Goal setting is a win-win for everyone

It’s only April, but this is crunch time when it comes to all of the activity that will be happening over the next few months.

That’s why it’s a great time to talk to your members about setting their savings and spending goals for this summer and beyond. By reaching out to them now with reminders of the big events that are closing in and how creating their spending plans for all 12 months – not just the winter holidays – can help keep them stay on track.

Just a few things that are rolling around sooner than you might think:

Summer vacation – This is the hot season for rentals, and most rentals require a significant downpayment. Plus, there are all the other vacation costs that are good to start planning for now.

Camps and keeping the kids engaged over the summer – Summer may be easy for the kids, but it means that parents have to think about how to keep the kids entertained when there’s no school. These extra costs are better planned for, rather than scraping around each week to pay the fees.

College-bound kids – From down payments for schools to last-minute road trips to prospective colleges, to all the gear that goes along with the move to college, it’s a big expense. And that doesn’t even include paying for tuition or room and board.

Buying and selling a home – The real estate market cranks up now through August. And this year should be hot, given the low-interest rates. If they’re selling, it means making the repairs and touch-ups to keep your curb appeal up for buyers – and moving. If they’re buying, there’s the financing, down payment and moving costs. If they’re doing both, your members have twice as much to do.

Then at the back end of summer comes the back-to-school shopping season!

Start With A Plan

The point is, having a spending plan and setting goals are crucial to making this all work without having to resort to digging the debt hole any deeper than you have to.

That’s where credit unions can help. By creating messaging for members that remind them that building a good, solid spending and savings plan – with the help of an online personal financial management tool or by sitting down with someone in a branch office – is a great place to start and that you’re ready to help.

The better you know your members, the better you can help target offers to them that are particularly applicable to their needs. And when you know their goals, you have a wealth of knowledge.

If they are saving for a house, you can offer them your mortgage rates or have the mortgage department reach out and offer their help.

If it’s about colleges, you can help set up a credit card for their student or a joint account, so members can give them cash easily.

Any goal can be achieved with a solid plan. Encouraging your members to build that plan with your help allows both of you appreciate and deepen your relationship. And that’s a goal that works for everyone.

Gregg Early

Gregg Early

Gregg is the Strategic Content Director at Geezeo, Digital content development and content strategies for Geezeo's numerous clients in the Personal Financial Management (PFM) and FinTech sectors. Building the bridge ... Web: www.geezeo.com Details