Start your year off right with easy financial New Year’s resolutions
The freshness of the New Year inspires us to better ourselves. A fresh start, a new chapter, an unwritten book. However, resolutions rarely reach their goal, as only 9% of resolutions are actually completed. Resolutions fail for a variety of reasons whether they’re unsustainable, over-ambitious, or simply impossible (Maybe it's time you stop putting "win the lottery" as a resolution).
With all that said, there are really no rules for what a New Year’s resolution must be when it comes to the degree of difficulty or length of time. So, allow us to get the ball rolling for you with some easy financial New Year’s resolutions
1. Set up your savings jar
Saving money is at the top of nearly every list when it comes to financial resolutions, yet it can be so hard to accomplish when you’re trying to stay afloat with spending day-to-day. This is where RVCU’s Savings Jar comes in handy. With the Savings Jar, every time you use your RVCU debit card, your transaction will be rounded up to the nearest dollar and the difference will be deposited into an account of your choice. For instance, if you bought something for $5.75, 25 cents would be put into your account. Along with that, if you’re looking for something a bit more ambitious, you can also automate transactions in the transfer section of the RVCU mobile banking app and website. You can set up automated recurring transfers at eight different rates from weekly to annually.
So whether you want to save up for a trip, set aside money to pay off a loan a bit faster, or simply build your savings, the savings jar and automated transfers are a great, easy, and achievable place to start.
2. Check how many subscriptions you have
Speaking of saving money, one easy way to keep more in your pocket is by looking at your subscriptions! One of the easiest ways to transform your budget is to sit down and look over your spending on subscriptions. The average American has over four paid subscriptions and spends nearly $1,000 a year on them. Ask yourself: Do I need this subscription? Could I split this with someone? Am I getting any use out of it?
3. See if you can refinance your auto loan
When it comes to saving money on the interest you pay for your car loan, it's always a good idea to look and see if refinancing is right for you. Refinancing could lower your monthly payment and what you pay over the life of the loan.
To see what you could qualify for, log into RVCU's digital banking.
4. Check your credit score
Do you know what your credit score is? If you don’t, you're like nearly one in three Americans who don’t know their credit score. As we mentioned in the last step, you can find out what your score looks like in the RVCU app and see where things stand.
5. Save up for a nice Valentine’s Day activity
It’s important to be on top of your finances and ensure you’re saving and spending responsibly. With that said, life’s greatest experiences go beyond the number in your checking or savings account. Now that you’ve taken steps to get ahold of your finances as you’ve done in the past four steps, why not treat yourself with some of the money you’ve saved up? Valentine’s Day falls on a Friday this year, which gives most folks a great opportunity to do something to celebrate. Whether it’s a traditional Valentine’s Day with your significant other, a fun get-together with your friends on Galentine’s Day (February 13) or a nice weekend for yourself, find something to do that weekend with your newfound moolah.
And there you have it! Five easy things you can do today that your future self will thank you for. You’ve got this and with RVCU by your side, you can accomplish your financial goals. If you're not sure where to get started, let’s connect! Give us a call at 815.282.0300 or set up a one-on-one appointment to plan for a happy, healthy and financially amazing 2025!