In the midst of a challenging past two years—sustained high rates of inflation, a struggling supply chain, worldwide pandemic, and interest rate hikes—it can be difficult to find the courage to take a close look at our finances and commit to making changes.
Here are 39 financial guidelines, in no particular order, for you to consider. Browse through each to determine if there’s room for improvement or if you are good to go:
1. Find a budgeting system you like. Successful budgeting doesn’t happen overnight. Long-term success requires a system. Choose the system you prefer—spreadsheet or app, manual or automatic—and give it a try. If you’re ready to try an app, there are many to choose from—Mint, You Need a Budget, Goodbudget or even your financial institution’s mobile app.
2. Prepare for rising interest rates. If you have a variable rate mortgage, consider refinancing. This will lock your payment in at still-low rates without being subject to raises (or reductions). If you’re planning to borrow money, do it now before the rates have a chance to get too high.
3. Boost your retirement savings. If you are not currently saving for retirement, start now. If you’ve already started, consider saving 1% more. Small increases like this can lead to significant returns later without negatively affecting your budget now.
4. Contribute more to your emergency fund. Open a specific account for this purpose and make sure it’s fluid (not bound by terms that will result in penalty fees if accessed early). Focus on building your emergency fund up to six months’ worth of expenses
5. Automate your savings. If building wealth effortlessly is high on your to-do list, then automating regular deposits into your savings or investment account is a great first step. It’s so much easier than remembering to move the money manually every paycheck.
6. Make a regular date to talk about money. You may dread sharing on this topic with your significant other but talking more openly about money can be liberating—and beneficial! It’s much easier to achieve your financial dreams when you share the same goals. The more you talk about money, the easier it is.
7. Meet with a financial professional. Some people think talking with a financial advisor is only for someone with a large bank account or a lot of assets. But that’s just not the case. The experts at Mountain America Credit Union are here to help all our members.
Eager for more tips? We’ve got 32 more to help you improve your personal finances. Check it out here.
If you’re looking for more help with financial planning, contact Mountain America Credit Union. We have financial guides and experts who can show you everything from the basics of budgeting to planning for retirement. Schedule an appointment today!