It happens every year: the glittery ball drops and the “new year, new you” talk begins. You promise yourself to save more money, lose twenty pounds, eat more veggies, spend more time with family, etcetera. And while you mean well, statistics show you’ll probably give up on your new goals before the snow has melted. In terms of keeping resolutions, the odds are not in your favor.
But what if this year was different? What if you resolved to be more financially stable and actually stick to your money goals? Is it possible? Of course! Here are three money resolutions that will set you up for financial success this year:
1. Get out of debt. No surprise here. Getting out of debt is one of the top New Year’s resolutions…and the most commonly broken. But this year, vow to be different! Make it your top priority to eliminate any debt that is causing you stress. Start with a plan to reduce annoying debt, whether it means consolidating with a loan or cutting up those extra credit cards you don’t need. Plan ahead and use your tax refund to pay off or pay down any debts you’ve accrued.
2. Save more, earn more. So you want to save more this year? Great. You’ll need a plan to make it happen. Start with a simple savings plan that will provide you with a healthy nest-egg or extra cash in case of an emergency. Each pay week, increase the amount of money you save by $1.00 and within a year, you will have saved over $1,370! You can also put any current savings into certificates of deposits (CD’s) to earn higher interest on money you don’t need right away.
3. Build-a-budget. If you felt like you spent too much money last year, it’s probably time to sit down and create a budget. This way you’ll know where your money is going and how much is coming in. There are countless resources to get you started. For example, our free workbook contains tips, worksheets, and planning materials to help you make the most of your money. Credit unions also offer education and financial counseling on topics like money management, credit health and budgeting, at no cost.
Learn more about Telhio by visiting telhio.org.
This is a mutli-part sponsored series presented with paid support by Telhio Credit Union.
Telhio Credit Union is open to anyone who lives, works, worships or goes to school in Franklin, Fairfield, Delaware, Licking, Madison, Pickaway, Union, Hamilton, Warren, Butler and Preble counties. Founded in 1934, originally as the credit union for the Columbus Telephone Co., Telhio is a not-for-profit financial cooperative where its members are also its owners. Driven by its philosophy that members come first, Telhio is committed to the highest standards of responsibility and conduct. Telhio offers a variety of innovative programs, services and products to support its members’ financial needs. Telhio offers 10 branching offices throughout Central and Southwestern Ohio and nearly 4,000 shared branching locations nationwide. Federally insured by NCUA. Equal Housing Lender. NMLS #251831
