It’s that time of year –holiday shopping has come to an end, and we are all taking a second look at our pocketbooks to see how we can improve when the next holiday season rolls around. In fact, many people like to add one or two financial resolutions to their list on New Year’s, especially given that the cost of goods and services rising as we dive into 2022.

With the right plan in place, you can end this coming year better than how you started it.

Here are 3 practical financial resolutions to commit to, along with our advice on how to keep them.

Mortgage rates have been at historic lows in recent months, right now is the perfect time to  refinance your mortgage in order to lower your monthly payments. With RMLEFCU, you can enjoy a super rate of as low as 2.50 APR*.

As for student loan refinancing, federal student loans are in forbearance through May 2022, which means that it is almost time to start making payments again. Whether you have a federal student loan or a private one, refinancing the loan could be a great opportunity to lock in lower rates.

One of the easiest ways to build savings is by automating contributions, which alleviates having to think about how much money to set aside each month.

Many employers allow employees to divide their paychecks so that different amounts go into different accounts. Another option is to set up automatic transfers between bank accounts. Regardless of which option you choose, make it a priority to have your savings automated.

The average American carries about $5,525 of credit card debt. As this new year approaches, we recommend everyone take a second look at their credit card debt and commit to paying it off. Why? Well, paying off your debt in a timely fashion is key to maintaining a high credit score.  The higher your credit score, the easier it will be to buy your first home, buy your next car, and more.

There are several approaches you can take, but two common strategies we recommend are paying off your debt with the highest interest rate first (the debt avalanche method) and paying off your smallest amount of debt first (the debt snowball method).

New Year, New Financial Goals

While you can only control so much when it comes to this upcoming year, you can rest assured that your financial wellbeing can be changed for the better. Plus, we’ll be there to help you along the way. Especially with a credit union like RMLEFCU, you can feel confident that you are getting the best rates, service, and deals so you can surpass your financial goals.

Give us a call at (303) 458-6660 for more details.

* APR=Annual Percentage Rate. With approved credit. Some restrictions may apply.