How To Make 2016 Your Best Financial Year

Something many of us still have trouble with when budgeting is curbing our frivolous spending and remembering to pay ourselves first! But these are crucial steps towards reaching a goal of personal financial success. To get a leg up on your finances for 2016, start by finishing 2015 with a big financial bang!

Follow these steps:

1. Start automated payments (if you haven’t already!)

• If you’re a spender, not a saver, and have trouble making your payments every month because of this, start automatic payments. This way, your payments are made on time, and you find your credit score going up while your frivolous spending and loan amounts go down

2. Get a financial advisor

• Not everybody is money savvy, but everyone is responsible for their own money. Call up your local credit union and begin talks with a financial advisor. They can help you ensure your future financial success.

3. Create small, specific, yet achievable, savings goals

• Make SMART goals (Specific, Measurable, Accurate, Realistic, Time-bound). Be sure you KNOW what you are saving for (pay off a credit card, save for a trip, etc.) as this makes it easier to attain your goals.

4. Ditch those Friday nights OUT with friends, and opt for Friday nights IN

• People are more likely to spend if their friends are spending. Eliminate the problem by avoiding those spending traps by opting to stay in, instead of going out.

 

Keeping your finances in check can be easy as pie, if you put your mind to it. Keep your money on your mind, and you’ll see your nest egg grow as a result!

Don’t forget to follow us on twitter @honorcu and let us know what you want to hear about next week using #askhonorcu! 

To listen to Y-Country's Mark Durocher and Honor Credit Union's Scott McFarland talk about having your best financial year yet, click on the Mason Jar Monday episode below!

 

The Rising Tide of Consumer Debt

Written by Honor CU Guest – Greg Hildebrand, Honor Financial Group Financial Representative

We’ve talked a lot the last couple of weeks about ways to save money this time of year from back to school expenses to cutting costs in the kitchen.  The fact of the matter is, though, that this time of the year can be an expensive one for many families.  Consumers are borrowing again, making a big economic splash.  Spending does help the economy, but too much debt can harm you!  Here are four common areas of debt and some tips to manage them:

1.     Mortgage Debt: $8.05 TRILLION in debt nationwide!  Owning your own home is a huge accomplishment and is something you should be proud of.  Keep an eye on interest rates and consider refinancing at lower rates.

2.     Student Loan Debt: Over $1.08 TRILLION! As of a study completed by the Federal Reserve Bank of New York, this area of debt was the biggest percentage increase with over a 5% increase in the year prior.  If you have student loans try making payments sooner than your loans become due and try to pay more than the minimum amount to save on some interest.

3.     Auto Loan Debt: $863 BILLION!  Spending on items like a new vehicle helps you get from A to B and also helps the economy rise.  As you incur this debt, though, determine if you can make additional payments towards your principal amount to pay off your loan faster.

4.     Credit Card Debt: $683 BILLION!  Consumers are spending again using credit cards, but the good news is they are doing it more mindfully.  Make sure you are mindful of the debt you accumulate on your credit card and try to pay off higher interest rate cards first.  Consider consolidating credit card debt if you have more than one credit card to make your payments more manageable.     

 

If you have questions and would like to meet with a financial advisor, Honor Financial Group is a great first step.  Give us a call to set up an appointment today.  And, don’t forget to follow Honor on Twitter @honorcu!  Tweet us and let us know what you want to hear us talk about on Mason Jar Monday next week using #askhonorcu!

Securities offered through LPL Financial, member FINRA/SIPC. Insurance products offered through LPL Financial or its licensed affiliates.

Not NCUA Insured -Not Credit Union Guaranteed -May Lose Value
As it pertains to the portion of the broker/dealer disclosure above, when read you should say, "Investments are not NCUA Insured, not credit union guaranteed and may lose value