Here are five simple suggestions to help start the new year strong.
If you want to have 3-6 months of living expenses in an emergency fund but haven't saved much over the last year, start with setting aside $20 per paycheck. Realistic goals pave the way for quick wins and consistent progress.
When it comes to setting goals, it's tempting to speak in generalizations."I want to be smarter with my money." The danger of statements like these is that they can't be measured. Being smart with money is tough to quantify. Paying an extra $50 towards credit card debt is much easier to track.
Lasting success isn’t a sprint. Identify your goal, break it down into smaller action items, and take consistent action towards accomplishing those every day.
If nobody else knows about them, our best intentions can be our worst enemy. It’s easy to say you want to save $100 each month. It’s also easy to rationalize why you missed a month or two. Ask a trusted friend, family member, or co-worker to check in and help you stay accountable.
While a new year seems like a great time to make a fresh start, let's not forget that in reality, it's just another day. Every day offers the chance to correct mistakes and build on successes. When making your resolutions, allow for some flexibility, the end goal is for improvement, not perfection.
Ask the Experts
Looking for some expert advice? BECU offers free consultations with trained specialists to help you make decisions and take actions on savings, budgeting, and debt management in real-time during a confidential one-on-one session.Schedule an appointmentfor a Financial Health Check today!