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.

How to Set a Personal Budget for 2018

In a season known for indulging and overspending, the holidays can be the last time you want to think about a budget.

However, the start of a new year is the perfect time to revamp the way you think about your money. It’s a way to set yourself up for 2018 to make your budget work for you, instead of working for your budget.

With that attitude in mind, take these three steps as you begin budgeting for 2018:

1. Start with the Basics

You might feel tempted to go way into detail when you first set out to budget, but that’s not necessary. Divide your budget into simple categories in a program such as Microsoft Excel so you’ll easily be able to make edits and be realistic with the amounts you set for each category. Don’t be too hard on yourself.

Think about how much you’re already spending in each area and visualize what you could cut back on. Draw your budget as such.

Be honest about the best way to keep your budget. If you like math, it could be pen and paper. If you’d like to be more hands-off, try a budgeting program such as Mint, which categorizes your purchases as you make them.

2. Save for the Worst

Build an emergency fund into your budget. This type of savings account will give you a financial buffer in the case that illness or injury, hospital bills, or other times of need make money tight. Putting money into the fund can be as easy as the change from your lunch, cutting unnecessary expenses, or saving your tax return.

Build the fund with the requirement that it be used strictly for emergencies, and not as general savings. Don’t use the fund for holidays or planned expenses. This way, when the unexpected happens, your money will be ready.

3. Don’t be Afraid to Make Changes

Your budget shouldn’t be set in stone. As you start spending in 2018, see where your estimates and actual spending don’t match up and take a look at why that is.

If money is tight, it’s tempting to underestimate costs as you set your budget. Don’t set yourself up for failure. Allow room for fun and an occasional splurge. Get too restrictive too soon, and it will be harder to follow the budget as the year goes on.

If things still don’t add up, think about adding to your income instead of cutting from your expenses. An extra part-time job, some freelance work or selling something you’re not using can free up some space in the budget.


No matter your budgeting goal for 2018, Financial One Credit Union is here to help.

17 Tips for Saving Money in 2017

Financial resolutions are popular in January. Right now, you might be recovering from holiday spending or looking towards building a more positive financial future in 2017. Let Financial One Credit Union help you plan for healthier finances this year. Take a look at 15 tips to help you save and make money in 2017.

1. Be realistic. Can you realistically pay your student debt off this year or rid yourself of all credit-card debt? Visualizing realistic goals will make them more feasible. Make them challenging, but ultimately achievable to reach your financial ambitions.

2. Make your goals specific. Planning specific goals will help you envision the finish line more clearly. Think about the exact amounts of debt you want to pay off or how much you want to save each month to make your goals clear and attainable.

3. Make your savings automatic. Designating a portion of your paycheck to your savings account automatically will take away any temptation for you to spend that money. After a few withdraws, you won’t even miss the funds. Think of it as a payment to yourself.

4. Budget. Setting a realistic budget will help you cut down on wasteful spending. Think of it as the outline of your financial future. Prioritize your bills and goals in order to grow your savings.

5. Track your progress. Keep tabs on your personal finances. How much do you spend on average on each expense? Are you meeting your goals each month or do you need to readjust? This is crucial in maintaining good financial habits, illuminating financial mistakes, and achieving your goals.

6. Shop smart. When you do take out your wallet, learn to shop savvier. Use rewards programs, buy in bulk, comparison shop, shop sales, and clip coupons. These practices add up to plenty of savings.

7. To subscribe or not? Online movie and music streaming channels, gym memberships, monthly subscription boxes, and more can rack up a large bill. Review which services you use and drop those you don’t.

8. Use apps to help you save money when shopping. The Target Cartwheel app, for example, is excellent for shaving dollars off of your grocery bills, while Mint is excellent at helping you budget and be more aware of your expenses. For more apps that can help you save, visit here.

9. Refinance. Can you refinance your mortgage, student debt, and insurance rates in order to potentially save thousands of dollars a year? Research your options. Good credit and historically better rates can help.

10.  Aim for a raise or new job. Take a look at your resume. Are you recognized fairly for your work? If not, take some time to works towards a promotion and re-negotiate with your boss. Look at these tips for negotiating a raise.

11.  Exercise. Get fit to help your finances. Spend less on junk food, transportation costs, and the expenses associated with poor health. This can also help you stay disciplined and motivated for all of your goals.

12.  Invest now. Don’t wait to pay off debt before investing especially if your employer matches your contribution. Take this big step to secure your future.

13.  Seek small financial opportunities. Make the best of the financial opportunities that head your way. Look for opportunities in tutoring, babysitting, or selling plasma.

14.  Offer a skill. Freelancing, teaching a skill, or offering manual labor can also help you find some additional money to pad your budget.

15.  Sell your unwanted treasures. In addition to taking control of your finances, uncluttering your home of unwanted possessions can help you make money. Unburden your shelves and rooms of unused electronics, clothes, movies, books, and tools for extra cash.

16.  Go secondhand. Visit thrift stores, search garage sales, and scour online deals for treasures and necessities that cost next to nothing.

17.  Network. Keep your resume updated and network regularly. You never know which opportunities await to build skills, connect with professionals, and offer higher opportunities.

Financial One Credit Union offers free financial counseling sessions that will help you develop a financial plan that is best suited for your lifestyle, goals, and needs. For more information on these free financial counseling courses, visit our Financial Education and Contact pages.