As we emerge from over a year of tightened budgets and staying home, you probably have goals to get out and go places in the year ahead. As our work lives and social lives ramp back up, many of us might have to reconsider how we budget. If you’re looking to set some new savings goals or boost your financial health, you don’t have to wait to make a plan.
It’s always a great time to begin some good money habits, and First Tech is here to help. Start by setting a realistic goal and writing it down. Be specific! Maybe saving money hasn’t been your strength in the past, but identifying exactly how and why you want to save can go a long way.
Do you want to store away a certain amount for a future vacation? Are you looking into buying a home in the coming year? Perhaps you just want to make fewer impulse buys on the internet and not spend money on the next sponsored item that floats into your Instagram feed. Whatever your ultimate goal, have a specific number that you’d like to save in mind. The more precise you can be, the easier it is to hold yourself accountable.
After you have a specific savings goal, take a good look at all of your accounts and understand how your money moves. There is a rhythm to how we all spend money; everything from weekend indulgences to automated payments shapes our monthly money flow. When you see patterns emerge in the way your income and expenses counteract each month, it becomes easier to identify exactly where the savings opportunities are.
After you take care of your bills and living expenses, try to set up an automatic transfer to a savings account every month. It doesn’t have to be much. An automatic deposit of $50 per month into a savings account would give you an extra $600 at the end of the year. A First Tech Rewards Checking account is a great place to start making the most of your money, with cash back rewards and low rates on credit cards, loans, and more.
And because goals are always better when shared, try to find someone who can help hold you accountable. Think of it like having a workout buddy, but for your finances instead. Maybe you set up a friendly competition with someone to see who can save the most, or perhaps you’d like to visit a financial advisor and start getting some professional advice. Either way, having a partner to help guide you will make it easier to get back on track when you inevitably stumble and celebrate your achievements when you reach your goals.
First Tech can be the financial partner you need to keep you honest this year. As a member-owned Credit Union, First Tech passes savings on to members through high savings rates and low loan rates.
As you head out into 2021 and beyond, take a step towards being financially healthy by following along with our Financial Fundamentals series and learn more about how we invest in you.
As a First Tech member, we invest in you:
Convenient digital, face-to-face and self-service banking choices
Founded by the tech industry and for the tech industry, with the support of the world’s most innovative companies
Smart, sensible options for every stage of your life, whether you're opening your first account or nearing retirement
Member-owned financial cooperative with your best interests in mind