Are you looking for ways to start the new year financially? Don’t fret with Valley Federal Credit Union (VFCU). Here, you can find ways to start the new year worry-free with our Harlingen bank! Here are a few tips and tricks to prepare for your finances at the start of the new year!
Leading Up to a Debt-Free Year
As the year wraps up, let’s sleigh the financial game with a checklist to keep those holiday expenses in check, paving the way for a prosperous new year. So, set the stage for a debt-free and delightful future by doing the following:
- Create and maintain a budget
- Cut out unnecessary expenses
- Focus on reducing high-interest debt
- Use investments for holiday expenses
- Consider a balance transfer card or debt consolidation loan
Create and Maintain a Budget
Take the time to create a budget that helps you track your income. Here, you can identify areas in your expenses and finances that you may need to adjust or cut off. Budgets can always be flexible to your schedule and help you achieve your financial goals.
Cut Out Unnecessary Expenses
Cutting back on expenses is one way to help trim off unnecessary finances to support your income and go towards your debt to pay it off faster. Some examples of things you can easily manage are:
- Dining out
- Impulse buys
- Subscriptions
- Entertainment
- Buying brands
- Excessive data plans
- Unused gym memberships
Focus on Reducing High-interest Debt
One tip to remember is to pay off the debt with the highest interest rate. Paying off those with higher interest can help you pay off your debt faster than most. Take the chance to look at your loan payments that go towards interest.
Use Investments for Holiday Expenses with Our Harlingen Bank
You should always maintain an emergency savings account with 3 to 6 months’ worth of expenses so that you can use those finances for anything excess to pay down debt. However you can pull out money from a Christmas club account with VFCU.
Consider Debt Consolidation Loan
Consider moving your credit card debt to a balance transfer card to avoid interest in paying down your debt. Another alternative is to attain a consolidation loan to pay off the credit card debts you may have to organize your finances better.
Find More Financing Options with our Credit Union
VFCU can help you receive loans with ease. You can get all the finances quickly with just a quick click or call! Our loan services include:
Your Debt Relief
Getting out of debt isn’t always easy, but rest assured that it is a process that almost anyone must face throughout life. Check out VFCU on their website here
