MoneyWisdom Blog

5 Steps to Financial Wellness in 2019

Posted by MoneyWisdom Newsletter on Jan 18, 2019 3:07:13 PM

“Manage finances wisely” is a popular New Year’s resolution. But it can be tough to stick to a goal this vague. Here are some specific ways to help you be money-wise in 2019.

  1. Create an emergency fund. Many financial experts recommend having three to six months’ worth of living expenses in a liquid savings account. Make saving automatic with a CU Thrive account from Hanscom FCU, which offers 5.00% APY* on as little as $5 or up to $500 automatic monthly savings deposited to a special account. On the anniversary of the account opening, the principal savings and interest will be deposited to your primary savings account. Visit www.hfcu.org/thrive to learn more.

  2. Save for retirement. Making regular contributions to an employer-sponsored retirement plan or an individual retirement account (IRA) can make a big difference when you reach your retirement years. Automatic paycheck transfers, if available, can help you stick to this resolution with ease.

  3. Pay off debt. If “pay off” seems too lofty, focus on whittling down debt by paying more than the required minimum amounts on your obligations. Refinancing to a lower interest rate (such as for a home or car loan) may also help you pay down debt faster.
  4. Build great credit. Making on-time payments and handling credit responsibly will raise your credit score, a number that is considered for a large loan such as a mortgage, or even getting a job or apartment in some cases. You can schedule and pay your bills automatically with Hanscom FCU’s Online Access HD bill payer service to keep you on track. Learn more at www.hfcu.org/access.

  5. Talk about estate planning. It’s not the most fun topic to think about, but it is important for your family’s future. Make it a goal to talk about estate planning with aging parents and/or your spouse to help you make decisions and form a plan.

*APY = Annual Percentage Yield.

Be Organized

Budget and manage your finances in one place with our free My Money Manager personal financial manager tool. Enroll through Online Access HD under the Services menu.

Topics: Budgeting, Financial Wellness

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