Financial Resolutions for the New Year | Cleveland Bradley County Teachers Federal Credit Union

The turn of the calendar is a time when we all look for ways to improve our lives, develop better habits and find ways to improve our outlook on the world. When it comes to financial resolutions you can make for 2021, for most people the best involve being better about saving for short- and long-term goals.

Whether you want to build an emergency fund to help you cope better with the unexpected, work toward a goal of buying a house or new car, grow a college fund for your kids, or save for retirement, we can help. Here are just a few of our suggestions for how you can pursue your goals in the months ahead.

Pursuing Your 2021 Financial Goals

Get on a path to paying off debt. You already know carrying debt costs more than just purchasing the same things with money you have. You’re probably also aware debt compounds interest on interest, so if you’re only making minimum payments on credit cards, for instance, you may never get out from under that debt. Commit to paying more than the minimum on your debt, which will save you month-to-month and over the long-run.

Open an IRA. Most Americans wait until far later than we know we should to save for retirement, which can leave us without enough money to fund the lives we want after we’re done working. Regardless of whether you already fall in that category or you’re just starting out in your career, opening an IRA at CBCTFCU is a great first step. Making your money work while you do is a great way to ensure you can enjoy the retirement you want.

Make saving automatic. Many people don’t save as they know they should simply because they don’t put the effort into moving money to a deposit account. CBCTFCU account holders have the benefit of earning interest on share accounts, but that alone isn’t enough for every goal. To make saving easier, we can make your contributions to savings automatic, drafting from one CBCTFCU account into another without you having to do anything.

Build an emergency fund. This is the kind of advice every financial expert gives that always seems to fall in the, “Nice in theory, but hard to achieve,” category. After all, how often do you feel like you have extra money laying around at the end of the month after you’ve done all the other things they say you should? We know it’s a challenge, but just skipping one meal out, a single splurge purchase or switching out your morning coffee stop for brewing at home can be enough to build this type of protection over time. With much of regular life likely to remain paused for the first months of 2021 at least, it will be a great time to create this habit that you can continue when life returns to normal.

These are a just a few of the ways and ideas we at Cleveland Bradley County Teachers Federal Credit Union have for helping you build the savings you want to create. For more guidance or to get started, reach out to us today!