New Year's resolutions are hard to stick to, especially when life throws you curveballs. Getting your finances on the right track may reduce your stress and save you money should something unexpected occur. This year, start off the New Year on the right foot with 5 financial resolutions!
- SET A BUDGET & STICK WITH IT Budgeting can seem overwhelming, but it will help you organize your money, so you can save the leftover each month. Remember, setting a budget is good but going back and keeping track if you are staying on budget is even better. MMFCU has budgeting tools to help.
- PAY YOUR BILLS ON TIME Want to keep your credit score healthy and save money? Pay your bills on time! You can include a monthly bill schedule in your budget or even automate your bill payments. That way you'll never miss a payment and you won't have to stress about when the next bill comes due. You can even use MMFCU's Bill Pay to get started and Savvy Money in Online Banking to track your credit score!
- ESTABLISH A RAINY-DAY FUND If you don't already have a rainy-day fund, start one. The Round-Up Savings option for MMFCU's Debit Card makes it easy! A rainy-day fund can help you prepare for unexpected events or income fluctuations. Most financial experts agree that 6 months' worth of expenses saved is a good goal.
- MANAGE DEBT Paying off debt can help you free up funds and save some money that you can put towards your retirement. Some ways you can lower your debt are paying more than the minimum on credit cards and paying off debt with the highest interest rate first. You can also consolidate your debt with a personal loan or transfer credit card balances to a MMFCU card.
- IT'S NEVER TOO EARLY TO START SAVING FOR RETIREMENT If you aren't already saving for retirement, start! The more you put into your retirement now, the more it will earn in the future. An Individual Retirement Account (IRA) or an individual brokerage account are a good place to start, but there are many options to choose from. If your place of employment offers a 401(k), you can have money automatically withdrawn from your paycheck to build up your retirement more consistently.