It happens every year: new year, new goals. Many of us strive to be more active, read more, or eat healthier. Have you considered your financial goals? If you know your goals right away – saving for a home or new car for example – you’re off to a great start. Many of us need a little help with a starting point for financial resolutions, so here are some tips from your friends at MSGCU to help you get started.

1) Review your accounts and credit score

Keep all of your receipts and do an extra-thorough review of your accounts in January to watch for any transactions that you didn’t make or for amounts that don’t match. Check your credit report in January as well. You can access your free credit report, review your credit score, see where you might be able to save money, and more with Credit Score, available in online banking or the mobile app. It’s free and available 24/7.

2) Rework your debt

You have your credit card and other account statements for the year, so it’s time to make some calls. For your higher interest cards, set a resolution to pay them down, transfer the balances, or negotiate a lower rate. MSGCU offers competitive, fixed rate credit cards that might be the right solution if you’re looking for a lower rate credit card. You can also take this time to explore using your home equity to eliminate some of the high-interest cards.

You can save multiple calls by reaching out to MSGCU. We love helping members find solutions to pay down debt and free up their monthly cash flow – give us a call or make an appointment to come see us at one of our convenient 22 locations.

3) Set up a holiday club account

If you reviewed your spending (see resolution #1), you know how much money you spent this holiday season. This year, resolve to do it all without taking on new debt. You’ll save money and a lot of stress, too. MSGCU recommends a holiday savings account. You’ll save all year long, then the money is deposited to your checking account right before the holiday season. Use this year’s spending as a guide and visit any of our branches or contact us to set one up. Next year will be a breeze!

4) Tune your budget

A budget starts with the income you expect plus your fixed expenses such as your mortgage, insurance, and utilities. The plan incorporates your savings goals, and the remaining money is designated for your other expenses. A realistic budget will help you set your financial goals and will remind you to stick to them. Now is the perfect time to assess last year’s budget or create a new one. Get started with this 5-minute interactive lesson on creating a budget.

Even with a solid plan, there can be surprises along the way, so be sure to build an emergency fund into your budget. You can also take advantage of Member Fast Cash for when you need cash quick, and you don’t have an emergency funds to dip into. To make it even more convenient, no credit check is required, it’s available 24/7, and the funds will hit your account in less than 60 seconds.

5) Spend mindfully

Make your financial future more secure this year by identifying your wants and needs. Your needs are necessary for survival, like food and shelter. Your wants are the things you desire, like a luxury car or tickets to a football game. Tend to your needs first. Then, if there is money remaining, consider your wants.

6) Plan ahead to meet your goals

You might have shorter-term goals, such as purchasing a new home, as well as longer-term goals, like retirement. Each set of goals requires different kinds of planning and saving, which can feel like a lot. Our team is happy to assist with your financial planning. Visit a branch or schedule an appointment to receive one-on-one assistance.

These are just a few ideas to help you prepare financially in the new year. Do them all, mix-and-match, or use these for inspiration to create goals that work for you. Whatever you decide, MSGCU is here to champion your financial success – visit us at a branch office or give us a call at (866) 674-2848. We’re happy to help.

Category: Finance