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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:
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!
Where are you now?
Start with a personal assessment. Ask yourself:
- Do you track where your money goes?
- Have you identified your spending leaks?
- Do you have a written spending plan?
- Do you have an emergency or rainy-day fund?
- Do you live within your means?
- 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!
- 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.
- Contact ECU Credit Union to open a Christmas Club or 2nd Savings.
- Start small and gradually increase your deposits each pay period.
- Treat your savings deposit like a bill you must pay each pay period.
- Review your statement every statement cycle to help reinforce your changed behavior.
- Enjoy the success of achieving your goals and changing how you truly value your money.
