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Five Financial Resolutions You Might Hear Yourself Say in 2023

Many people start off the new year with at least a few resolutions in mind, but have you considered how to start the new year off with better money habits? Our list of financial to-dos will help you hone in on your goals and begin putting them into action.

I Want to Get Back to My Budget

The holidays can be one of the most costly (if not the most costly) times of the year. In fact, the National Retail Federation reported holiday sales totaling $889.3 billion in the US last year. 

As we enter 2023, odds are your first financial goal is to spend less than you did the month before. In order to get back on track with your typical budgeting habits, start by lessening or eliminating certain purchases—even if just for a little bit. Reexamine your daily coffee runs, how often you go out to eat, and where you can scrub out infrequently used or unneeded subscriptions. Then, go back to your credit card statements for an easy way to evaluate multiple purchases all in one place.

I Want to Improve My Credit Score

First, you need to understand what a credit score is and how it works before you can understand how to improve it. A credit score is a number associated with the history of how you pay your bills that third parties then use to determine whether or not you make a good candidate for a loan or your likelihood to pay off debts. These scores typically range from 300 to 850 with 300 falling into the poor category and 850 reaching excellence. 

Paying your bills on time, EVERY TIME, is an excellent first step to take towards improving your credit score. Set up autopay for monthly bills to ensure you never forget to pay. This also helps prevent incurring late fees, which can lower your score further. 

To learn even more about what it truly means to improve your credit score check out our blog post Understanding the Ins and Outs of Credit Scores.

I Want to Pay Off My Credit Card

Nobody likes to talk about credit card debt but the reality is as of 2022 Americans sit at a combined $925 billion in credit card debt. So why not start the new year off right and seek out ways that make paying off the amount owed a little bit easier? If you have several balance amounts across multiple credit cards, consider transferring your outstanding credit card balances into a new, low-rate credit line and make just one easy monthly payment

Though adding another credit card may sound counterintuitive, this is a great opportunity to find the best card with the best deals as many cards offer competitive rewards, cash back, and more. If you apply for a Greater Niagara FCU Visa® Credit Card balance transfer, you can take advantage of zero annual fees, a $0 transfer fee, and multiple reward options.

I Want to Start Investing

Investing starts by building wealth and there are many different avenues to take when deciding where to invest. However, deciding how much you should invest depends on personal factors such as your financial standing, investment goals, and when you need to reach those goals. Perhaps the easiest place for a first-time investor to start is looking to see if your work offers a retirement account like a 401(k) and contributing to that. It’s even greater (and more financially beneficial to your future) if your 401(k) includes a matching contribution!

I Want to Organize My Student Loan Debt

One of the best ways to begin organizing your student loan payment is by creating a spreadsheet you feel comfortable using. You can list out the types of student loans you have, how much you owe and where, the name of each loan service, and any other important details. Another organizational path you can take is creating separate folders throughout your email inbox so you can keep track of what messages each loan server is sending. 

Plus, this complete and total view of your loan payments can help when it comes to budgeting for other higher education expenses, living living costs, books and supplies, and other greater ways to save while in college.

Take Greater Action

While these goals may seem a bit overwhelming, remember not every change has to be made all at once, and not every change is for every person. Maybe your credit score is right where you want it to be but you’ve yet to start organizing your student debt. Decide what works best for you financially in 2023. 

Become a Greater Niagara FCU Member today! Or, if you’re already a credit union member, take advantage of our low-rate loan and credit card balance transfer offers!