While many usher in the new year by signing up for gyms and fitness classes, don’t forget to make a resolution to keep your financial health in good shape too. Here are some tips to get you started:

Fine tune your budget

It’s great to start off the new year with a plan, and that plan should include creating your budget. A budget starts with the income you expect and your fixed expenses such as your mortgage, insurance, and utilities. A realistic budget will help you set your financial goals and will remind you to stick to them.

Reviewing how you spent last year’s money will also help you make better financial decisions for the year ahead. While thinking about it, include a method for tracking your spending. You can do this on a spreadsheet or tag items in your checking account. Download our handy budget sheet to use when planning out this year’s expenses.

Even with a solid plan, there can be surprises along the way, so be sure to build an emergency fund into your budget.

Plan ahead to meet your goals

Consider how you will accomplish your goals. You might have shorter-term goals, such as purchasing a new car or home, as well as longer-term goals, like retirement. Each set requires different kinds of planning and saving.

It’s best to work backward for determining how much you need to save for each goal. Determine the cost of your goal and then establish a reasonable timeframe, as well as how much you’ll need to save each month to reach it. For example, if you plan to purchase a new car and have a goal of saving $2,000 for its down payment, think about saving $100 a week for 20 weeks in order to meet your goal.

Meet with an expert

Feeling a little overwhelmed with how to reach some of your goals? Think your budget could be tightened? Consider meeting with a certified financial counselor to review your finances and needs.

MSGCU offers personalized and free guidance with Credit Union Certified Financial Counselors (CUCFC) available at every branch. They can go through your questions and offer solutions to help you reach your goals. And it’s easy to make an appointment with one – just make sure to put in financial counseling in the notes when you make the appointment.

Spend mindfully

Make your financial future more secure this year by identifying your wants and needs. Your needs are necessary for survival and include food and shelter. Your wants are simply things you desire, like a luxury car or trying out the new hot restaurant in town. Tend to your needs first. Then, if there is money remaining, consider your wants.

For many of us, the lines between wants and needs are blurred.

Maximize your tax return

Do your taxes early and if you are expecting a return, consider putting it into your savings, or a Certificate of Deposit (CD). A CD is a safe, smart investment with a guaranteed return. As a not-for-profit credit union, one of the ways MSGCU gives back to our members is with great rates. MSGCU currently offers a 9-month CD rate of4.50%  APY*.

Plan ahead for upcoming holiday spending

While the holiday season just wrapped and this year’s festivities may seem far off, it’s good to consider future holiday spending as you build your budget. A great way to save is with an MSGCU Holiday Club Account. Make unlimited deposits throughout the year, and on November 1, your funds are moved into your regular savings in time for holiday shopping. There’s no minimum balance required or service fees, and it boasts a higher interest rate than a regular savings account.

MSGCU is here to help you reach your financial resolutions and goals. To get started, stop by any branch office, make an appointment with one of our financial counselors or contact us to get started.

Review your high interest debt

If you have a credit card with outstanding debt at a high interest rate, consider transferring the balance to a lower-rate card. From now until June 30, MSGCU is offering a 3.99% APR** promotional rate on balance transfers to our Rewards, Titanium, and Classic cards. There is no minimum or maximum to transfer, and when your 6-month promotional period has ended, you’ll still get a great low rate on your MSGCU Visa card.

*APY = Annual Percentage Yield. APY and rates rounded to the hundredth percentile. $500 Minimum Average Daily Balance Required. Certificate of Deposits will automatically renew at maturity. You have a grace period of ten (10) calendar days after the maturity date to withdraw the funds in the account without being charged an early withdrawal penalty. Promotional Certificates will automatically renew at maturity to a standard term Certificate offered at the time of maturity. ** 3.99% APR for 6 months on balance transfers only. Interest will begin accruing from the time of the transfer. No balance transfer fees. Members can make multiple transfers up to available credit limit. Standard APR applies beginning 6 months from date of the first balance transfer. Eligible on Titanium Visa Credit Card, Rewards Visa Credit Card, and Classic Visa Credit Card. Available to new and existing MSGCU cardholders. No minimum or maximum transfer amount is required. Transfer up to available credit limit. Offer valid 1/6/2025- 6/30/2025.

Category: Finance