial Well-Being Score Using This Free Tool From Altra Federal Credit Union

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“Depending on where you fall, it will give you different opportunities in the areas that you really need to focus on,” says Horstman.

Before launching it to the public, Altra piloted the program with its own employees.

Now, as they open it up to the community, Horstman says she hopes the quiz can help people make more informed decisions about their finances.

In the event that members need additional guidance, Altra is also investing in its employees to achieve certification through a financial advisor program.

“We have employees who are ready to have these important conversations,” says Horstman.

Tips for financial well-being

Through consultation, Altra specialists are able to explore which approach best suits each member’s situation. In some cases, that could mean consolidating debt, cutting expenses, or opening a savings account.

One of the most common tips that Altra gives, according to Horstman, is to prepare a budget. It may sound simple, but it can help people develop good habits over time. (Altra has planned tools available online. Specialists are also available to provide assistance.)

Horstman also recommends starting savings early. She emphasizes the need to put money aside for future down payments on things like vehicles and homes.

“Even if it’s $ 10 per paycheck, at least it’s something to build from,” she says.

When it comes to debt, Horstman says building credit is absolutely essential. Still, she says, there’s nothing wrong with taking small steps, perhaps starting with just one credit card. By paying off the entire balance each month – not the minimum – a person can build up credit without sinking into a hole.

“In today’s society,” she explains, “you almost have to have some kind of credit to be able to borrow anything.


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