Save. Conquer. Do.

Your 2019 Money Makeover.

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It’s that time of year again – ‘New Year, New You’ is all over your Facebook feed, the hustle and bustle of going back to work kicks in and goals for the new year are being set. Does your 2019 New Year’s resolution list include your financial goals? Check out our top three financial goals and quick tips on how to successfully cross them off your list.

 

Save

To make saving a priority for the entire year, create a savings account specifically for emergencies. An emergency fund can help you stick to your budget and cover things like a car repair, hospital visit or home repair. Set a short term goal of saving $1,000 and then increase that amount to three months of living expenses.

 

Quick Tips

• Set up a monthly automatic transfer from your checking account to your savings account.

• Create a monthly budget that categories not only your spending, but also your saving.

• Every time you receive a $5 bill, put it in an envelope and see how much you can save in 6 months.

 

Conquer

January is the perfect time to create a plan to conquer your debt. Imagine saving on interest, more wiggle room in your monthly budget and extra money for your emergency fund. To create your debt plan, create a list of all of your debt owed including interest rate, minimum monthly payment and tentative pay off debt.

 

Quick Tips

• Utilize the Debt Snowball method and pay off debts in order of smallest to largest. When the smallest debt is paid in full, roll the money into the next payment.

• Anytime you receive change, put it in a jar at home. After 6 months, cash the change in and put it towards your highest interest rate debt.

• Compare the interest rates on your debt to current rates to see if you can save money with a refinance. 

 

Do

One of the biggest financial goals to set for 2019 is to figure out what your long-term financial wish list includes for the next ten years. Whether you are looking to purchase a new house, pay for your child’s college tuition or upgrade your vehicle, it’s important to map out what steps should be taken to accomplish your goals for years to come. Financial goals take time to accomplish and by starting today, you can reach your biggest goals sooner than you may think.

 

Quick Tips

• Sit down as a family and map out what goals you have for the next 10 years. Set an ideal date you would like to reach them by and what steps you will need to take.

• Visit your local credit union and talk about what steps you should start taking to make your wish list a reality.