2022 is the year to rethink your finances, stick to a budget, and rid yourself of debt. Making small changes to your behavior is more sustainable in the long run—something you and your finances can benefit from for years to come. Here are some proactive steps to consider:
Establish a budget. Creating and monitoring a budget takes a little effort up front, but paying off debt, making that down payment, or taking that dream vacation is the reward! RCU’s online budget building tools can help you ease into this healthy new habit.
Tackle your debt. Make a list of your loans and credit card debt, organizing by annual interest rates. Resolve to pay off those with the highest rates first and explore smart options for doing so sooner rather than later. Start managing your debt today.
Plan for retirement. Retirement may feel like a lifetime away, but the earlier you start setting aside money, the more opportunity you’ll have to grow your savings over time. Take advantage of RCU’s free retirement education.
Automate your savings. Reach your goals faster by setting up automatic transfers to your account(s) to save money before you’re tempted to spend it. As your savings grow and as you make progress on your financial goals, you’ll see your monthly cashflow in a new light and prioritize your budget more responsibly. Set up your automatic savings transfer.
Build an emergency fund. Saving money instead of paying down debt may seem counterintuitive, but an emergency fund can keep you from creating more debt. These savings give you a safety net you can use when an emergency arises, so you don’t have to reach for your credit card. Jump start your emergency fund.
Whatever your 2022 goals, RCU is here to support your financial health! Explore more resources on our Financial Wellness Center.