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New Year's Financial Resolutions

January 17, 2024
A young woman is holding a pen and pad, looking thoughtful. Start your year right with these financial resolutions As we bid farewell to 2023 and say hello to 2024, there's no better time to take stock of our finances.

As we bid farewell to 2023 and welcome the new opportunities 2024 has to offer, it's an ideal moment to take a close look at your financial situation. Whether you're saving for a dream getaway, trying to become debt-free or planning for a secure retirement, setting clear and realistic financial resolutions is the first step toward achieving your goals.

At Sheffield Credit Union, we are dedicated to assisting our valued members in making informed financial decisions. Here are five essential financial resolutions tailored for you to consider as you embark on a prosperous 2024!

Conduct a financial health check-up.

Understanding your current financial situation is crucial before mapping out your financial resolutions. Start by outlining your income, debts, monthly expenses and savings. This assessment will help you identify areas for improvement and highlight the areas where you're already succeeding.

Make a budget.

Crafting a budget is a fundamental tool for financial wellbeing. It's a straightforward yet effective way to manage your spending, allowing you to allocate funds for essential expenses while still saving for your goals. 

By utilising a free budgeting tool or app - such as this free budget planner - you'll be able to simplify the process in no time. But remember, the hardest part about a financial budget is sticking to it! 

Start contributing to an emergency fund.

Life is unpredictable, so having a financial safety net is an essential way of establishing an emergency fund to help cushion the impact of unforeseen expenses or sudden unemployment.

Ideally, you should aim to save 3-6 months' worth of expenses in a separate savings account. Although often easier said than done, at Sheffield Credit Union, we're committed to helping our members achieve financial stability, which is why we offer a range of savings accounts to suit every need - you can check them out here.

Clear your debts.

With large debts accumulating hefty interest charges and elevating stress levels, addressing outstanding debts should be among your key financial priorities for 2024. 

While eliminating debts takes time and discipline, even small steps toward debt reduction bring a sense of accomplishment and pave the way for a debt-free future. 

Designed to help you consolidate your debts into one simple monthly repayment, you can find out more about - or apply for - one of our Consolidation Loans here.

Put something aside for your future.

Your 'golden years' might seem a long way away, but it's never too early to start planning for them, so increase contributions to your pension plan or set one up if you haven't already. This commitment will yield long-term benefits, ensuring a comfortable and secure retirement.

How Sheffield Credit Union can help.

At Sheffield Credit Union, our range of savings accounts and affordable loans can help you become more financially stable with a minimum of fuss.