As we approach the end of 2024, it's the perfect time to start planning for a financially successful 2025. Harvard Federal Credit Union is here to help you kickstart your financial journey with some practical tips and strategies.
Before setting new goals, take a moment to review your spending habits from the past year. Even analyzing just one month of expenses can provide valuable insights into areas where you can save.
If you haven't already, now is the time to create a comprehensive budget. Focus on these four key categories:
Consider following the 50/30/20 budgeting rule: allocate 50% of your after-tax income to needs, 30% to wants, and 20% to savings or debt repayment.
Prepare for unexpected expenses by setting aside at least three months' worth of expenses in an emergency savings account. Harvard FCU offers various savings options, including high-yield accounts that can help your money grow faster.
If you're carrying credit card debt, make 2025 the year you take control. Consider these strategies:
Take advantage of Harvard FCU's Investment Services, available through CFS, to plan for long-term financial goals such as retirement or college savings.
Attend workshops or explore online resources to improve your financial literacy. Harvard FCU offers various educational tools and resources to help you make informed financial decisions.
Utilize Harvard FCU's online and mobile banking services to easily track your spending, pay bills, and manage your accounts.
By setting clear financial goals and leveraging the resources available through Harvard Federal Credit Union, you can make 2025 your most financially successful year yet. Remember, our team is always here to support you on your financial journey. Schedule a consultation with one of our financial experts to get personalized advice and start working towards your 2025 financial goals.