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HFS Federal Credit Union
Finance
Free - On the App Store

Whether it's diet, exercise or money-related, New Year's resolutions are challenging.

Making New Year’s resolutions always sound like a great idea at the time, but sticking to them requires a lot of determination and consistency. If you’re interested in adding some easy money resolutions, consider the following ideas:

Track your spending

If you’re interested in taking your first steps toward financial literacy, knowing exactly where your money goes should be on the top of your list! You may find that keeping track of where you spend your money will encourage you to spend it a little more cautiously. Make a budget and factor in some rewards so you’ll be happy to follow it. You may not keep to a resolution like “stop eating out”, but you may be able to stick to “don’t go over your eating out budget”.

Start an emergency fund

Be ready for the unexpected and occasional emergency by setting aside some money. Make a goal of having $10 a month go towards an emergency fund and at the end of the year you’ll have more than $100 in case anything goes wrong. The main purpose of having an emergency fund is so you don’t have to take away from your savings when those unexpected expenses come up.

Automate your savings

Let’s be honest, saving money takes a lot of willpower. That extra $5 you planned to put in your savings can easily turn into a morning coffee pick up. Instead of fighting the impulse, change your direct deposit so that it puts a portion of your paycheck into a savings account. If you find yourself transferring money from your savings to your checking frequently, consider opening a separate sub-share account just for your specific goal.

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