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Organize Your Finances for the New Year

Does your midnight toast include a resolution to improve your financial situation?

2018 gives you the chance to start fresh and simplify your financial life. We’ve put together some tips to help you keep up with your bills, track your spending, and actually spend your money on the things you really want. Here’s what to do.

strict budget

If you want to get ahead of your finances, it’s important to know where you stand and develop realistic strategies to achieve your current and future financial goals. You may think budgeting is a cliché, but it’s still the best way to develop ways to help you manage your income and expenses. If you already have a budget, make sure to review it to make sure it works for you in 2017.

Don’t make budgeting time-consuming or complicated. All you have to do is download the budget app to your mobile device so you can keep track of your spending. When we say track your spending, we mean everything you buy with credit cards, debit cards, and cash. Even after a month of tracking, you’ll discover the truth about where your money is going so you can plan future spending.

view all your statements

Make sure you set aside time each month to review all bills and statements. Now is a great time to look for things you’re paying for but no longer need, or especially things you can cut back on. Truebill is a great online app that can help spot interest increases or additional fees and even auto-renew subscriptions.

Check out your credit union’s online money management tools

Credit unions offer online tools to help you manage your finances. How can I save for that hot sports car, dream home or boys’ toys? How much down payment do I need to save for that shack by the sea? What type of investment is best for me? Using their calculators can make financial decisions easier for you. If you want to create a budget and keep track of your spending, check out their free personal financial management software, which pulls together all your financial relationships and helps you set goals.

Financial calculators will help you understand APR, APY, amortization and the power of money. Simply visit your credit union website and select the category you are interested in:

always be prepared for the unexpected

Life has been known to throw some twists and turns at you. Life challenges like unemployment or medical issues can leave you drowning in a sea of ​​debt. I’m sure you’ve heard this before that it’s important to build an emergency fund that will cover three to six months of expenses. Even if you can only save a little each month, you can add to your financial protection buffer.

get out of debt

Are you that person who only pays the minimum payment on a credit card or other major debt? Did you know this means that most of what you pay is interest, and it barely even cuts into your current balance? An effective way to reduce debt is to focus on your highest interest balances first, while still making timely smaller payments on all other commitments. After you’ve paid off your high-interest debt, focus on the most expensive remaining balance, and continue that way until you’re debt-free.

When your financial obligations really get out of hand, consolidating your debts into one payment may provide the relief you need. Simplifying multiple debts into one lower monthly payment can help you pay off your bills faster. Your options include home equity, personal loans, and zero-interest credit card balance transfers.

Take advantage of tax breaks

Taking advantage of appropriate tax deductions can help you avoid paying more taxes than absolutely necessary. You may be eligible for tax deductions, including:

• Interest deduction on mortgages, home equity financing, business financing and student loans.

• Deduct taxes paid, including sales, foreign and self-employment taxes.

• Home office and business insurance deductions.

• Deduction for charitable contributions.

• Pre-tax contributions to IRAs and 401(k) plans.

Open another checking account for intermittent expenses

If you have bills that pop up on a regular basis, like insurance payments, quarterly taxes, etc., open a second account with your credit union for free and use it to hold those sporadic payments quarterly or even yearly. For those intermittent payments, it’s a good idea to deposit a portion of your payments each month so that when you need to make them, it won’t put a strain on your finances.

Reassess your assets and investments

Life changes quickly, so it’s important to regularly review and make changes to your retirement accounts. It’s also wise to review your estate plan and make sure your will, insurance policies and beneficiaries are up to date.

make sure you have money to spend

As you create a plan to maximize your financial goals, make sure you allow yourself to spend money on incidentals like coffee, movies, or eating out. Remember, you can’t sacrifice everything to improve your financial future.

Financial Health = Happy Life! So if you start the new year with some financial cleaning, things that used to seem out of reach will become affordable over time, and every unexpected expense won’t be catastrophic of. If you follow these tips, you can tailor your future to your specific needs. Changes may be gradual, but by this time next year, you’ll be able to toast your financial health.

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