Successful New Year Financial Habits

Are you thinking about any financial resolutions for the new year? To get you started, we’ve made a list of financial habits you can implement to help you increase financial well-being.

Find an Accountability Partner

The hardest part about reaching goals is trying to reach them alone.  Here at MSA, we’re all about teamwork: we give you access to financial professionals who focus on reducing your financial stress, so you can overcome challenges and accomplish your objectives.

Pay More Than the Minimum

Paying the minimum amount required on your bills can be a necessary step if you’re working through a hardship or you have an emergency expense arise, but always paying the minimum (and never more than the minimum) can keep you in a downward spiral of debt, especially if it’s on a credit card you continue to use.  If you’re having trouble paying more than the minimum, your Money Coach can help you rearrange your budget to prioritize debt payments.

Plan for the Future

Usually, New Year’s Eve includes reflecting on the past year and planning for the next one, but jumping several years into the future is equally important.  Whether you’ve got a couple of years or a couple of decades to go, it’s never too late or too early to start thinking about retirement.  Even saving a few dollars a month is better than nothing.  The main goal is to get started!

Create a Plan

Many people avoid making a plan for their finances because they don’t know where to start, or they think it’ll be hard.  Good news!  With a trusty Money Coach to walk you through the process, a budget can become your best friend.  One way to get started is by jotting down what you spend and earn this next month, so you can get an idea of how you use your money.

Identify & Fund Specific Savings Accounts for Your Goals

Saving money is a common and powerful goal, but going about it the wrong way can hinder your chances of success.  Keeping your savings in your checking account may make it harder to track how much you’ve saved, and the easy access can tempt you to spend it on something other than your original goal.  Maintaining separate accounts for your savings goals can help ensure that money is available when you need it most.

Take The Next Step

Consider writing down the goals you’re going to start in the New Year, put the list somewhere visible, and hold yourself accountable.  Next, get connected with an MSA Money Coach. Whatever your financial goals or challenges, your Money Coach can help you overcome roadblocks, make decisions and answer questions. And you can be sure that you’re getting an unbiased, judgment-free education. Coaches don’t work on commission or sell products. Their focus is to serve your best interests. Call 888-724-2326 to get started.