Your Roadmap to Financial Freedom: Resources, Tools, and Calculators

Achieving financial goals can sometimes feel overwhelming and confusing. With multiple expenses and obligations constantly competing for our attention, it can be challenging to stay on track with savings goals. There is a silver lining though because with the help of technology and innovative tools, reaching financial freedom is becoming easier to navigate and much more attainable. Interior Federal is proud to introduce our new feature called Goal Builder, now available with digital banking. Read on to learn more about the benefits of Goal Builder and we’ll connect you to other resources and tools to help on your journey toward financial success.

What is Goal Builder?

The Goal Builder feature is a virtual savings tool that allows members to set up and track multiple savings goals under one account. It works like virtual envelopes or separate savings accounts, but without the need to create multiple accounts or physically move or tie up money. With Goal Builder, you’ll keep everything organized in one account and set up different buckets for each of your goals.

How Goal Builder Works

Getting started with Goal Builder is easy. Simply navigate to Goal Builder in Digital Banking and select “Get Started”. Link an account (checking, savings or money market) and select a goal type. Choose from one of several pre-made goals or create your own custom goal. Set a target date, then designate frequency and an amount for each goal. Now you’re on your way!

The feature also allows members to set notifications to alert you when your remaining balance drops below a certain level. Once your goals are active, Goal Builder automatically designates funds toward the goals according to the set parameters. Manage and adjust your goals at any time and track your progress on the Goals Summary page. To help with planning, Goal Builder offers a Goal Calculator so you can see how much you need to designate and for how long until you reach your goal.

Members can access Goal Builder through both mobile and desktop devices, and members can toggle individual goals on and off.

The Benefits of Goal Builder

We all have goals in life and Goal Builder can serve as a roadmap to help you achieve your goals. Here are just a few of the many reasons to consider using Goal Builder.

1. Track multiple goals: Unlike traditional savings accounts where all funds are lumped together, Goal Builder allows you to set and track multiple goals and see your progress toward each one. You can easily allocate funds for different purposes, such as saving for a vacation, creating an emergency fund, or saving for a down payment on a home.
2. Automated savings: With Goal Builder’s “set-it-and-forget-it” feature, you can schedule automatic contributions to your goals. This removes the burden of manually saving and tracking money and ensures you are consistently working toward your goals.
3. Flexibility: Goal Builder gives you the flexibility to customize your savings plan. Choose from percentage-based or fixed-amount contributions and adjust them as needed to cater to your unique financial situation and goals.
4. Easy tracking: Goal Builder provides visual representations of your progress, making it easy to see how close you are to achieving your goals. This can serve as motivation and help you stay accountable.
5. Rainy Day Fund: Goal Builder’s unique Rainy Day Fund allows you to set aside money for unexpected expenses without having to allocate it towards specific goals and provides a safety net for emergencies.
6. Shared accounts: Goal Builder also takes into consideration shared accounts, ensuring they do not affect your individual goals and savings plan.

How Can I Educate Myself Financially?

Interior Federal offers a variety of resources to help members improve their financial education and achieve their financial goals. Through partnerships with GreenPath Financial Wellness, you have unlimited access to LearningLab+ – an education portal featuring a robust library of courses, guides, and other resources for improving financial wellness.

Additionally, GreenPath provides financial counseling services to aid in reducing debt and improving credit scores, with a focus on debt management as a key concept in financial literacy. Understanding one’s credit report is crucial for anyone looking to improve their credit score.

Interior Federal prioritizes fraud prevention by offering a password manager and identity theft protection through the Visa® Credit Card. These resources can ultimately lead to financial stability and success for members. Gain control of your finances and plan for a financially secure future by utilizing these tools and programs.

For personalized advice, it’s important to consult with a certified financial planner. Financial knowledge is essential for achieving financial wellness, and empowers you with the understanding needed to navigate your financial journey effectively.

Financial Resources

Interior Federal’s Financial Resource Center is a comprehensive collection of educational and informative resources for all aspects of personal finance. It offers valuable tools and articles to help our members.

Through various channels such as Auto Buying, Career Planning, Consumer Resources, Financial Calculators, Financial Planning, Loan and Credit Management, and Tax Planning, the Financial Resource Center covers a wide range of financial topics to cater to the diverse needs and interests of members.

The Financial Resource Center includes mutual funds as a key topic, highlighting its importance in understanding investment and personal finance for active investors. Additionally, the Financial Resource Center emphasizes the importance of investing in tax-favored retirement accounts like 401(k)s or Roth IRAs for long-term financial success, including the benefits of tax-free growth. 

Money Management Tools

For an easy and fun way to budget your money, check out Interior Federal’s Money Management tool for tracking and managing debt, net worth, and cash flow. With the Loan Details feature, members can easily see when their debt will be paid off based on current projections and see details such as minimum payments, interest rates, and due dates.

The Debt Snowball Strategy allows for an efficient way to pay off debt by focusing on paying off smaller debts first and then applying those payments to larger debts. This method helps reduce interest payments over time, potentially saving members tens of thousands of dollars. By minimizing interest payments, members can achieve financial freedom more quickly without drastic changes to one’s budgets. Members can also prioritize debt using different methods, such as highest interest or lowest balance first.

The Net Worth tab allows members to track the sum of assets and liabilities, giving a clear understanding of their overall financial standing. Get a more accurate picture of your net worth by adding property accounts, such as home or vehicle values.

The Cash Flow tab helps members plan for future expenses by allowing you to input recurring bills and one-time payments, giving you a better understanding of how your current spending will affect your finances in the future. By setting up cash events and categorizing them, members can easily see where money is going and make adjustments to achieve financial goals.

Financial Calculators

Financial calculators are electronic tools designed to help members make accurate financial calculations and decisions. These calculators use mathematical algorithms to perform complex calculations quickly and efficiently, saving time and effort compared to manual calculations.

There are a variety of financial calculators available with Interior Federal, each with its specific functions and features designed for a particular purpose. Here is a list:

1. Mortgage Payoff
2. Savings Goal Calculator
3. Retirement Income Calculator
4. Investment Goal Calculator
5. Auto Loan Lease vs Buy Calculator
6. Car Loan Calculators
7. Amortizing Loans Calculator
8. Loan Comparison
9. Credit Card Payoff

Which resources are right for me?

Interior Federal offers a variety of tools and resources to help members achieve financial wellness and success. From the Goal Builder and Rainy Day Fund to the Financial Resource Center and money management tools, many options are available. By utilizing these tools and resources, members can take control of their finances and plan for a secure financial future.

If you would like help reviewing the future of your finances, please contact our Wealth Advisor. We are happy to talk with you about your financial goals and help you select the tools that will work best for you.