Make next year even better by making one of these smart money resolutions for 2017!

It’s slightly astounding, but 2016 is almost up! With the New Year approaching, there’s one thing on most people’s minds: making a New Year’s resolution. If you’re still trying to decide on what your New Year’s resolution will be, why not make some money resolutions for 2017? No matter what your financial picture looks like, adding some of these money resolutions to your list is bound to make 2017 even better!  

6 Smart Money Resolutions to Make This Year

December 28, 2016

Add some of these smart money resolutions to your New Year's list to make next year even better!

It’s slightly astounding, but 2016 is almost up! With the New Year approaching, there’s one thing on most people’s minds: making a New Year’s resolution. If you’re still trying to decide on what your New Year’s resolution will be, why not make some money resolutions for 2017? No matter what your financial picture looks like, adding some of these money resolutions to your list is bound to make 2017 even better!


1. Make an Emergency Fund



You never know when something unexpected is going to happen: your car breaks down and needs to go into the shop, a health crisis arises, a storm blows through and causes damage to your home. All of these situations can happen in an instant and could potentially derail your budget if you’re not prepared.

If you don’t have an emergency fund yet, start setting aside money each week or month into a separate savings account strictly for the unexpected. Even if you start out small, keep at it, and you’ll soon have something to fall back on when you need it. Try out these simple tricks to becoming a saver to jump start your emergency fund.
 

2. Start Investing



This might have already been in the back of your mind, so take action in 2017 and start investing! If you have some extra money in an account you don’t foresee needing in the next six months or longer, contact a financial advisor to see what your options are for increasing your returns. You may find that a Share Certificate or Certificate Ladder could work well for you in the short term, or you may end up interested in Mutual Funds or Stocks for longer-term saving.
 

3. Set up a Direct Deposit to Your Savings



Always telling yourself you’ll start saving more next year? Make it simple by setting up a direct deposit to your savings account. You may be able to do this through your employer or set up a regular transfer each month from your checking to your savings. Review your budget and decide how much you’re able to stow away; pretty soon you’ll have a substantial savings account!
 
Not sure how you’ll find the money to stow away? There are many ways to cut back on spending you won’t even notice. You can also use a tool like FinanceWorks to get a full picture of your budget and spending to help you find ways to cut back in order to save more.
 

4. Kick a Bad Habit



This is a usual New Year’s resolution, and one you can turn into a double whammy. Choose to kick a bad habit not only for your health, but your financial health too! Whether you want to quit smoking, start exercising more, or simply start drinking more water and less soda, kicking a bad habit will help your health and your wallet.
 
Think about how much money you could save by simply changing one bad habit. If you’re a soda lover, did you know getting 5 sodas a month when eating out can end up costing you over $120 a year? That’s a lot of cash!
 

5. Learn More about Credit



Is your credit score and how it works still a mystery? Make it a goal to learn more about credit in 2017. Whether you’re confused about how your FICO® Score is calculated, or simply wanting to boost your credit score, there are lots of ways to learn about credit in the upcoming year.

We have multiple blog posts about credit, or you can utilize BALANCE, which provides our members with free financial education, guidance and counseling. Try making time on your calendar once a month to read up on credit education or plan on attending one of our seminars.
 

6. Think about Retirement



No matter if you’re 25 or 55, retirement planning should be on your radar. If you haven’t started a retirement plan, meet with an expert to start discussing your options and create a plan. If you’re already working on retirement savings, try bumping up your plan contributions by one or two percent. You might be amazed how much impact such a small difference can make!
 

As 2016 comes to a close, consider adding one of the above money resolutions to your New Year’s resolution list. You won’t regret making any of these smart money moves in 2017. Do you have a money resolution to add to our list? Let us know in a comment below!

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Equal Housing LenderThis credit union is federally insured by the National Credit Union Administration.

Redstone is an Equal Credit Opportunity Lender.

This content is provided for informational and educational purposes only and considered accurate as of the date posted. Views and opinions expressed in comments do not constitute an official endorsement by Redstone Federal Credit Union® or its affiliates. Redstone encourages you to seek professional advice for your personal situation before making any financial decision and is happy to assist you at any of our branch locations.

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