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Learn How to Enhance your Financial Wellness in 2020

December 24, 2019 by Space Coast Credit Union



As 2019 ends and we begin a New Year, it is time to get financially prepared! Have you thought about your financial goals for 2020? Maybe it’s a part of your New Year’s resolutions or just a personal goal you’ve made. Whatever your intentions are, we want to help you accomplish your financial dreams for the New Year.

Follow a Budget

Budgeting can seem complicated or overwhelming, but in reality, it’s pretty simple. Budgeting is one of the simplest and most effective ways to better your current financial situation. Start by creating a list of recurring monthly expenses, quarterly expenses, yearly membership renewals or fees and compare it to your total yearly earnings. Once you have compared what you are bringing in, to what you are spending you will see how much you can save over the year. Not able to save as much as you would like? Go back through your budget and see where you can make some changes. Whether it be unsubscribing from a subscription, cutting cable or opting to work out at home and cancel a gym membership, these small changes will give big impact on your wallet.

Save your Raise

While it can be challenging to part with money, you are currently spending, getting a raise changes that scenario. Make the most out of your raise by placing that additional amount of income directly into your savings. It may be tempting to spend some of your hard-earned reward, but placing it directly into your savings account will ease that temptation.

Set Up Automatic Transfers

Saying you will transfer a certain amount into savings each paycheck is easy! However, are you actually sticking to that plan? We have all been there – setting the amount in our minds of what we will put aside each week, but then we go grab dinner with a friend or plan a last minute get away and suddenly we realize we’ve spent all our savings. Automating your savings effectively forces you to add money directly to your savings account. SCCU can help you set up a portion of your paycheck to go to the account you desire. Once you make that change, you’ll quickly notice you don’t miss that cash at all.

Pay off Credit Cards

Focus on paying off your credit cards. The longer it takes to pay off a credit card, the more money you are paying towards interest. Try to pay off more than the minimum amount each month. Check out this blog from Dave Ramsey for guidance on how you can pay off your credit card debts.

Download a Budgeting Tool

Whether you prefer to do your budgeting from your computer or on the go with your mobile device, setting up a budgeting tool will help you stick to your budget. Here are a few great resources: You Need A Budget, Mvelopes, Mint, PocketGuard and EveryDollar. Play around with the apps or websites and see which will best fit your needs.

Once you realize that setting a budget is not intended to limit your freedom or restrict yourself, but to set you up financially for the future, you’ll be on the path to come out ahead savings-wise in 2020.

 
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