In terms of your finances, we all need to check up on your finances once in a while. If you’re on the road to reshaping your finances, checking your current financial status is a must, and here’s how you can do it! Check out these tips and tricks from our Harlingen Credit Union to prepare yourself financially for the new year!
Tips on How To Check Up On Your Finances
If you’re worried about getting into debt or are preoccupied with fixing your credit score, get on the right track financially and consider these tips for better finances. Not only do you need to evaluate your finances, but it’s also a way to see where you stand financially while preparing for the upcoming year. So don’t delay; see these tips on being financially ready for the new year!
Review Your Budget
Get started with your financial status and create a budget for yourself, and here’s how you can do it:
- Identifying Spending Patterns: Understanding where your money goes helps you make informed decisions about where to allocate funds in the upcoming year.
- Setting Realistic Financial Goals: Whether saving for a specific purchase, building an emergency fund, or paying down debt, you can establish achievable objectives.
- Adjusting for Life Changes: Ensure your current budget reflects your financial plan and aligns with any life changes, such as a job switch or a new addition to the family.
- Building a Contingency Plan: Keeps you accountable to set aside funds for emergencies or unforeseen circumstances for the new year.
Check Your Credit Score
Take the time to review your credit score and see where you are financially. Your credit score is significant to you, and it’s essential to help identify any areas you need to improve.
Determine Your Debt
Another way to see where you stand financially is by finding ways to reduce your debt, especially if you have multiple debts to tackle throughout the year. If you need some time to help figure out these options, contact our loan officers and ask about consolidation loans.
- No minimum amount is required to pay.
- You must show proof of income statement during the loan approval process.
- You must show statements of accounts consolidation during the loan approval process.
Save For Emergency
Having at least three to six months of savings for life’s mishaps is recommended. You can save ten, fifteen, or even twenty percent of your paycheck to slowly and safely build savings. You can also save by:
- Shop during sales and use coupons.
- Delay upgrading devices until necessary.
- Shop around for competitive insurance rates.
- Bundle insurance policies for potential discounts.
- Consider buying second-hand or refurbished items.
- Turn off lights and appliances when leaving a room.
- Compare prices before making electronic purchases.
- Maintain regular vehicle maintenance for fuel efficiency.
- Explore free or lower-cost alternatives for entertainment.
- Opt for energy-efficient appliances to save on electricity bills.
- Carpool or use public transportation to reduce fuel expenses.
- Sell or recycle old gadgets instead of letting them accumulate.
- Seal drafts and insulate windows to reduce heating and cooling expenses.
Find a Safe Financial Path
Whether covering unexpected expenses, investing in education, or consolidating high-interest debt, loans offer a financial lifeline that allows individuals to navigate challenges and give life-lasting support. VFCU can help with:
Get Financial Support with VFCU Harlingen Credit Union
Your financial evaluation doesn’t have to make you feel overwhelmed. Just take the time to evaluate your needs, keep yourself on track with your finances, and contact our Harlingen credit union.