Did you start the New Year off with plans to pay down your debt, save money or get on the right financial track? Have you lost your way?
Here are a few easy tips to help you with your financial goals.
Make Small, Manageable Goals
One reason why we lose focus on our financial resolutions is because we end up making them harder than they need to be. If your goals are unattainable, it will be difficult to stick with a plan to achieve them. Focus on making several small, short, achievable financial goals. By setting smaller goals and achieving them one at a time, you're more likely to stay on track.
Stay on Top of Your Credit
It's federal law that all three major credit reporting agencies give you a free copy of your credit report each year and provide a process through which you can resolve errors. To obtain that, you just need to visit annualcreditreport.com – freecreditreport.com is NOT free! It’s important that you get to know what is reported on your credit report and dispute any inaccuracies to make sure what's being reported is correct.
Understand What Your Debt Is Really Costing You
High interest rates make it nearly impossible to pay down the principle of your debt especially if you’re just making minimum payments. You can make debt more manageable by consolidating you’re credit cards and loans. We have many options for you to do this- from our low APR VISA® Credit Card to our Moneyline of Credit. Regardless of how you pay down your debt, you need to know what it’s costing you. Paying only the minimum amount each month will keep you on the credit hook and it could potentially cost you thousands of dollars in interest.
Get on a Savings Kick
Make saving money fun! Participate in our 52-week savings challenge. Week 1 save $1, week 2 save $2, week 3 save $3 and so on. The largest deposit you will have to make is $52 and when the year is over you will have $1,378. It’s not a ton of money, but it’s something. At the end of the year, you can use the money for holiday gifts, a vacation, a large purchase, or you can leave it there, and restart the challenge in the New Year. Go into any one of our branch locations and ask to open a Savings Challenge Account. You can also open this account online through our website!
You can do this. Stay focused. Sometimes you may get off track with your goals. If you find this happening, sit down and think about what you really want to do and what you need to do to get to that point.