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Financially Fit

Financial Resolutions for 2023


New Year’s Resolutions are a staple of society, but many times these resolutions never come to fruition. Resolutions are there to help you improve various aspects of life or to help you create better habits, but it takes significant will-power to follow through with goals and resolutions. While resolutions can vary from health-related to career-focused, one of the more important and reasonable areas where people can make significant improvement is related to their finances. Below we have highlighted some financial resolutions for you to consider heading into the new year. Establishing better financial habits now can help you establish a better future!

1. Spending less

It seems straightforward but limiting your unnecessary spending and putting those extra funds in a savings account or emergency fund, can help you establish a better financial future. Do an evaluation of your monthly spending and see where you might be able to save $30, $40 or $50 a month. Allocating these fund towards a special savings account can help you develop more conscious spending habits.

2. Pay off your credit cards

If you have existing credit card debt, once you have established some areas of your spending that can be reduced, allocate those additional funds to eliminating that debt. Being in debt is never a great feeling and eliminating that lingering debt can help you build your credit score and motivate you to avoid falling into debt in the future.

3. File your taxes early this year

Since we are discussing resolutions, early in the year you will be faced with filing your taxes. Many procrastinate on this and leave it until the spring, but making it a point to file your taxes early can help you prevent making mistakes during your filing, plus if you are expecting a refund you can get your money sooner!

4. Establish clearly defined financial goals

This one has become a bit of a cliché, but we cannot stress its importance enough! Establishing realistic and beneficial long-term and short-term goals can go a long way towards securing your financial future. Setting monthly and annual goals for savings or budgeting can lead towards long terms successes and better financial habits.

Have you tried establishing any of these financial habits? If so, how have they worked for you? If you ever have questions about your finances or would like any assistance in establishing a better financial future for yourself, never hesitate to speak with a CES Credit Union associate at any of our CES Credit Union locations! We are here to help you accomplish your financial resolutions in 2023!

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