Five Ways to Get Your Finances in Shape with CCCU
This year, besides wanting to get in shape physically, why not consider getting your finances in shape as well? In the end, you’ll be amazed to discover how it can positively impact your life!
Consider adding these simple steps to your financial planning this 2023.
1. Write down your short or long-term goals
Writing down your goals will give you a better picture of what you want to achieve this year. Once you’ve written them down, move on to your monthly budget plan. This isn’t just about saving extra money each month. Think through the timeline and how much you need to save to achieve your specific goals.
2. Utilize digital banking to automate your savings
Whether it’s through a third party or your primary financial institution’s app, automating a portion of your income to go into your savings account will help you stay on track with your financial goals.
3. Set aside money for emergencies (and maintain it)
Building your emergency fund will prepare you for any unplanned expenses like car repairs, dental visits, etc. Traditionally, it’s recommended to save three to six months’ worth of emergency funds but due to economic uncertainty and inflation it may be hard to maintain this goal. For now, aim for at least one month and gradually increase it when you can.
Need help with building your emergency fund? Listen to on episode 4 of the Perfect Bite on Building Your Emergency Fund.
4. Improve spending habits
Improving your spending habits will require you to change your behavior, which can be difficult. Looking at the reasons and motivations behind your spending can help you find ways to improve. A good place to start is the Perfect Bite podcast episode 40 - listen to find out your own money type, or your values and behaviors around money.
5. Use free financial calculators
With the right tools, you’ll be able to take control of your finances with a breeze. Financial calculators are one the most useful tools for managing your finances. Click here to see the full list of our free financial calculators.
This new year, get started on your journey of transformation and self-growth by planning for your financial future. With dedication and proper planning, you can set yourself up for financial success! For additional assistance, call Clark County Credit Union at 702-228-2228.