Financial Resolutions for the New Year
The start of a new year is a great opportunity to refocus on your financial goals. Whether you're hoping to save more, reduce debt, or plan for big purchases, setting financial resolutions can help guide your personal path to financial success. Here are three financial resolutions to consider for 2025:
- Create A New Budget- Having a clear budget is essential for managing your finances. Start by tracking your income and expenses, so you can see where your money is going. This will help you make smarter decisions and avoid overspending. Don’t forget to set aside funds for savings and emergencies.
If you already have a budget, now’s a great time to review it and make adjustments based on changes in income or priorities. Fairmont FCU offers budgeting tools and resources to help you stay on track and monitor your progress throughout the year.
- Start or Build Your Emergency Fund- Life is full of unexpected expenses and having an emergency fund can provide peace of mind. If you don’t have one, start small and aim to save at least $500 to $1,000 to cover minor emergencies.
If you already have an emergency fund, consider growing it to cover three to six months of living expenses for greater financial security. Fairmont FCU’s Debit Card Round Up Club option makes it easy to build an emergency fund without having to think about transferring funds each month.
- Take Advantage of Savings Clubs- A great way to save for specific goals is by enrolling in a Savings Club or Holiday Savings Club. These accounts allow you to save for a specific purpose so you’re ready for the holidays, a vacation, or any big event that comes your way - all while earning dividends to reach your goal faster.
Fairmont FCU Saving Clubs offer no minimum balance, no payment schedule, unlimited deposits at any time and withdrawals in any amount, any time!
By setting clear financial goals and using the resources available through Fairmont FCU, you can make this year your most financially successful yet. Here's to a fresh start and a bright financial future!
Resources:
https://fairmontfcu.banzai.org/wellness/resources/emergency-funds
