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Financial Tips from the University of Louisiana Federal Credit Union CEO

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Taking control of your finances can feel like a daunting task. Thankfully, the University of Louisiana Federal Credit Union is here to assist you with your financial needs.

Chief Executive Officer Monica Declouet has been a part of the credit union for 26 years, and she’s proud to lead an organization that’s committed to its members. “When you join the credit union, we treat you like family,” Declouet said. 

Over the past two decades, Declouet has seen the credit union grow in many ways. The organization now has over $60 million in assets and offers an array of services to its members, including savings accounts, checking accounts, car loans and credit cards. 

The credit union also prides itself on offering financial education. If you’re looking to take your finances to the next level in the upcoming year, check out these three tips from Declouet.

Create a Budget

No matter where you are in your financial journey, Declouet encourages everyone to start by making a budget. “There is no perfect budget and every budget can be different depending on the person.” Mapping out your monthly expenses is a great way to set up the framework for a successful budget that will allow you to allocate your funds appropriately. Suppose you’re not sure where to start with your personal budget. In that case, the credit union offers customizable budget templates to help you stay on track with your financial goals. 

Check Your Credit Report Once a Year

Ensuring you have an accurate credit report is essential for your finance journey. According to Declouet, checking your credit report at least once a year can help you stay informed on your report while also monitoring for any fraudulent activity. “You want to make sure there isn’t something on your credit report that shouldn’t be there.” The University of Louisiana Federal Credit Union has several certified credit union financial counselors on staff to help members understand their credit reports. These counselors are trained to go over every detail of your report with you so that you can become an expert when it comes to your credit.

Set Financial Goals

Finally, Declouet recommends one essential tip everyone can use to help manage their money — setting up a financial goal. “Whether it’s short term or long term, we encourage our members to set up some type of goal.” If you’re trying to save for a specific initiative, such as a vacation, the credit union offers special savings accounts to help you achieve these benchmarks. The best part is that once you get into the habit of goal setting, it will be even easier for you to achieve financial success. 

The University of Louisiana Federal Credit Union offers membership to UL Lafayette employees and students, South Louisiana Community College employees and students, the University of Louisiana at Lafayette Foundation members, and all UL Lafayette Alumni Association members. If you’re interested in joining the credit union, visit their website for more information.

Photo caption: Monica Declouet, CEO of the University of Louisiana Federal Credit Union, shares information at a campus event. (Submitted photo)