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Resolve to Budget, Save, and Invest in the New Year

12/30/2018

6 Comments

 
Authored by Susan Langley
January is a good time to take stock of your personal finances. You can make positive changes to your spending and saving habits, whether it's making a New Year's resolution to get spending under control, figuring out how to save for a down payment on a house, or analyzing your investment portfolio. Many people, however, don't know where to start.

Where are you now?
Start with a personal assessment. Ask yourself:
  1. Do you track where your money goes?
  2. Have you identified your spending leaks?
  3. Do you have a written spending plan?
  4. Do you have an emergency or rainy-day fund?
  5. Do you live within your means?
  6. Do you have written financial goals?

Know the difference
Many people think that if they don't overdraw on their checking account, they're doing just fine.
But that's not enough. Having a plan for different aspects of your financial life is essential.
Consider a plan where you:
* Budget … for short-term goals.
* Save … for medium-term goals.
* Invest … for long-term goals.

Do You Truly Value Your Money?
Before you make your next purchase calculate how many hours you have to work to pay for that item, is it worth it?
Do you value cash purchases differently than Credit Card or Debit Card purchases?  If so, why?

​Start a Savings Plan Today!
  1. Set a savings plan goal for each quarter, write it down, and review it often.  If you need assistance establishing your goals contact us, we can help you create a custom savings chart 800-382-2400.
  2. Contact ECU Credit Union to open a Christmas Club or 2nd Savings.
  3. Start small and gradually increase your deposits each pay period.
  4. Treat your savings deposit like a bill you must pay each pay period.
  5. Review your statement every statement cycle to help reinforce your changed behavior.
  6. Enjoy the success of achieving your goals and changing how you truly value your money. 
If you could go back and talk to your younger self (half the age you are now) what advice would you give yourself? 
6 Comments
Jeaneki Lee
1/31/2019 02:18:46 pm

These are very great points of intreset of how and what to think of before you spend your money. It makes you think of ways to save and the best ways to save.

Reply
Kelly Collins
2/16/2019 07:46:53 am

When I am purchasing anything for myself, I ask myself "Do I need it or want it?" It helps deter me from spending money that I don't really have.

Reply
Mary Hudzietz
2/20/2019 12:29:06 pm

I have been struggling to get on track with saving for the future. These tips will help.

Reply
Felicia Miles link
2/22/2019 09:01:57 am

GOOD morning all!
I do keep track of my spending, and to make it harder for me to wastefully spend, I only keep an allotted amount of money on hand weekly. That way I know what I have on hand, what it is basically for, and how long I desire to make it stretch.
I know what my spending habits are and I attempt to keep it under control by reminding myself that it is Not a must have item.
I do live within my means.
My written plan includes all of my monthly bill's, the days they are due, how much the total amount is; as well as, my payment requirement and balance.
I do have a rainy day fund that is basically placed in another account to whereas I have no card. I basically have to go to the bank to get the funds, which most of the times is Not something I feel like doing; therefore, the money doesn't get spent.
My financial goals are to be debt free of any bill that is Not required for my home or work environment to function properly. Once this objective is reached, my desire is to invest in a monthly recurring money making project.

Reply
Jeaneki Lee
4/5/2019 07:47:21 am

Great tips on how to start & keep next generation from developing debt. This Will help them understand that value of spending and not the desires of today of "I WANT IT & I WANT IT NOW"

Reply
Jeaneki Lee
4/5/2019 07:51:27 am

Ive gotten more into investment savings GREAT way to save. Great tips

Reply



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    This Blog is written by various ECU Credit Union associates.  With 30+ years in the financial industry helping our members achieve financial health.

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