A new year means new goals and this year, you may be thinking about your financial resolutions for the upcoming year. If you’re looking for some ideas, we have a few ideas for your list.
1. Manage Debt
If you’ve accumulated debt from student loans, buying a new car, or from credit cards, it may be one of your goals to get your debt down to a manageable figure. Before the new year, sit down and take a look at how much you owe and see if there is any way you can pay more now to lower your debt to make it easier to handle.
Is there something you’ve been wanting for a while or perhaps you just want to start better spending habits for yourself? Budgeting is the way to go if you want to better conserve your money so you can save or use it elsewhere.
3. Build Your Savings
Depending on your current situation, you may have taken a hit in 2020 depending on your job or spending habits during the year. In this New Year, make it a point to build your savings back up. If that means putting away extra money from your paycheck or cutting costs elsewhere, every little bit helps.
4. Improve Your Credit Score
Your credit score is what lenders evaluate to see how much of a credit risk you are when you are looking to make large purchases such as a car, a house, etc. If your credit score is lower than you’d like, make it your resolution to boost your credit score. There are multiple ways you can do so and we share them here.
5. Start an Emergency Savings Fund
The best thing you could do for yourself is to start an emergency savings fund. Whether it’s unexpected medical bills or you have to replace a part on your car, you never know when you will need the extra money. It’s better to prepare now instead of having to worry later.
What are your financial resolutions? Let us know!
As we work together to get through these ever-changing times, let us know how we can help! We want to assist you on your financial journey in any way we can. Please give us a call at 800-835-3400 to speak with one of our Member Advisors, or visit us online at caminofcu.org for more information.