Library of Congress Federal Credit Union

We all make New Year’s resolutions. For most of us, those personal promises involve losing weight, exercising more, or simply being healthier. But what about financial resolutions? Those are important, too. We have ten simple money tips to help you formulate your own financial resolution that could pay big dividends in the coming year. 

• Increase Retirement Plan Contributions by 1% (or more). Raising your retirement contributions by 1% in the coming year could help you better meet your retirement goals. Of course, it can always be increased as the year progresses to really boost your savings.
• Build Your Emergency Savings. Set aside at least $20-$50 per paycheck to your emergency savings account. Automate the process by using direct deposit to a savings account or move the funds manually each month.
• Negotiate One Bill a Month. The ability to negotiate with a cable company, internet service provider, phone company, and more may improve your finances in the coming year. Choose one bill a month, pick up the phone, and negotiate to lower fees and charges.
• Update Your Budget. If you don’t have a budget, create one. If you have a budget, make a resolution to fine-tune it even further. Make adjustments that create a higher level of control over expenses and income.
• Improve Your Professional Skills. Take a class, enroll in community college, attend a seminar, and do other things that will help you earn more money.
• Talk to a New Financial Planner. There is nothing wrong with shopping around, even if a current financial planner is providing good service.
• Keep Detailed Records. Whether for your record-keeping or your loved ones once you’re gone, keeping detailed records of your financial accounts can help keep things in order and avoid financial disasters. Additionally, keep this information in a safe place that you and they can access.
• Review Your Insurance Coverage. An annual review should be on everyone’s to-do list. Look at your current coverage and remove unnecessary plans you don’t need.  
• Create an Estate Plan. Having an estate plan in place is one of the best things someone can do for loved ones.
• Get Healthy. There are numerous positive financial impacts of better health. Exercising more, eating right, and caring for oneself should always be a priority.

Stories From the Stacks is Designed For You

The Stories from the Stacks blog is for everyone. From those facing financial challenges to those who simply want tips or a better understanding of their relationship with money, this is designed for anyone interested in advancing their financial life story. Let us know what topics you’d like us to explore next!