Sunday, 5 June 2011 13:08
If you have tried to stick to a budget or set a savings goal in the past and failed, now might be the time to try a Financial Accountability Partner (FAP).
What is a Financial Accountability Partner?
A Financial Accountability Partner (FAP) is a person who you trust with your financial information. This may be your Investment Advisor, a close friend or family member who you trust and know is looking out for your best interest, or your credit union Branch Representative. You have to be willing to share your income, expenses, and goals with this person so they can get a clear picture of what you want to accomplish financially.
Why do you need a FAP?
Sticking to a budget is hard. Sometimes you let impulses take over and purchase something without taking time to think about the consequences of your decision. Having an FAP will help you become accountable for your financial decisions. FAPs also encourage you to reach your goals, like saving for a vacation or retirement.
What is an FAP at FORUM?
FORUM Credit Union’s Financial Accountability Partners are trained professionals who have a road map for each of their “partners” that helps walk them through budgeting, goal setting, and more. They follow-up with you on a regular basis to make sure you are keeping on track and to see if there are any changes or questions you might have. The first step is completing Debt In Focus* and indicating that you would like a follow up from a credit union representative. They will contact you and start the process by running a free credit report and reviewing it with you.
*Debt In Focus is a free and anonymous service will help bring your debt into focus. After answering a few questions about your income and current debts, a simple financial analysis will provide a wealth of information – debt to income ratios, debt payment schedules, and suggested personal action strategies to help keep your finances moving forward.