Money Rules Of Thumb From Our Staff

When our members are in need of financial products, they often speak with their loan officer or one of our Member Service Representatives, but when seeking financial advice, our staff likewise can provide words of wisdom. We recently asked some of our staff to offer us their financial planning suggestions that they use to guide their own finance – words that they would likewise share with a friend, neighbor or a member who asked for guidance in developing financial plans.

Budgeting often forms the basis of our staff’s two cents worth, from creating one, to sticking with it, which we know can be easier said than done.

As old-fashioned as it may seem in the modern age of online accounts, Lindsey in our Grenora branch suggests, “Always write down your transactions in a register and balance your account regularly.” Doing so helps you more easily recognize when you’ve exceeded your budget.

Dennis in Watford City agrees. “Balance your checkbook every month when you get the statement – makes you monitor your account for fraud or unusual charges.” Keeping tabs on your dollars and cents alerts you to transaction errors, duplicate charges, and charges and credits from online purchases and refunds.

In addition to what you allocate for spending, consider where you divide your incoming funds. Todd in our Washburn branch recommends, “The 50/30/20 rule. Fifty percent of after tax income for needs, thirty percent for wants, and twenty percent for savings (additional retirement, investments, cash). Best rule a wage earning person can live by for long run financial solvency.”

If watching your account penny-for-penny is not your style, Khadero (New Town) recommends an estimating approach. “Over budget expenses and under budget income.”

To find out what approach works best for your present and future financial goals, we encourage you to visit with one of our loan officers and discover how Dakota West can help you put together short- and long-term plans based on your personal needs and what we can build together to help you live, dream, and achieve.

Here to Serve, Here to Help: A Message From Our CEO

Since 1941 we’ve been here to serve the hard-working residents of western North Dakota and help you through the tough times, as well as the good. As we begin on our way to the new normal, I want to thank you for your understanding, patience and support over the last two months. Your willingness to accept the disruption of more traditional business practices and be responsible in regard to necessary safety measures is greatly appreciated.

The reality is that for many of us the disruption to our lives goes much deeper than just changing physical and social practices. There has been severe financial impact as well – creating insecurity and concern. If that’s the case I want to encourage you to reach out to us for advice and help. No two situations are the same, and we’re committed to provide you with personalized solutions, guidance and reassurance. Our team of exceptional employees is dedicated to working with you to navigate through this pandemic crisis and into recovery, no matter how long it takes.

Later this month, we plan to once again open our lobbies for business under the following guidelines:

Please avoid entering the facility if you have a cough or fever
Maintain a minimum six-foot distance from one another
Sneeze and cough into your elbow
Do not shake hands or engage in any unnecessary physical contact
We encourage the use of cloth face coverings, but may ask you to step back and temporarily remove the mask for identification purposes

We sincerely appreciate your ongoing support of Dakota West Credit Union and look forward to seeing you in person once again.

Jeff Meyer, our Chief Executive Officer, is our first special guest News & Events contributor. We thank him for his leadership, his support of our staff, and his focus on our membership during the past few months. Jeff will celebrate his 5th anniversary with Dakota West Credit Union on Monday, May 11, 2020.