Setting personal goals is an important way to continue towards your path to success. Your personal goals may sound like cooking at home more, shedding a few pounds, or even learning a new skill. While you’re creating and maintaining personal resolutions for this new year, consider these 3 financial resolutions that also aim to strengthen your financial success. By maintaining these three, easy to keep resolutions, you will hopefully feel accomplished, organized, and ready to conquer whatever this year sends your way!
1. Create a Financial Motto for 2024
The first financial resolution is perhaps the easiest one. This step is to create a word, phrase, or motto that you plan to stick with this year. By creating a motto, you will continuously have this in your mind each payday that will be your motivation to stick to it. Since everyone is a on a different financial journey and path, different examples of a phrase could be as simple as “SAVE,” “DEBT FREE,” or even “GROW.” Depending on where you are on your financial journey, you may be looking to grow your rainy-day funds, pay off lingering debt, or finally take the plunge with investing. Creating your word or phrase is meant to serve as a reminder of what you can accomplish this year.
2. Simplify Your Finances
Organization is on everyone’s mind. In a lot of cases, the holiday decorations come down and there is a need to declutter, organize, and simplify belongings. Perhaps you feel like this in your financial world. For example, if you notice that it’s increasingly hard to keep up with bill due dates, consider automating your payments. It’s a simple solution that takes one less thing off your plate. Similarly, accumulating bills via paper can create a bigger mess than you may have anticipated. Consider signing up to receiving statements electronically through Eastex Credit Union. It’s a great way to help the environment and free up some counter space! Another common scenario is that it may be wise to consolidate your debt payments. If you have multiple streams of debt, consider consolidating them into a single payment monthly payment. You will feel organized and motivated to pay off the large sum of debt versus the multiple payments that can accrue from credit cards, medical bills, or personal loans. Talk to one of our specialists to find out if this sounds right for you!
3. Financial Housekeeping
Reviewing your finances deserves to be its own resolution since it’s often overlooked, set aside, or forgotten about. Oftentimes, people will put it off for another day without realizing that years have gone by. Dedicate some time this month or later this year to give your finances a routine checkup, much like you would for your physical health. Here are some ways you can housekeep your finances:
- Review or update beneficiaries on accounts. This information may have changed if a loved one has passed away, or if you have recently wed or divorced. Keeping this information up to date is helpful if something happens to you.
- Review your monthly expenses. Check your past banking statements and review services that you’re paying for but no longer use, such as steaming or subscription services.
- Adjust your budget. Setting a goal to pay off debt, save more, or begin investing starts with looking at your overall budget. Discover where you can realistically adjust, cut back, or improve an area of spending.
Make this your year of financial success. By implementing these three financial resolutions, it will kickstart your journey of progress and growth. Let us know how we can help make your goals a reality when you reach out to Eastex Credit Union today!