A New Year, A New You – Finding Your Healthy Balance in 2015
We have started a new year, and with it comes a renewed sense of hope, excitement and a laundry list of resolutions to help better ourselves and our families. Each year, financial resolutions seem to top the list whether it be to save more, spend less, or pay off debts – with the overall goal of being financially healthy. But truth be told, as resolutions go, many are often broken. While financial resolutions are no easy feat, the good news is, they are manageable – especially when you have a financial partner you can trust, such as Cove Federal Credit Union, and a well-developed and managed plan for your finances.
Here are a things to keep in mind, as we all begin our journey towards finding our healthy balance in 2015:
1. Develop a Realistic Budget
Set aside a time each month to go over the last month’s expenses and income, establish how much will be spent on bills, groceries, gas, savings and investments, and entertainment, such as going out to eat, movies, the aquarium. As part of your budget, begin keeping track of spending by going through your statements and checkbooks and see where you can realistically cut corners. Use a website like mint.com or an app like DAILYBUDGT to track day to day expenses and help you stick to your budget. Establish an emergency fund by setting aside a small amount in an account each month that is designated specifically for emergencies. This emergency fund should be able to cover all expenses, including mortgage and car payments, utility costs, and the necessities for daily living, in the event that a family member loses their job or falls ill. Setting up automatic transfers from your accounts is a great way to help those who are not used to saving.
2. Focus on Your Credit
This year take some time to focus on your credit. Whether that means reviewing your credit report and taking the necessary steps to repair any negative aspects or paying down your credit card(s). If you owe money on your credit cards, determine how much you can realistically afford to pay off during the year. At Cove Federal Credit Union, we offer our Members free Credit Score Analysis which can help you better understand your credit score and how you can help improve
3. Invest in Yourself
Spend time to focus on your financial education. Take classes or seminars to learn more about all sorts of financial topics such as social security, saving for retirement, savings tips and more. This year, Cove FCU is inviting Members to find their balance and participate in educational seminars throughout the year which will focus on balancing healthy living, relationships and your finances. Join us for the first seminars:
Healthy Living Balance: Wednesday, January 21st, 7 PM
Jump start those New Year’s health and fitness goals. Join Fitness Guru Melody Hoppius to find out how you can make a few changes that will make a huge difference in balancing your healthy lifestyle for the New Year!
Relationship Balance: On Wednesday February 11th, 6:30 at Cove, Bring your sweetie and start the love month off right. Join us for some wine and cheese and relationship fun. Great for sweethearts, newlyweds or seasoned couples.
Financial Balance: Wednesday February 18th at 6:30 at Cove, Money is a big source of stress. Join us for some tips on how to make 2015 the year you get your financial house in order including understanding and improving your credit score, what you need to know about personal finance and how to jump start your rainy day fund while saving.
By focusing on these tips you can embrace the new year with a refreshed outlook that will positively impact you and your families’ financial future. Happy New Year from all of us at Cove Federal Credit Union!