Kurt and Stephanie Albach joined UCCU as newlyweds, when money was scarce and financial needs were simple. Four children and 23 years later, the couple continues to trust UCCU and has passed that trust onto their four children who each have UCCU accounts of their own.
Here, the Albachs share their thoughts on money and using UCCU to help them.
How do you make decisions about financial matters?
We’ve enjoyed open communication about finances through most of our marriage. In the beginning, it was one of the subjects we would sometimes stay away from in order to avoid a possible disagreement. We learned that if we discuss our budget early on in the process — before our paychecks arrive — it makes it easier to communicate when times become more difficult.
What principles influence how you use money?
If you don’t have it, don’t spend it.
What are some of your financial challenges and how do you face them?
When Kurt lost his job a few years ago, we had to learn how to live on a much different budget. It became difficult to save money from month to month, as we seemed to always be down to our last penny when my next paycheck would arrive. It became that much more important to save even a small amount for those “rainy days.”
Why have you stayed with UCCU?
As the years have gone on, we have enjoyed the benefits of banking with a credit union that has our best interests in mind. Because of this, all of our kids have also become members of the credit union.
How have UCCU’s programs helped you with disciplined savings and modest spending?
The bill-pay function has created a visual, concrete view of our monthly expenses. It allows for much easier budgeting. One new family favorite program/event is the Family Festival put on by UCCU and UVU. Last year, our 6-year-old thought it was amazing to earn SmartBucks at this event and then take them to our local branch to open his own savings account.
How did the financial habits of your parents affect the way you approach money individually and now collectively?
Honestly, I think we both have learned from some of the struggles our parents had financially. We are hopeful that our children will learn from our struggles and continue to improve their own financial security.
Lastly, what financial tips or suggestions could you share?
Learn to live within your means. When working on your budget, work as a team toward a common goal. λ