As we turn the page to a new year, it’s the perfect time to set resolutions that matter. At Members Credit Union, we believe small, intentional financial changes can lead to significant savings over time. Whether you’re looking to pay down debt, save for a dream vacation, or build a more secure future, these five tips will help you start the year with a financial game plan you can stick to.
Setting up automatic transfers to your savings account ensures you’re paying yourself first. Decide on a fixed amount to transfer each payday and watch your savings grow without even thinking about it. With Members Credit Union, you can easily set up automated deposits through online banking. Whether you’re saving for an emergency fund, a new car, or retirement, automating your savings is a foolproof way to stay consistent.
Start small if you’re hesitant. Even $25 per paycheck adds up to $650 in a year! This makes it easier to hit your savings goal each year.
Budgeting doesn’t have to be restrictive. Instead, think of it as a way to gain clarity and control over your money. Start by listing all your income and expenses, then categorize spending to see where your money goes. Use budgeting tools or apps to track progress and identify money habits that cause unnecessary spending.
At Members Credit Union, we offer free resources to help you budget smarter. From workshops to resources, we’re here to make budgeting less daunting.
The 50/30/20 rule is a simple starting point:
50% of your income for necessary monthly expenses (housing, groceries, transportation)
30% for discretionary spending (entertainment, dining out)
20% for regular savings and debt repayment
As a Members Credit Union member, you have access to a range of benefits designed to save you money. From lower interest rates on loans to higher interest rates on savings accounts, we’re here to help you stretch every dollar.
Consider consolidating high-interest credit card debt with one of our low-rate personal loans or opening a high-yield savings account to maximize your earnings. These small adjustments can lead to big savings over time.
Members Credit Union also offers financial education resources to help you make informed decisions about your money.
It’s easy to lose track of subscriptions that quietly drain your account each month. Take the time to review all recurring charges and cancel those you no longer use or need. Similarly, pause before making impulse purchases. Ask yourself, “Do I really need this?” or “Can I wait 24 hours before buying it?”
Set a specific goal for the money you save by cutting back. Whether it’s paying off a credit card or funding a weekend getaway, giving your savings a purpose makes it easier to stay motivated.
When was the last time you reviewed your insurance policies? Comparing rates and coverage can uncover opportunities to save hundreds of dollars each year.
Bundling your insurance policies can often lead to discounts, so it’s worth exploring options with your provider.
Remember, financial resolutions aren’t about perfection—they’re about progress. Baby steps, start with one or two of these changes and build momentum over time. At Members Credit Union, we’re here to support you every step of the way.
At Members Credit Union, we know how impactful small changes can be. Whether it’s automating savings, reducing debt, or finding new ways to stretch your budget, every step forward is a win.
As your financial institution, we’re here to provide money management tools, resources, and personalized support to help you achieve your financial goals. Together, let’s make this year your most financially empowered yet.
Ready to get started? Visit our website or stop by your local Members Credit Union branch to explore how we can help you achieve your financial goals. Let’s create smart financial habits together!
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