Attainable Financial Goals for 2021
Given all the unexpected that happened in 2020, now is the perfect time to reflect and set yourself up for a successful financial start to 2021! Many individuals set resolutions at the beginning of the year, but find themselves unable to accomplish their lofty goals. Start the new year off right by setting small, manageable steps.
Boost your Savings and Budget by Rounding Up
Many people hope to increase their savings in the new year. While this is a great goal, without clear steps, it can be easy to lose sight of your goal along the way. The first step to saving money is to know where your money is going. A common budget to follow is the 50/30/20 budget. This budget allocates 50% of your monthly after-tax income to Necessities, 30% to your Wants, and 20% to your Savings/Paying off Debts.
Of course, this is a loose estimate and is not always attainable for individuals to suddenly conform to these budgeting guidelines. Luckily, West Michigan Credit Union has a new program, Round Up, to help kick start and maintain your savings goals. Round Up is a feature that can be activated on your checking account to round up daily transactions into one of our specialty savings accounts. By using Round Up, you will be actively contributing to your savings, without feeling overwhelmed by the daunting task. If you had an average of $3 in change round-ups every day for an entire year, you would have saved up over $1,000 without thinking twice! Some of our specialty savings accounts include; Christmas Club, Nest Egg, or our Gold and Midas Savings Accounts. To activate the Round Up feature on your account, contact a member service representative at 1(800) 442-4576.
Refinance your Loans
One of the best ways to save money is by refinancing your loans. Refinancing a loan can have many beneficial aspects. Some ways that refinancing your loan can help you in the long run are by reducing your interest rate, making your monthly payment more manageable, and shortening your loan term. Individuals may also choose to refinance their loans due to an increased credit score or if they are unhappy with their current lender. While all of these elements may not be true for all individuals, there are plenty of reasons to look into a refinance on current loan.
In 2020, we saved our members over 3 million dollars by refinancing loans. Speak with a member service representative to discuss your refinancing options.
Utilize Discounts that are Available to You!
Members with a Simply Better Checking Account have access to tons of discounts on eclubonline.net. These discounts vary across health, retail and shopping rewards, travel and leisure activities, and additional security options. If you have a Simply Better Checking Account, you must register for these additional savings.
Pay your Bills First!
WMCU has the ability to establish automatic funds transfers (AFTs) to assist with making transfers automatically, allowing you to set it and forget it. WMCU also offers Bill Pay to make secure payments to other establishments. By paying your bills and necessities at the beginning of the month, you will never have to worry about “making it by” or having late payments. These features give you a complete view of where your money is being spent and what you have left to boost your savings or have fun!
Some other ways to increase your savings are:
- Restricting Online Shopping
- Cancelling Unnecessary Subscriptions
- Track your Spending
- Map out Major Purchases
- Redeem Extra Coins for Cash
- Monitor your Student Loans
Wanting more information about the products and services we offer, contact us at 1(800) 442-4576. If you are feeling stuck, or needing assistance getting on track this year, you can speak with a representative at GreenPath Financial Wellness. GreenPath can provide you with access to one-on-one financial counseling, debt management services, and financial education tools. Members can take the first step by calling GreenPath at 877-337-3399 or visiting the GreenPath website.
Working together as the most trusted resource to help our members' financial lives be simply better.