7 Financial New Year’s Resolutions You Can Make This Year

 

7 Financial New Year’s Resolutions You Can Make This Year

Most of us are happy to say goodbye to 2020, a year that brought unique challenges and numerous changes. As is tradition, many people ring in the New Year with a list of resolutions, vowing to take steps to improve their lives. If you are starting 2021 with a list of resolutions, adding some financial goals will be a great way to improve your finances.

Here are some financial resolutions to consider and the steps you can take to achieve them.

1.       Save more money by changing your spending habits

At the top of any financial resolution list is to ‘spend less and save more’.

There are many ways to do this - but the simplest is to take a closer look at what you spend your money on in any given week. Do you buy coffee every day? Do you pay for services you rarely use such as a gym membership or online subscriptions? Can you live without your television cable?

After you assess your spending habits consider eliminating just one spending pattern – this small step will help you save money without feeling deprived.

 

2.       Automate your Savings

Set up automatic monthly transfers into a high-interest savings account such as ucublu – you will easily save more money and be less tempted to spend it.

 

3.       Be quick to pay your bills and slow to spend your money

Pay your monthly bills as soon as they are due to avoid any late fees. 

Also, slow down your spending decision-making process to evaluate if you need to make that purchase – this will minimize impulse buying and save you money in the long run.

 

4.       Start a Budget

You know how much money you are bringing in each month, but do you know how much you spend each month? 

To stay on top of your finances start a budget and keep track of all your expenses. Then make a plan that includes paying off your debts, and saving a portion of your income in a higher interest account.

 

5.       Pay credit card balance in full each month

Aim to pay your credit card balance in full each month. If that is not possible, then strive to pay more than the minimum required payment.

 

6.       Consolidate your Debt

If you are carrying multiple credit card balances every month and are having trouble keeping up with your household bills or other loan payments, then a debt consolidation loan may help simplify your debt repayment process. 

Taking out a UCU Debt Consolidation Loan. will also keep you on track to becoming debt-free sooner. 

 

7.       Talk to a Wealth Strategies Advisor about Your Investments

If you are looking to develop a financial plan or create an investment portfolio, then working with an investment advisor is a smart way to achieve your financial goals. 

Do you have some money saved and are curious about investing?  UCU Wealth Strategies Group can help. A UCU Wealth Strategies Advisor will work with you to create a personalized, long-term investment strategy that will suit your financial needs.

For more information please visit the UCU website