2023 is the Year of Financial Success

Let’s take our financial goals to the next level this year by creating a financial action plan. Your financial action plan is personal to you and your finances. This is an opportunity to make a positive change in the way you view your finances. Let’s help you lay a great financial foundation for your future. We will detail a few steps and resources that will help you on your financial journey. 
 

1. Create a budget.
Budgeting is important for managing your finances. If you don’t know where to start, don't fear because starting is easier than you think with these three simple steps:

• Track your income and expenses. Write down your goals. What are your financial goals for the next week, month, or year? Setting tangible goals for yourself will give you direction for your financial future and keep you motivated to meet your targets.
• Make a plan. How do you plan to get there? It’s one thing to have a budget, but in order for it to work, you need to budget in a way that works for you and your circumstances. Everyone is different, and budgeting isn't one size fits all. Reflect on your financial habits and determine what you need to change to meet your financial goals then find out what kind of budget works for you.
• Choose the right budget for you. Are you a weekly or monthly budgeter? Do you want a flexible or strict budget? Do you need help budgeting for a specific goal or with all your finances? Whatever the case may be, there are various apps, resources, and tools out there for you. Explore our financial education site which has a Practical Money Skills webpage and It’s a Money Thing section, which offers financial education, games, and resources to help you build a stronger financial future.

2. Start investing.
Investing is a good way to use your money to generate more income in the future. You can participate in your employer’s 401(k) plan, which allows you to contribute a percentage of each paycheck to an investment account for retirement. Your company may even match part or all of your contribution. This type of investment can reduce your risk as you approach retirement. You can also invest in bonds, real estate, stocks, and more. Although investing comes with some risk, it could help you build wealth for yourself and your family. If you need help planning for your financial goals, contact our MEMBERS Financial Services, a CUNA Brokerage Services, Inc., broker/dealer who serve credit union members.
 

3. Live below your means.
If you think the way you manage your finances needs improvement, it might be because you have been spending money that doesn't match your means. Part of being financially responsible is learning how to say no to certain purchases that we know are risky. Don't live above your means as a way to keep up with what celebrities, influencers, friends, etc. portray as the ideal lifestyle. What’s better — the instant gratification of buying something shiny and expensive even if it eventually harms you financially, or the long-term gratification of consistently making responsible financial decisions that set you up to live and spend comfortably later?