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New Year’s Financial Resolutions: How to Make Ones That Will Stick

Dec 30, 2016

Making New Year’s resolutions is the first step, but keeping them is an ongoing process. According to Statistic Brain, only 8% of people are successful in achieving their resolution. Here are some financial resolutions to make for 2017 and how to make them stick.

4 Financial Resolutions for 2017

Analyze Your Finances and Re-evaluate Your Priorities
Keeping track and reviewing your financial records is very important for the new year to make sure you don't make the same mistakes as the previous year.  This includes checking the status of financial accounts and evaluating monthly cash flow.

Plan a Budget and Stick to It
According to a Gallup Study, only one in three Americans prepare a household budget each month. The easiest way to make a budget is to compile your bills from the past few months and identify the expenses you incur regularly. After you identify expenses like mortgage or car payments, then you can compare these costs to your monthly income and reduce your spending on items that hinder your budget. After determining a healthy budget, you can adjust to the new amount of money you will be spending. A budget is important for spending and saving and it is helpful to know where your money is coming from and where it’s going.

Create an Emergency Fund
Life doesn't always work out as planned. It is essential to set aside money for emergencies just in case. While these funds may take time to build up, it’s important to establish something for when an emergency takes so that you’re not putting yourself into debt to cover the expenses.

Use an Automatic Savings Plan
Automatic savings payments can help making saving much easier. Saving money can be difficult, but having a set amount of money put away each month into a savings account is the best way to start. Take a look at PFCU’s savings account options to get you started on this resolution.

Making New Year’s resolutions and keeping them can be challenge. Once you set a resolution in place, it’s easier to stick to it! If you slip up once or twice, that’s ok, but make sure to get back on track by documenting your progress throughout the year.

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