5 New Year’s Resolutions: The Financial Edit. 

If your New Year’s Resolutions include taking your money mindset to the next level, we’re here to help. Get started using these 5 easy tips from your local Safe, Personal, & Connected Credit Union: SPC. 

  1. Build a budget: It seems obvious...but have you done it yet?? We’re guessing that’s a no. Start by building a monthly budget by:  

  • Figuring out your income (an average, if it varies) 

Tracking your expenses & income for three months (use relatively “normal” months...not super-spender months like December) 

  • Separating your expenses into “buckets” (start broad—ex., “food” = groceries + eating out) 

  • Totaling up the amounts of each “bucket,” then divide by three to get the average over three months. Use this as your starting point for each expense. 

  • Adding the “buckets” back into the budget by category—income or expense. 

  • Subtracting your expenses from your income to provide a snapshot of your financial situation.  

  • BONUS: Leftover $$? Choose a “bucket” to assign it to—we suggest savings, which is kind of a bonus category in addition to income & expenses. 

  1. Start Saving: Sticking to your budget involves a happy mix of spending and saving. Set SMART (specific, measurable, achievable, realistic, and time-bound) savings goals to motivate your saving and limit your spending!  

  • Did you know SPC can support your savings goals? Open a Christmas Club or Vacation Club Account with us to save for seasonal expenses. OR, move your money into a Share Certificate Account and watch as it earns interest. Want to start small? That’s fine, too! Open a savings account with SPC with a minimum deposit of only $5.00. Set a personal goal to contribute a specified amount to your savings account weekly or monthly. The amount will vary based on your savings goals—just remember, every dollar counts!  

  • Need help with a savings goal? Experts recommend building up your savings to cover your expenses for a three month period. In case of emergency, ya know. 

  1. Phone a (Financially Savvy) Friend: Stop putting off working with a financial planner until you have “more money.” There is absolutely no amount of money that you have to have before you start to take financial planning seriously. Financial Planners can help you leverage your financial situation by taking your income, account balances, retirement goals, insurance needs, and investment options into consideration. 

  • We know a guy: Our in-house expert, Majik Lowery, is an Ameriprise Financial Consultant. Reach out to Majik at victor.lowery@ampf.com to discuss developing a customized financial program that can help you feel confident in your future finances. We also partner with Coble Wealth Management in downtown Hartsville to provide financial planning services. 

  1. Room for two: Pick an accountability partner to join you on your journey to better financial health—and wealth!  

  • Put the FUN in FUNds: reward yourselves for meeting your money goals. Set a date to treat yourselves to a special meal, take a day trip, or attend an event to motivate each other.  

  1. Maintain your big New Year’s energy: Do yourself a favor and KEEP UP THE GOOD WORK! Once you’ve done the work of building a budget, maintenance becomes the magic word.  

  • Make staying on track easy and convenient with tools like SPC’s MoneyMap budgeting tool, which brings all your financial information together (SPC accounts, other bank accounts, investments, credit cards, loans...you get it) all under one roof to track in real time.   

Go get em, tiger! For more tips, follow along on Facebook at SPC Credit Union, Instagram at @spccreditunion, or LinkedIn at SPC Credit Union. Visit us online at spccu.org for more details about becoming a Member or leveling up your Membership at SPC. 

Meghan Godwin