6 Tips to Be More Financially Savvy in 2016

January 8, 2016 | Jeanine Dodman

A new year brings that magical feeling of fresh beginnings. With New Year’s Resolutions in hand, many people are planning ways to achieve their personal goals. Maybe it’s finally taking the vacation they’ve been dreaming about for years, or wanting to invest in their personal fitness, which means buying new shoes or a gym membership. Both of these, and many other resolutions, may have financial components to them. Regardless, the New Year is a great time to look at how to become financially savvy or even savvier than you already are! Here are some tips to potentially have 2016 be the best year yet:

  1. Create a budget with your resolutions in mind. Creating a budget is universally the first step toward any financial evaluation, since it makes you look closely at your spending habits. A new year allows you to take a look at your budget with your resolutions in mind, and find ways to cut back spending in one area so you can stick to your resolution all year long.
  2. Consider other currencies: time and mobility. Your goals and resolutions should make sense according to both time and mobility. Instead of jumping on a plane to go to the mountains or desert spontaneously, you can create a timeline where you can truly afford to leave without touching your emergency funds.
  3. Help increase your financial security. Monitoring your spending habits is one thing, but looking at your financial security goes beyond just making sure you have enough saved for a rainy day. Consider these tips for protecting your financial identity and look at how your financial institution protects your account, which can range from a fraud alert service to Chip Cards.
  4. Tell your money what to do. Be proactive about where your money goes. Instead of allowing your entire paycheck to go instantly into your checking account, find out if you can set up your direct deposit to split the check between your credit union savings and checking account. You can also sign up for Online Bill Pay services, so you can more easily make and keep track of your payments.
  5. Change your perspective when cutting spending habits. You may feel like you’re cutting yourself short if you don’t have a daily frozen yogurt or if you cut your cable and opt for a streaming service like Netflix or Hulu. If that’s the case, try to change your perspective—the yogurt you eat at home may allow you to do other fun activities with your friends or family, and you’re also giving yourself a raise with all the money you’re saving.
  6. Find resources for financial education. Saving money, getting out of debt or pursuing dreams like home ownership or business ventures can be difficult on your own. This is why it’s important to discover what resources are available to you and feel comfortable discussing your goals with those who can help you. The Live Smart. Bank Smart. blog offers tips and advice regarding Auto Loans, Home Loans, Credit Cards and savings goals, plus how to have important conversations with yourself and your family regarding your finances. We also recommend seeking out a financial professional to help guide you through larger projects, like how to save for retirement. You can also visit your local Mission Fed Branch and find out more information about all of our accounts and loans, including quick loans in San Diego, that can help you get one step closer to making 2016 your year for your finances to shine.

Sources:

Anonymous. “7 Easy Tips for a Financially Fit 2016.” Future of Business and Tech Online.

Calonia, Jennifer. “10 Money Tips Millennials Need To Survive In 2016.” Forbes Online.

The content provided in this blog consists of the opinions and ideas of the author alone and should be used for informational purposes only. Mission Federal Credit Union disclaims any liability for decisions you make based on the information provided. References to any specific commercial products, processes, or services, or the use of any trade, firm, or corporation name in this article by Mission Federal Credit Union is for the information and convenience of its readers and does not constitute endorsement, control or warranty by Mission Federal Credit Union.

Jeanine Dodman

Jeanine Dodman

Jeanine Dodman is First Vice President Branch Network Administrator for Mission Federal Credit Union. Jeanine has over 35 years of leadership experience in the San Diego Credit Union industry, and is a strong Credit Union advocate. Jeanine provides Mission Fed Branches with direct assistance and guidance, including, but not limited to, customer service, employee and staffing, branch facilities/operations and overall branch operations. Additionally, Jeanine administers and responds to all member service inquiries for the Executive Offices.

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