AlumniFi Credit Union



Your Checklist for Financial Independence

2 min read

There is no time like the present to begin building strong money management habits. Taking control of your finances now will help you create a bright financial future for yourself. Use this checklist as your roadmap toward financial independence.


Learn to budget
A good place to start on your road to financial independence is to learn how to create a budget. Determine what your expenses and income are right now. This will help you understand recurring payments and establish consistent, healthy money habits.


Start saving
Making saving a habit is one of the most important ways to establish financial security and independence. The easiest way to set aside money for your savings goals is to set up direct deposit so that funds from your paycheck are deposited into your account electronically.

Many financial institutions offer sub-saver accounts that can be named based on specific savings goals. Certificates are also a great way to earn more on longer term savings goals, such as for a new car or an apartment.


Open an emergency fund
Unplanned expenses can happen anytime, including parking tickets, car repairs, or a need to travel with friends or family on short notice. An emergency fund will help you to be more prepared to cover these costs without having to use high-interest rate credit cards.

Set up a separate savings account for an emergency and add to it regularly. Remember, these funds should be used only for emergencies, and not for ongoing expenses.


Automate bills and savings
The easiest life hack for achieving financial independence and making life simpler? Take advantage of online bill payment, which allows you to schedule your bill payments to automatically transfer from your financial institution or credit card. You won’t have to worry about missing payments since they will be paid on time for you.

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3777 West Road
East Lansing, MI 48823

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(855) 955-2965

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*APY=Annual Percentage Yield. Competitor’s savings account with a 0.21% annual percentage yield (APY) — $2,500 average based on the credit unions national average rate, as of 3/29/24, as reflected on NCUA: Credit Union and Bank Rates.

+“Survey: ATM fees hit record high while overdraft and NSF fees fell sharply.”

*Annual Percentage Yield (“APY”) means a percentage rate reflecting the total amount of dividends paid on an account, based on the dividend rate and the frequency of compounding for a 365-day period. This rate assumes that a set amount is on deposit at the beginning of the dividend period, no deposits or withdrawals are made during the dividend period, and funds remain on deposit for one full year at the same dividend rate. Fees may reduce earnings. Rates for accounts are variable and may change.

AlumniFi accounts are held at Michigan State University Federal Credit Union where savings are federally insured to at least $250,000 by the NCUA and backed by the full faith and credit of the United States Government. APR = Annual Percentage Rate. APY = Annual Percentage Yield. View our Privacy Policy and read our disclaimer regarding links to other sites via our Disclosures. If you are using a screen reader or other auxiliary aid and are having trouble using this website, please call 855-955-2965 for assistance. All products and services available on this website are available via our contact center.