Budget Check-in: Our Best Credit Union Tips to Keep You on Track with Your Financial Goals
With 2019 more than halfway over and the holidays right around the corner, now is the time to see how you're doing with your annual financial goals. There's still time to adjust your budget or finances if you find you're falling short of meeting your goals for 2019. If you need help, CCCU could be the best credit union to help you get your financial planning right.
Best Credit Union Tips to Increase Your Chances of Meeting Your 2019 Financial Goals
Make Sure Your Goals Are Specific and Realistic
When setting any goal, including financial goals, it's important to be as specific as possible. A generic goal, like “pay down debt” or “increase savings,” is a good start, but you're more likely to reach your goal if you know what you're trying to achieve and can measure your progress.
For example, you might say you want to pay down $10,000 worth of debt in 2019. This goal is specific and easy to measure; all you need to do is periodically add up your loans and credit cards to see how you're doing. You should also check that your goals are realistic for your finances. Otherwise, you're likely to get frustrated and potentially give up.
Track Your Progress Towards Your Goals
Once you know exactly what you're working toward, you need to regularly track your progress. If you're falling short of your goal, you need to know so you can make the necessary adjustments to your budget or spending habits.
How often you track your progress is a personal preference. Some individuals choose to gauge their progress weekly or even monthly, while others prefer to update their records when they get paid. Regardless of which option you choose, make sure you stick with it so you know how you're doing with your annual goals.
See that your financial institution helps, rather than hinders, your ability to meet your goals. The best credit union for you is one that makes it easy for you to access your savings account balances or loan balances, so you can regularly track your progress.
Make Adjustments to Help You Meet Your Goals
If you know you're behind on your goals, it's time to take action to increase your chances of meeting them. With several months of 2019 left, there's still time to catch up if your progress is a little slow for the year.
To boost your savings or pay down your debt, take steps to increase your income or lower your expenses. Should you discover your retirement contributions are lower than anticipated, make a plan to raise your contributions until they meet your needs. You might schedule a visit with a financial advisor at Clark County Credit Union to open an Individual Retirement Account (IRA) specifically for your 2019 retirement savings. Please contact us at 702-228-2228.