New Year’s Resolutions for a Financially Healthy 2018
Take these 10 New Year’s Resolutions to get help get you on the path to financial success in 2018:
- Create a realistic spending plan. Doing so starts with what you have spent in recent months on things like rent, utilities, gas, food, etc. Use that as a base for what you plan to spend in the future. Don’t only go off what you “think” you spend on those items. The real amount you spend might surprise you!
- Pay cash for your big expenses this year, such as vacation or Christmas shopping. Avoid taking on debt from big purchases. You can save for those big expenses by starting a second savings account or Holiday account at SCU!
- Pay off debts. Make a prioritized list based on each account’s annual interest rate. Those with the highest rates are costing you the most each year so they should be the first you pay off.
- Take time to change or reset all your passwords. Changing your passwords will help prevent hackers from accessing your accounts to steal your financial and personal information.
- Investigate Before You Invest. This resolution is especially relevant today with hot topics like the cryptocurrency, BitCoin. Recently, the Financial Industry Regulatory Authority (FINRA) issued these warnings about cryptocurrency-related stock scams.
- Start saving for your future. No matter how much or how little, getting started now ensures that time is on your side through the power of compounding interest. Check out how much you could save using our savings calculator.
- Pull each of your credit reports this year. You are entitled to a free credit report from each of the three nationwide credit reporting companies – Experian, Equifax, and TransUnion – each year. Rather than checking them all at the same time, you can instead check one every four months to monitor your credit throughout the year.
- Learn to protect yourself from financial fraud and scams. Scams and schemes may take different forms, but the underlying method usually preys on your emotions, circumstances, or your lack of knowledge. Take time to become well-informed about prevalent scams designed to rob you. Read, “SCAMS Protect Yourself. Protect Your Money.” From the Pennsylvania Department of Banking and Securities.
- Learn more about how the Equifax breach, or any data breach, could affect you. The Equifax data breach will affect people for months and even years. To learn more about the breach and see if your information is affected visit: https://www.equifaxsecurity2017.com/
- Get more knowledgeable about finance. Understanding your finances can lead to a higher credit score which, in turn, will normally get you lower rates on any loans you take out. Start by learning where you stand with a quick test from WalletHub, the WalletLiteracy test.