1. Plan to pay down debt: Look at your finances honestly. Look at one of your debts and determine which one you will pay off first. Some people tackle the highest interest rate first while others will start with the lowest balance. It’s your choice, just remember that with every debt you pay off you free up money that can help you tackle the next one.
2. Use Automation where possible: It is very upsetting when we forget to pay a bill and have to pay a late fee. Today most companies and financial institutions offer online payment options, so it is very easy to schedule your payments in advance.
3. Emergency Funds: Having money saved for emergencies can really help when those surprises happen in our lives. Experts recommend a lot of different amounts, but beginning by saving $1000 is a fantastic plan.
4. Credit Report: In the internet world where financial transactions are wonderfully convenient, it is important that you know what is going on with your personal credit report. You can visit annualcreditreport.com to get a free copy of your report.
5. Remember the future: Retirement will come, so if at all possible, try to plan for that blessed day. If your employer offers a 401K option, invest - especially if your employer offers to match your contributions. Never say NO to free money if someone is willing to give it to you. In fact, we have an investment specialist here at the credit union who can help you with planning for the future.
6. Have Fun: Remember to budget money for the things that you enjoy doing. Life is meant to be lived. If you can have a good time while trying to achieve your financial goals, it will be easier to budget.
Whatever your feelings on this matter, having resolutions is always a good idea no matter what time of the year it is. Good luck.