Resolutions For A Prosperous New Year

The New Year is a perfect time to set meaningful financial goals and achieve financial wellness. If you’re looking for resolutions to improve your personal finances, whether that is saving more or reducing debt check out these seven tips to make this the year of the dollar!
1. Track your spending
Determine where your money goes and carefully record every dollar you spend for a month. Use budgeting apps or a simple spreadsheet to help identify spending patterns. Keeping track of where your money ends up may ultimately encourage you to spend more judiciously.
2. Make a budget
About 70% of Americans live financially spontaneous lives, without planned spending. This is a circular problem: If your budget doesn’t include setting aside money for long-term expenses and savings, you’ll end up spending everything on unplanned things and events. Stop the cycle by creating a budget that modifies your spending to be more in line with your priorities.
3. Get out of debt
The biggest roadblock to financial security and saving toward long-term goals is debt. Make the move toward debt reduction this year by adding an extra $50 or $100 to your credit card payments. Alternatively, focus all your payment resources on the highest-interest debt until it’s paid off, then move on to the next highest.
4. Start an emergency fund
The best way to avoid going into debt is to have some money available to handle the occasional, yet inevitable, emergency. Set a specific goal, like adding $10 per month to a savings account to create a financial safety net. At the end of the year, you’ll have more than $100 available in case something goes wrong.
5. Start a retirement account
Don’t wait to start planning for retirement.  If your job offers a 401(k) plan with matching contributions, sign up and take advantage of the free money.
6. Automate your savings
Fighting that urge to spend what you’ve set for savings can be a constant struggle. Change your direct deposit to put some of your paycheck directly into a savings account, where you won’t even think about spending it impulsively.
7. Get educated
Knowledge is power, and that’s especially true in the world of personal finance. Commit to reading one personal finance article a week. This will give you great ideas for improving your financial situation and discovering actionable strategies to improve your financial health.
At Texas DPS Credit Union, your success is our priority. As we enter this new year, we’re here to support you every step of the way. Whether you’re looking to save more, manage your finances better, or achieve your goals, we offer the tools, resources, and personalized guidance you need to make it happen. Optimize your New Year’s resolution with these solutions – debt management, financial education, retirement planning, and more through TXDPSCU. Make 2024 your year of financial freedom. Let’s work together to make this year your best one yet—take advantage of our services and get started on building a brighter financial future today!