ACU of Texas Blog

Financial Resolutions for 2021 and Beyond

New year, fresh start! Like many people, you are probably excited about putting 2020 behind you and may be thinking about how you can make 2021 the best year yet. You might be thinking of health goals (who isn’t?), or career goals, but have you considered creating some financial goals? Here are a few suggestions:

• Make reviewing your accounts a habit. Whether you check your account online daily, or just watch for monthly statements, you should be checking it regularly. If you don’t, you might miss things like fraudulent charges, or overcharges.
• Sign up for credit monitoring. With an increase in data breaches and fraud, it makes sense to take extra measures when it comes to monitoring your credit reports. It’s also good to have for the sake of working toward improving your credit score. ACU of Texas makes it easy with our free credit monitoring tool, available in Online Banking. This tool allows you to receive monitoring alerts, identify errors, review personalized tips and see the best rates available for you based on your score. 
• Make a realistic budget and follow it. The easiest way to organize a budget is to gather your bills from the past few months and make a list of recurring expenses. Rank everything according to priority. Items like housing, food and healthcare would take top priority, while items like entertainment or dining out would likely be lower on the list. Once you establish a budget you can maintain, it’s easier to stick to your plan!
• Add one month to your emergency savings. Medical emergencies or loss of employment can turn into a financial catastrophe if you are completely unprepared. A good rule of thumb is to aim for three months of expenses tucked away for a rainy day. You could be really thankful you worked toward this goal down the road. Start small by setting aside an amount from each paycheck. 

Cheers to a new year and taking a step in the right direction to reach an improved financial future. These are just a few of the many financial New Year’s Resolutions you could set to put yourself on a great financial path in the new year.