It’s almost here: a new year to begin afresh with your financial resolutions! Get a head start by determining your goals and improving 2020 outcomes with these financial tips.
Make a budget and stick to it. The reason this “same old advice” tops every financial list is, it works! 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, templates, and resources can
help you ease into this healthy new habit.
Prioritize and pay off debt. Make a list of your loans and credit card debt, organizing by annual interest rates. Resolve to pay off those with highest rates first and explore smart options for doing so sooner rather than later. Need
help? Ask us!
Reward yourself! All RCU debit and credit cards automatically earn Redwood Rewards points to use toward cash, gift cards, merchandise, travel, green products, concerts, sporting events, and more! Learn about Rewards here.
Plan for retirement now. It’s easy to put off saving for the future in favor of more immediate needs, but the earlier you start setting aside money for retirement, the more opportunity you’ll have to grow your
savings over time. Take advantage of RCU’s free retirement education.
Pay yourself first! Set up an automatic transfer into your savings or money market account every time you get paid. Transferring just $10 at a time can build into a nice holiday shopping fund, and larger transfers can support your
greater goals, like buying a new car or purchasing a home. It’s easy to set up transfers—just log in to online or mobile banking and go to the Transfers & Payments tab to get started,
Build emergency savings. Create an emergency fund for unexpected costs such as illness, job loss, or home and auto repairs. Experts recommend saving a minimum of three months’ basic living expenses (mortgage or rent, utilities, gas, and food)—and six months’ savings if you have dependents who rely on you financially. Begin by identifying nonessentials
you can spend less on and look for ways to save on your fixed monthly expenses. (See Ways to Cut Costs and Save Money Every Month.) One easy way to save is to collect your change. Whenever you pay for something in cash, round up to pay in
whole dollar amounts, and stash the change.