New Year’s resolutions. Whether you love ‘em or hate ‘em, the start of a new year often inspires reflection. What do you want to accomplish? What do you want to improve upon or change?
The start of a new year is a great time to incorporate habits that'll strengthen your finances now and well into the future. Here are our Top 4 Financial Resolutions - try them out this month!
- Review and understand your credit report. This tool is key to managing your finances. In it, you’ll find information on trade lines (also called “credit accounts”), credit inquiries, and public records and collections – all things that impact your ability to get credit. Review it at least once a year.
- Build a budget. This is a critical step toward identifying and reaching your financial goals as well as detrimental habits. Click here for a step-by-step guide to building a budget and identifying your goals.
- Understand your investment options. We know these depend on numerous factors including lifestyle, employment benefits, propensity for risk, and personal preference. However, it’s important to understand the basics of common investments options including 401(k), Individual Retirement Accounts (IRA), Roth IRAs, Certificates of Deposit (CDs), and more. Check out this blog post to start learning about each, and be sure to do your own research so you can devise the plan that best suits your goals.
- Pay down debt. Debt is unique to each person depending upon factors like lifestyle, career, and financial situation. What everyone can learn, though, are possible options for eliminating debt faster. Options like paying more than the monthly minimum, paying off debt with the highest interest rate first, dipping into savings, and considering balance transfers. Before committing to a plan, make sure you understand the ramifications of each option. Click here to learn more and access additional resources.
Our team loves to support members on their journey to prosperity. Check out more articles and resources here on our blog or give us a call at 206.398.5500 to learn how you can make 2019 a strong financial year.