News Detail

1.  REVISIT YOUR HOUSEHOLD BUDGET & EXPENSES.

• Track and list all household expenses  - rent/mortgage, utilities, cable, internet, cell phone, streaming services, water, insurance, etc. It is a good time to be sure that you are getting the best rates for all of these types of items. Do not hesitate to bid out your home, auto & personal insurance policies to see which company can offer the best rates. It is also a good time to review any auto-renewal subscriptions for streaming or apps. It is a good time to cancel any unused services, or consolidate, or switch providers.

2.  MAKE PLANS TO SAVE MORE TOWARD AN EMERGENCY FUND.

• Make it a goal to save 10% of your monthly income in 2024. Or at the very least, a set small amount each week or paycheck. Set the goal of saving at least 3-6 months of your salary for an emergency fund. The best way to do this is to set up an automatic transfer from your checking account to your savings account each month or week.

3.  MAKE A PLAN TO TACKLE YOUR DEBT.

• If you have credit card or medical debt, this is a great time to create a plan to tackle it and eliminate it. But you don't have to do it alone, we have certified Financial Counselors on staff at LLCU ready to provide you with FREE financial counseling and to help you create a plan to effectively eliminate your debt. One option is to consolidate your debt, especially if you have several credit cards with higher balances, and transfer them to a lower interest credit card or to a Home Equity Line of Credit. Then you can pay extra toward principal, rather than high interest.

4.  IMPROVE YOUR CREDIT SCORE.

• Plan to check your credit score at the start of the year. Set goals to improve your score and seek ways in which you can do so. Again, our Financial Counselors are ready to help. Set a calendar reminder to re-check your credit score every three months. Additionally, some online banking apps (including LLCU's) offer credit monitoring, as well as tips for how to improve your score. Be sure to take advantage of it.

5.  TAKE ADVANTAGE OF REWARDS & POINTS.

• With the high prices of items resulting from inflation, be sure to seek out and enroll in any Rewards programs offered by places you frequently shop - such as grocery stores, gas stations, restaurants, retail stores, etc. Most offer a way for you to earn points when you make purchases that you can redeem at a later time for discounts or free items. Many programs also offer you discounts and/or exclusive promotions. 

For more financial tips and articles pertaining to the items above, click the links below to learn more:

YOUR CREDIT SCORE: EVERYTHING YOU NEED TO KNOW

QUICK TIPS FOR PAYING DOWN DEBT

INSURANCE HACKS: IT PAYS TO SHOP AROUND

HOW TO BUILD AN EMERGENCY FUND