Get Financially Fit This Year

 5 Things You Should Know

Have you committed to a New Year’s Resolution? Why not commit to getting financially fit? Here are five things you should know to maintain the health of your finances:

  1. Make saving automatic. Even if it’s just $5, getting in the routine of making saving the first thing you do with your paycheck will set you on the road to financial wellness. And don’t be afraid of not having enough to cover your monthly expenses, you can always pull the money out if you need it – it’s all about building good habits.

  2. Stay in touch with your money. Take the time to read your statements and look at your accounts. Being aware can help safeguard you against financial red flags such as identity theft or unnecessary/unplanned purchases. Use a program such as My Finance Tool in Online Banking to really stay on top of your money and know where it's going each month.

  3. Get into meal planning. Did you know food is the third highest expense for most families?  Meal planning can help you shop more efficiently and also save you money. Going to the grocery armed with a plan means you’ll be less likely to be distracted by unnecessary items, and since you’ll already know which items you need you can shop around for the best prices.

  4. Check your credit report. Checking your credit report every year can help you improve your credit by spotting/correcting any errors and developing an effective strategy if you’re struggling with your credit. Consumers are entitled to one free credit report every year from each of the credit reporting bureaus. Visit the Federal Trade Commission for more information.

  5. Look for better rates. If you have an auto loan or a mortgage, always shop around the market for lower rates and refinancing options. For example, BMI Federal Credit Union offers a Dare to Compare deal, where we will give you $250 just to refinance your auto loan with us. If we can’t offer you a lower APR or monthly rate, we’ll give you another $50. So if your auto loan's not with us, now is a great time to explore your options.

Want more information on how to stay financially fit in 2018? Explore our series of free financial workshops or sit down with one of our Certified Financial Counselors. Contact us today!