Ironworkers are the backbone of our nation’s skylines and infrastructure, building the framework that keeps our communities connected and standing strong. But while the work is tough and essential, managing the financial side of life in the trade can be just as hard. With different jobs taking you across the nation, seasonal shifts, and the high cost of tools and gear, having a clear financial plan is important for long-term security and success.
Here at Ironworkers USA Federal Credit Union, we’re committed to supporting you in every phase of your financial journey to make life a little easier and put your hard-earned money to work for you. We’ve put together some of the basics to help you build a financial plan below, and we are always just a phone call away if you need help along the way.
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Budgeting and Tracking Expenses
Start with a solid budget. Understanding your monthly income and fixed costs (like rent, insurance, tools, and fuel) will help you anticipate slow seasons and stay on top of your expenses. This helps you avoid overspending and lets you know what you can afford when it’s time to buy that new rig, a job takes you to a new city, or an unexpected bill comes up. Our staff have earned certification through the CUNA Financial Counseling Certification Program and can help you build your budget, or you can access free, confidential financial counselors through the BALANCE program.
Set SMART Financial Goals
Without goals, it’s easy to get off course. When you set SMART goals – Specific, Measurable, Achievable, Relevant, and Time-bound – you’re more likely to be successful. For example, rather than just saying to yourself, “I’m going to save more,” be specific and say, “I’m going to save $5,000 by the end of the year for a new work truck.” Goals like these guide your spending and keep you focused on your goal.
Understand Cash Flow
The unpredictable nature of ironwork jobs can put a strain on your wallet. Make sure you understand and track your contracts, payments, vacation funds, and other sources of income so you have a clear idea of how much money you’re bringing in compared to your expenses going out. This will help you spot where you might come up short ahead of time, before you get into trouble, and adjust so you don’t overspend. Our online banking makes it easy with 24/7 access to your accounts, e-statements, and remote deposits from your smartphone, tablet, or computer.
Understand Debt and Credit
If you’re in any kind of debt, be smart about it. Focus on paying off high-interest loans and credit cards first, and avoid taking on new debt unless it directly supports your work (like buying new equipment). Keep an eye on your credit score, as it affects whether you can get a loan and your interest rates. Tools like our Ironworkers USA Federal Credit Union online banking or mobile app allow you to access your credit score, credit report, and credit monitoring for free anytime, without affecting your credit score.
Plan for the Future
Even if retirement feels far off, now is the time to start saving. Consider purchasing one of our low-rate CDs or setting up an IRA or Roth IRA. These types of accounts make your money work for you and offer tax advantages.
Also, think about insurance, like liability or auto coverage, to protect your livelihood from unexpected events. Did you know one of the perks of being an Ironworkers USA Federal Credit Union member is we offer $2,000 in Accidental Death and Dismemberment insurance for free through TrueStage™ Insurance Agency, LLC. For even more protection, you can add up to $300,000 of coverage from CMFG Life Insurance Company at affordable rates. Learn more about all of TrueStage insurance offerings and apply for additional coverage here.
Invest in Yourself
Lastly, never stop learning. Continued education in financial literacy keeps you prepared and competitive. Through the BALANCE program, you can access free online training on home ownership, money management, and more as well as attend live, interactive webinars to learn even more.
