Evergreen Credit Union Blog

Financial Resolutions To Make In The New Year

Dated: December 03, 2018

Financial Resolutions To Make In The New Year

The new year is approaching fast! It can be hard to find the perfect resolution for the new year. A great place to start can be with your finances. Good financial habits can help you save money and begin to find ways to invest money for better returns. Explore some suggestions for financial resolutions to make in the new year.

Balance Your Checkbook And Analyze Your Habits

It’s the end of 2018. Do you know where your money went? Taking a moment to chart where your money has gone can shed some light on your spending habits. Do you spend more money on hobbies or food? Rent or clothes? You can use pen and paper, or any program that you can insert and calculate numbers. If you have access to online banking, you can easily pull your transaction history on a monthly basis. If you’re not enrolled in online banking, your monthly paper statements will give you access to the same information. Discovering your biggest expenditures can encourage you to find cheaper alternatives and grow your savings. It can also give you access to solutions for managing your debt.

Work Down Your Debt

According to Experian, the average credit card balance per American in 2017 was $6,354. Credit card debt can be a slippery slope. While those who pay their balance in full every month don’t have much to worry about, choosing to pay the minimum required or an amount below your balance can lead to rapidly compounding interest fees and a hit to your credit score. Tackling your debt is a great resolution for 2019. Long-term planning can help you get ahead of the fees and bring your balance down to zero. The new year will also bring different credit card promotions and offerings. Take a moment to meet with your financial provider about consolidating your debt, or transferring your balance to a lower rate credit card to save money in the long term.

Share The Gift Of Saving

If you prefer resolutions that work to help others, consider giving the gift of saving. Parental guardians can open an account for their child at any time after they are issued a Social Security number. Along with giving them an avenue to save, you can start to teach your children the ins and outs of money, ways to spend it wisely and how your local credit union works. You can help them with regular trips to your credit union to deposit, manage withdrawals and set long-term savings goals. At Evergreen Credit Union, our Seedling Club, for children 12 and under, incentivizes saving. Check to see what your preferred financial provider does to help foster good financial habits and how you can encourage others to do the same.

If you have questions about getting started with any of the above, Evergreen Credit Union has the resources to help. One of our knowledgeable loan officers can help you explore your options to manage debt and long-term spending. Call (920) 729-2999 or stop by to make an appointment today. Membership is open to everyone who lives or works in Outagamie, Waupaca, Waushara, Calumet or Winnebago counties.

*Information valid as of 11/26/18. Terms and availability may vary by lender. Please consult your financial institution for eligibility and rates.

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