It’s a new year and a new you. Start 2018 with a bang and with better personal financial management! This can be the perfect time to overhaul your spending habits, create a game plan and conquer your goals financially. Let’s go over a few things you can do to help make 2018’s finances easier to handle!
Start tackling your finances with confidence in 2018! Open a checking or savings account at Valley Federal Credit Union today!
Monitor Your Budget
With the holidays over, your account may have taken a few hits thanks to holiday shopping. Getting your checking account back on track will be a task in itself, but monitoring your budget all year round is a healthy habit to maintain. Track your budget each month and identify any bad spending habits. Create a monthly budget and stick to it. By monitoring your budget and making adjustments to your spending, you can stay out of debt.
Keep Your Credit Score in Check
Your credit score impacts the types of loans you qualify for and how much interest you’ll pay. Managing a healthy score (over 700) is vital for large purchases, like homes or cars. Thanks to many apps and websites, monitoring your credit and managing your score can be easier than ever. Some credit websites allow you to see your credit report and even learn what’s affecting it. You can also report or dispute any fraudulent activity.
Pay Off Debt
Debt can be a huge weight on your shoulders. Whether it’s credit cards, school loans or car payments, debt can affect your credit score and slim your chances of owning a home or even obtaining a job in some cases. The key to paying off debt is persistence and a right plan of action. List your debt by interest rate. Take your bills and order them from the highest to lowest rate. The highest interest rate is costing you the most, so consider paying that one off first.
Another method is refinancing your loans with financial institutions. This can open up options for lower interest rates or more affordable monthly payments – or both! However, if you choose to tackle your debt, make sure to always pay on time. This will help you avoid higher interest and late fees, and keep you on track to paying off your debt.
Build an Emergency Fund
Emergencies happen. Things like flat tires or unexpected medical bills can hurt your accounts, but these events don’t have to derail your financial year. Build up a small emergency savings fund for any unexpected bills. Consider this your “rainy day fund” that you can tap into when a financial hiccup happens. Be mindful that if you do use it for an expense, the key is to build it back up again afterward. Always have your emergency fund full.
Trusting Us with Your Finances
Unlike consumer banks, credit unions are member-focused institutions. This means that each is owned and operated by its members instead of stockholders. With credit unions, you’re more likely to be treated like family. For more information on how you can join our credit union in Brownsville, please contact us today!