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Monday Messages

New Year’s Resolutions You Can Keep

By the end of January, many of us will have forgotten all about our New Year’s resolutions. It can be difficult to change our lives, even when it’s for the better. Knowing this, we want you to know that in your financial life there are changes you can make today that will last the entire year. Here are two resolutions you can set today and some follow-up goals for the rest of the year.

Resolution #1: Save More Money

Today:

Save money automatically. If you want to improve your net worth, build financial security or make a big purchase at this time next year, the easiest way to do so is simply to automate your savings. You can set up an automatic transfer to savings so you won’t be tempted to spend it.

Later:

Set up an emergency fund. How much do you have set aside for a rainy day or to cover the unexpected? For now, start with $1,000, a month’s income, or whatever feels realistic. It might be difficult to get in the habit of saving money, but if something unexpected happens, this is the resolution you’ll be happy you kept.

Resolution #2: Lower Your Debt

Today:

Pay down your debt. If you’re struggling with debt, there are three basic solutions for paying it down, getting your payments under control, and getting ahead of debt. You can make more frequent payments, pay more each month or lower your interest rates.

  • More Frequent Payments- Paying more frequently makes sense if you get paid every two weeks. You might already know about the advantage of bi-weekly payments, which let you make the equivalent of an extra monthly payment every year
  • Pay More Each Month- If you’re already paying more frequently or you don’t get paid on a weekly schedule, you can also increase the amount you pay every month. An extra $25 per month is $300 per year, and you can set up those higher payments automatically.
  • Lower your interest rates - You can transfer the balance to a credit card or loan with a lower interest rate (check out WyHy's 0% Visa). Consider a Home Equity Loan (HELOC) if you have equity in your home. You can move balances with the highest interest rates to the HELOC.re Frequent Payments- Paying more frequently makes sense if you get paid ever

Later:

Get control of your spending. It’s time to make a budget and stick to it. Build rewards into the budget so you’ll actually be happy to follow it. Take a look at what you buy with your credit cards, then budget at least some money for those items or activities. You’ll never keep a resolution like “stop eating out,” but you have a good chance of keeping a resolution like “don’t go over the eating out budget.” This also gives you 12 chances to succeed, because every month you can do better than you did the previous month.

And that’s it…simple things to do today and to work on throughout the year. None of them are out of reach, so you’re setting yourself up for success by making resolutions you can keep. And, remember, we're always here to help! Give us a call or set up an appointment with one of our Member Serice Advisors to go over your finances today!

We're with you!