With New Year's Eve right around the corner, now is a great time to set goals for different areas of your life. Along with exercising and eating healthy, better money management is one of the most common resolutions people make each year.
Making New Year's resolutions is easy—keeping them, that's the hard part! Remember that changing your habits takes time, so don't be discouraged if you don't see the effects right away. With a little patience and discipline, you can make your resolutions a reality in 2020!
If you're ready to make—and keep—a money-related resolution for the New Year, here are four financial goals to consider:
#1: Create a budget that works for you
Making a budget is one of the best ways to hit the reset button on your finances. If you're new to budgeting, try these simple steps:
- Track your monthly spending using a notebook, spreadsheet or app.
- Categorize each expense (i.e., bills, groceries, gas).
- Set reasonable spending limits for each category.
- Save any money left over after paying bills and necessary expenses.
- Continue to track your spending and look for any areas for improvement.
There are many ways to budget, so you might need to try a few different methods until you find the one that fits your lifestyle. Check out WPCU's online
Education Center for more budgeting tips and tools.
#2: Give your credit score a boost
Building a healthy credit score can help you reach other big goals, like buying a car or home. Here are some quick tips that could help you improve your credit score:
Check your credit reports – Get a free copy of your credit reports each year at
AnnualCreditReport.com and look for errors or signs of fraud, which could impact your score.
Pay bills on time and in full – Set monthly reminders and/or schedule automatic transfers.
Keep your credit spending low – You can score better by making sure your total debt stays well below your credit limit. Pay balances early and decrease your spending.
#3: Learn more about personal finance
It's never too late to build your financial know-how. Maybe you want to learn more about budgeting basics, buying a home, improving your credit, avoiding fraud, investing or planning for retirement. Researching these topics on your own can feel overwhelming, but at WPCU, we'll help you Learn a Lot about your finances with —
#4: Get ahead of debt
Paying down your debt will give you greater financial flexibility and freedom to do the things you really want to do. If you're ready to tackle your debt head-on this year, WPCU is here for you. Stop by a Member Center to meet with one of our financial coaches and get help with a personalized debt repayment plan. Wright-Patt Credit Union is here to help you achieve your money goals—no matter how big or small! For more money management and budgeting tips, tools and advice, explore our