If you're hoping to get your finances in order in 2023, Mountain America Credit Union (MACU) can help.
Paul Miner with MACU says the first step is to do a total review of your finances. Look back to see what worked last year.
He says get honest with yourself about money habits, which is a huge step and takes a lot of courage.
Don't beat yourself up if you didn't meet goals you set last year - the past few years have been unpredictable at best with the pandemic, job losses, inflation, supply chain issues, and interest rate hikes giving us all extra financial challenges.
Miner also told us you are more likely to achieve goals that are detailed and written down.
He suggests to redefine and make S.M.A.R.T. goals.
- Specific
- Measurable
- Achievable
- Relevant
- Time Bound
There are so many goals to reach for and it depends on you and your family's dreams. Do you want to buy a home this year? Do you want to get out of debt or save for retirement? Are you saving for a dream vacation?
Whatever your end goal is, he says you can make it easier to stay on budget by doing automating your savings, using bill pay and Mountain America members can go to the mobile app and find a Track Spending tool.
You will probably want to set a limit on spending and stick to it. You could even get an accountability partner.
If you're looking to save long term, Miner offers these tips:
1. Take advantage/use your employers 401k match if applicable
2. Check your credit report
3. Review your insurance
4. Ramp up your emergency fund
5. Automate your investing
Mountain America offers free financial guide services to help you explore and learn how to take control of your finances. Services are free and open to anyone, just call or visit a branch to find out about scheduling an appointment.
For more information please visit macu.com.
