3 Easy Money Moves for 2024
The freshness and hope of the New Year inspires us to work towards making positive changes. For many, it starts with making a list of things we want to achieve. If making changes to your financial situation is on your list, we’ve got 3 easy money moves you can make now to jumpstart your 2024.
First things first, budget
Budgeting is a plan for your money. It starts with looking at what money you are bringing in, what is going out and where it is being spent. At RVCU, we recommend the 50/30/20 budget rule. This means you are allocating 50% of after-tax income to the needs like rent, food, and utilities, 30% to things you want, and 20% to savings.
It’s time for a checkup.
We are not talking about a doctor’s visit here (although if that’s on your list – kudos to you!). At least once a year, make sure you check off the 3 c’s to know where you stand and help you get to where you want to be.
- Credit report/score – know what is on your report and what makes up your score. RVCU is proud to partner with Savvy Money to offer our members free credit monitoring. With this program, you always know where you stand with your credit and how RVCU can help save you money. Check it out within digital banking!
- Counseling – whether you are taking your first step towards a better financial tomorrow or just need to check in with a pro, getting a yearly financial counseling session is a great way to see your entire financial picture. Plus – if you’re an RVCU member, this service is complimentary!
- Check your rate – from the interest rate you are getting on your auto loan, to the rate you are getting on your homeowners’ insurance, make it a habit to research once a year where you can be saving money.
Alexa, automate my savings.
A recent report by Ramsey Solutions, reported that 33% of Americans do not have any savings at all. In addition, almost 40% of Americans rely on credit cards to cover their basic monthly needs.
Setting aside even $25 from every paycheck goes a long way: even with today’s inflation rate.
Automate your paycheck to go into a savings account or better yet, a Save to Win® account. Save to Win® is our prize-linked savings program where you can win cash prizes just for saving.
A toast to you!
Wherever 2024 takes you, RVCU would be honored to be along for your journey. From helping you crush your financial goals, developing better financial habits, to finding the right financial products – we are here for wherever life takes you. Take the first step to an amazing 2024 and let’s celebrate your wins!