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Financial New Year’s Resolutions

Financial New Year’s Resolutions

Jenna Grabowski Jenna Grabowski
3 minute read

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With a new year right around the corner, you may be thinking of some New Year's resolutions. Whether you'd like to start or stop doing something, a new year is a great opportunity for a new beginning. So, let's get our finances in order! Here are some attainable financial New Year's resolutions that your wallet will thank you for.

Save more

When setting financial goals, saving money is a great place to start. Better yet, get specific! Do you want to save more toward retirement? What about building an emergency fund? Stash away for a down payment on a home? Whatever your goals are, make them as specific as possible while also being realistic to your unique lifestyle.

Pay off debt

The idea of paying off debt can feel overwhelming and unachievable. So, take it in steps! Make a realistic plan of what you can pay off and how long it should take – for everything from credit cards to your auto loan and even student loans. Additionally, consider refinancing, credit card balance transfers, or debt consolidation loans. These options will help you clean up your debt and might even get you a lower interest rate!

Know, understand, and monitor your credit score

Your credit score is a powerful tool. It tells creditors about your track record with money and the likelihood that you'll exhibit good payment behavior. So, it's essential to know your credit score, what's affecting your score, and how you can monitor its movement.

Vibe Credit Union is here to help! Download the Vibe Credit Union Mobile Banking App and access free Credit Score Monitoring. You'll get daily monitoring and alerts of changes, help with understanding what factors affect your score, and even give you financial education tips to improve or maintain an already great score.

Use technology to your advantage

There's so much technology at our fingertips in today's world, so take advantage of it! With your Vibe Credit Union Account, you can set up alerts and get notified of unauthorized activity. You can also set up alerts for when your Checking and Savings Accounts go below a certain number set by you. These alerts can help prevent overdrafting and help you stay on course to reach your financial goals.

Another way to use technology is to move your budget online! While budgeting on paper or on a spreadsheet can be effective, using an online budgeting app or the Vibe Credit Union Money Management Tool is a great way to set a budget for different items and make sure you stick to it. Your paper budget doesn't stand a chance!

Happy New Year!

As we head into 2023, we all want to be the best versions of ourselves. Given your lifestyle, it starts with dreaming up measurable and realistic goals to achieve. With these ideas, we hope for big things for your finances in the new year.

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