Tuesday, January 15, 2019

Tips to Keep Your New Year’s Financial Resolution

It’s the same thing year after year - people around the globe resolve to make better spending and saving decisions. Second only to dieting and getting in shape, saving money is one of the most popular new year's resolutions.

Unfortunately, all new years resolutions have one thing in common; they’re usually deserted within a few weeks.

If you’re struggling to stay on track with your financial goals this year - or need help jumping back on the wagon - we’ve compiled some budgets and tips and tricks for success this year.

Set Realistic Goals

Goals are hardest to reach when they’re set too high. The first step is to identify what you want out of your finances. Are you looking to buy a house this year - or maybe a new car? You shouldn’t be browsing real estate sites and dealerships just yet. Start smaller.

First, check your credit. Not looking so great? You might want to meet with a financial adviser before you make the first moves. How about your savings account – does that need a boost to get to your goals? Identify the steps you need to make, then break down your next moves into smaller, more manageable actions.

Cut the Small Charges

Start by making a list all your monthly expenses: rent or mortgage payments, bills, loans - anything you can expect to pay in a given month. Don’t ignore small monthly charges like a gym membership, online music and/or movie streaming services (most people have multiple nowadays), Amazon Prime membership, Costco Membership, Home Owners Association fees…

Forget a cup of coffee a day, these fees really add up! In fact, Marketwatch.com says 10 percent of millennials spend $200 or more a month on subscription services. Get a good idea of the “small” charges that make a big impact on your budget and get trimming.

Get a Complete Understanding of Your Spending

Take a long, hard look at your spending habits. If you’re spending too much money on eating out, maybe your new year's goals shouldn’t be to save enough to buy a house but to prepare more meals at home. Narrowing your goals to something more concrete will not only give you a better look at your finances, but your savings account will grow without you even realizing!

Get More Options

Too many people give up on their goals because they just aren’t aware of the available options! Refinancing high-interest loans can save you hundreds - if not thousands - in the long run, and make an instant impact on your monthly finances. Take a deep look at any outstanding loans you may have - especially student loans. There are plenty of options such as refinancing and more forgiving payment plans available. Just ask the experts.

Shopping around isn’t just good advice for loans. When’s the last time you shopped around for insurance? These companies are in insanely competitive markets and new customers get great deals.

Need more tips to reach your financial goals this year? Get in touch with the friendly experts at Financial One Credit Union. We’re always happy to help you reach your goals - no matter the time of year.