Happy New Year from Camino Federal Credit Union! As we start 2020, we wanted to share financial resolutions that you may want to practice this upcoming year. Think about which of these goals could help you in the New Year and come up with a plan on how to accomplish them.
Pay Bills on Payday
It’s payday! Although you may be tempted to reward yourself for all your hard work, you will be much happier if you pay off all your bills the moment you receive your paycheck. If you pick up this good habit, you will never have to worry about paying your expenses late and being charged late fees. Once your bills are paid off, you can divide the rest of your paycheck to saving, going out with friends and other expenses without ever having to worry about your bills.
Pay Off Your Credit Cards
If you have debt that has been building up, it’s time to make a resolution to yourself to become debt-free this year. Not only will you be much less stressed, but you also get the satisfaction of knowing that you’ll start with a clean slate for the New Year. Another bonus is that you will be saving more money by not having to pay high-interest payments on what you owe every month.
Cook at Home More
Do you know what is great about cooking at home? Not only do you get a nice, home-cooked meal, but you save money compared to when you dine out to eat. Another benefit is that you have control over what ingredients you use, making it healthier for you and your family. If eating healthier and dieting is another one of your resolutions, this goal helps you knock two things off your resolution list throughout the year.
Boost Your Credit Score
Your credit score is crucial for any future plans. Whether it is buying a house, getting a new car or even applying for a credit card. You could boost your score by reducing your credit card debt, any outstanding loans and keeping up with your payments.
Create a Budget
Where does your paycheck go every payday? By using an excel sheet, you can see how much you spend and determine if you think it is a reasonable amount or if you should cut back on your spending in a particular category. By creating a budget, it holds you more accountable for your spending and helps you save money for the things that are most important to you.
Increase Your Saving Account
Whether it is saving up for a product you’ve been eyeing, saving up for a trip or even paying for emergency expenses you didn’t know you would have, you never know where life is going to take you, so it is important to start saving now. Take the time to open a savings account and put money in it each paycheck.
Start your year off right by taking advantage of these financial resolutions! We are here to help you accomplish your goals for the New Year. If you’re ready to begin, you can sit down with a Member Advisor, give us a call at (800) 835-3400, or stop by a branch.
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