You will more likely fulfill your New Year’s resolutions if you have a plan in place.
While ringing in the New Year, we may have had thoughts of resolutions dancing in our heads instead of sugar plums. (Has anyone ever had a sugar plum?) Although the word, “Resolutions” may sound overwhelming to some, it can be a great motivator to do something good for yourself, and the New Year is a perfect time for new beginnings!
We suggest you set at least one financial resolution in 2019. Any effort you make could make an impact on your future! Choose from our list of favorites below.
1. Save more
Make a resolution to pay yourself first! Set up an automatic transfer each time you get paid. Choose any amount (it could be $10 or $200 per paycheck – you decide) to sweep into a savings account and it will feel like a bonus at the end of the year! There are several ways to set up automatic transfers. Contact us to learn more or get started today. You may find a Christmas Club or Vacation Club account a great option for setting money aside.
2. Monitor your credit report
Request a free credit report once a year at annualcreditreport.com. Look into anything that you don’t know about, and dispute anything that looks incorrect or is outdated. Not only does your credit score affect loan interest rates you receive, but watching your credit report is one way to help monitor identity theft or fraud. Ask us about free credit monitoring entitlement, available with a qualified checking account, which sends you alerts when your credit file changes.
3. Reduce your debt
Take a moment to look at the interest rate you are paying on your credit cards and loans. Are you paying the lowest interest rate you can? Should you refinance your mortgage or car loan? You may be able to save thousands of dollars if your interest rate is higher than necessary.
4. Create a budget
One of the best ways to avoid overspending is to stick to a budget. There are many budget tools out there, but simply put, a budget is adding up your monthly expenses and subtracting that amount from your monthly income, then figuring out how much you can spend for extras, such as entertainment, dining out and gifts. The hardest part may be following the budget you set. The next recommendation will help you with that!
5. Track your expenses
Tracking your expenses shows you exactly where your money is going. Some people find that this is a great way to stay on track with their budget.
One way to track your expenses is Money Desktop, a free online money management tool for our members. It can show all your financial accounts in one place with only one login! Plus it categorizes your spending and makes budgeting easy!
6. Review your insurance policies
Shop around to see if you are paying more than you need to. One of the benefits of being a FNCU member is great offers from TruStage Insurance on auto, life, accidental death, and home insurance.
We’re here to help you find the best financial solutions so you can meet your financial goals. If you need more information on starting any of these resolutions, give us a call today!