December 9th, 2024
Your Guide to Starting the New Year with Strong Financial Goals
The new year is the perfect time to reset and refocus on your financial journey. Here’s a step-by-step guide to get you started:
1) Reflect on Last Year’s Finances
- Review your spending: Look back at your bank statements to see where your money went.
- Evaluate your savings: Did you meet your savings goals? Identify areas to improve.
2) Set SMART Goals
- Specific: What do you want to achieve (e.g., save $5,000, pay off $2,000 in debt)?
- Measurable: Track your progress with milestones.
- Achievable: Set realistic goals based on your income.
- Relevant: Prioritize what matters most to you.
- Time-bound: Set deadlines to stay on track.
3) Build a Budget
Use the 50/30/20 rule:
-50% for needs (housing, utilities, groceries)
-30% for wants (entertainment, dining out)
-20% for savings and debt repayment
*Utilize budgeting tools or apps to monitor spending.
4) Start an Emergency Fund
- Aim to save 3–6 months' worth of expenses.
- Begin with small, consistent contributions.
5) Tackle Debt Strategically
- Focus on high-interest debt first (the snowball or avalanche method).
- Consider refinancing options for lower monthly payments.
6) Automate Your Finances
- Automate savings to build wealth effortlessly.
- Schedule bill payments to avoid late fees.
7) Check Your Credit Health
- Monitor your credit score regularly.
- Use tools like Credit Savvy to stay informed and improve your credit profile.
8) Seek Guidance
- Reach out to MTC Federal Credit Union for financial education, personalized lending solutions, and high-yield savings opportunities.
Kickstart your financial goals today and gain traction for life’s journey! We’re here to help hardworking people like you succeed.
Not sure where to start? Need a second pair of eyes on your credit? Our team of lending experts have helped thousands of members since 1976, get to where they need to be with their credit goals. Tell us your story and let us help you find and work towards a solution.
MTC Federal lending team can advise you:
- Make Improvement Recommendations
- Reduce interest rate for those that qualify for refinancing
- Lower your monthly payments
- Improve your credit score
To start your complimentary credit overview, fill out the form below or call 800-442-7792 to speak to one of our Lending Experts.