The start of a new year is a great time to rejuvenate your financial health. It is a good idea to reevaluate your financial goals and budget. This annual exercise will help you stay focused and manage your finances successfully. A great way to get started is to consider these questions.
What are your goals? A great first step is to outline your financial goals for the year. Remember to include any major events coming up, such as a vacation as well as any big ticket purchases you might need to make. Remember to include retirement savings too. While you can’t plan for everything, setting goals will help you save and prepare for the year.
What is your budget? With goals for the year in place, setting up a realistic budget is the next step. If you haven’t drawn up a spending plan, get started now. If your household already has a budget in place it’s always good to review it and adjust accordingly. Please visit our previous post for more on budgeting.
What loans can you refinance? Refinancing outstanding loans with a lower rate will help you start saving money immediately. A good place to start is by shopping around at your local credit union. Community Financial Credit Union can help you review your credit.
One more important step to consider is saving money for emergencies. It’s a good idea to always have a rainy day fund just in case the unexpected happens. Payroll deduction is one of the most painless ways to set money aside.
Start your new year off right by planning for your financial health and avoiding trouble later. Learn more about how Community Financial can help you with payroll deduction and more. Have a happy and healthy new year!
Posted by: Community Financial
Community Financial Members Federal Credit Union is a not-for-profit, full-service financial institution owned and governed by its membership.