3 Ways to Reach Your Financial Goals in 2019
Go big or go home is usually the mindset when planning your goals and resolutions for the upcoming year. There is just something about a new year that invokes optimism and enthusiasm in us. The most common problem with New Year’s resolutions, is sticking to them. After a month or two, you may begin to get bored or frustrated, and you might feel like your goal is out of reach. In a 2014 report, 35% of participants who failed their New Year’s Resolutions admitted they had unrealistic goals. 33% of participants didn’t keep track of their progress, and 23% forgot about them; about one in 10 respondents claimed they made too many resolutions. https://www.finder.com.au/press-release-new-year-resolutions-2014
A popular goal is to improve your financial wellbeing. Here are 3 obtainable goals to help you start off 2019 on the right foot.
1. Review Your Credit Report
The first step to putting your plans into action is to check your credit score. You’ll want to make a regular habit of this. Make sure all of the information on your credit report is accurate, and take note of what factors are impacting your credit score negatively. If you find any mistakes, you can file a correction with the credit reporting agency on their website. One of the many benefits of a premium checking account with OUR Credit Union, is the ability to request a free credit report every 90 days or any time our credit monitor sends you an alert.
Understanding your credit report can be confusing, so if you would like help reviewing it, you can look into signing up for a Credit Review. You can meet with a financial services rep, who will go over your credit report with you and tell you where you could potentially make improvements and save money. The cost of these services can be concerning, but if you look around for the right fit, you can sometimes find it offered for free. It’s always nice to work with someone who cares about your well-being more than your wallet.
2. Budget & Save
Building a budget plan for yourself keeps you organized and helps you stay on track. Make note of how much income you have, along with your bills and expenses. Then prioritize those expenses. Where are you willing to cut back? This should give you a clear idea about how much you can potentially be saving.
If you can put a small percentage of your income into a savings account every month and forget about it, you will be amazed by how much money you save. There are also different types of savings accounts you can look into. They are all made to help you save, but also to help you organize your savings. You can keep some extra money in an account specifically for something you want to work towards. Some institutions even offer you rewards for saving, in the form of deposit matches, earning dividends, or receiving invitations to community events.
Members of OUR Credit Union also have free access to organizational tools like Financial Snapshot whenever they need to manage their finances.
3. Online Classes
You can find online classes and webinars that will teach you how to have better financial habits. These help you to condition yourself to focus on your goals instead of losing yourself in frivolous spending. These can benefit you during every stage of your financial growth. You can learn about a variety of things, including home buying and investing. GreenPath Financial has a great library of online classes. Check them out at: https://www.greenpath.com/category/online-classes/
Don’t lose sight of that “New Year New You” attitude! Stay on top of your goals, and live your best life!
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