5 Tips to Get Your Finances in Order in 2016
One of the most popular New Year’s resolutions is to get one’s finances in order. In fact, 29% of Americans recently said they planned to improve their finances in 2016.
Here are five tips to make that happen, courtesy of the National Association of Federal Credit Unions (NAFCU):
- Budget. Track your expenses for a month so you know exactly what you spend. This will help you learn to live within your means. If you’re not sure how to start, your local credit union may offer a free financial literacy class. You can visit CULookup.com to find one near you. Once you have a budget, make sure you stick to it.
- Save. Make saving a priority. To stay focused on saving, make sure you carefully consider any expenditures or other financial decisions.
- Avoid fees. There are many ways to avoid common fees. For example, you can use automatic bill pay to prevent late fees. Reading the fine print on your credit card and banking contracts will help you know what to expect. Since a lot of credit unions participate in a shared branching network, members may be able to enjoy access to free ATMs nationwide.
- Choose the right credit card. Whichever credit card you are using, make sure that you are getting the lowest rates and the best benefits and rewards programs.
- Review your financial statements. In the age of financial data breaches, it is especially important to keep an eye on your financial statements and credit report. Not only will this help you flag unauthorized charges, it will help you manage your spending.