With 2021 in the rearview mirror, you may be reflecting on the past year and looking for ways to improve your financial fitness standing. Whether you want to set a savings goal, reduce debt, or fund home improvement projects, Mid Oregon is here to help.
Have you considered refinancing your vehicle at a lower interest rate, or applying for a home equity line of credit (HELOC)? What about consolidating credit card debt with one of our low-interest VISA cards? Have you checked your credit score lately? Our Credit Savvy tool is a free, secure feature located in our Digital Banking platform. Find your credit standing and receive simple, straightforward tips you can use to improve your score.
Building your financial plan does not have to be complicated. Let’s start by finding new ways to make goals you can really achieve and tools that will help get you there faster. Here are some ideas:
Make a savings goal
If you see a tax refund in your future, use part of that money to give yourself a head start. Login to Digital Banking and visit the Savings Goals widget to set a goal.
Create a budget
Write it all down—every dollar you spend! From the daily coffee, to treats for our four-legged friends and monthly subscription costs, it all adds up. Writing down all your expenses, even those that seem insignificant, is a helpful way to track your spending patterns, identify necessary expenses and prioritize the rest. You can jumpstart your budget by applying the 50/20/30 rule. This simple rule consists of allocating 50% of your income toward essential expenses (rent, transportation, utilities), 20% toward personal financial goals (saving or paying off debt), and 30% toward flexible expenses (eating out, groceries, shopping, hobbies or entertainment).
Pass on unnecessary purchases
Get disciplined by identifying your needs vs wants. Do you need the newest smart phone or do you merely want it? Turning down something you want now may be difficult, but the reward will be greater savings later.
Become a fan of automation
- Digital Banking to ease financial tasks, saving you time and increasing your efficiency.
- Automatic overdraft protection. In a few easy steps, you can link your savings account to your checking to have a little added cushion in the event your expenses get a bit tight.
- Automatic loan payments. Your monthly loan payment will automatically be deducted from a linked checking or savings account.
- Setting up auto pay. This is a great way to save you time, hassle and offer peace of mind knowing your bills are paid promptly every month.
- Automate your savings: Direct deposit your paycheck into multiple accounts, including one for each of your savings goals.
Watch it grow
As your savings account balance begins to grow, you’ll feel more motivated to take it even further. We can help you make your money work smarter, not harder, for you.
Whatever your needs, Mid Oregon’s experienced team is a great place to start discussing your money-saving options. The year 2022 is a great time to start taking control of your finances and getting fiscally fit. Stop by a branch or visit us online at Mid Oregon Credit Union and start your Financial Fitness Plan today.