It’s that time again. Time to make lofty resolutions that you’ll work towards throughout the year.

This year, try something different. If you want 2018 to be better for your accounts than last year, think about giving these ideas a try.

Look at your identity theft vulnerability.

In September 2017, Equifax encountered a data breach. Over 145 million American consumers’ personal information was possibly exposed by online criminals. Many rushed to freeze their credit while others stood exposed.

It's easy to see why they didn’t take action. People think that if they haven’t been hit with identity theft yet, maybe they won’t later. It might be possible. But criminals like to wait and use your information when you least expect it. There’s still time to take action, you may want to get that credit freeze in 2018 and look at all your accounts to see how well you’re protected against identity theft. It's also a good time to change your online banking password or check your credit report to make sure there isn't any incorrect or suspicious information. Best practices for password length is 16 characters and next year it will be 21 characters. Here’s an example passphrase with 21 characters: IwantaNewYearphrase1!

Look for a new savings account – or open one.

The Federal Reserve raised interest rates on December 13 and they plan to raise them three more times in 2018. Savings accounts that have offered very low interest rates will likely see an increase. Try looking at credit union savings accounts since they traditionally offer higher interest rates. You should save money regardless – but this year, you may actually make money doing it.

Do your taxes early.

With the new tax plan, it may be more confusing to taxpayers so early-bird filers may file closer to the deadline. As taxpayers evaluate what they can and can't deduct, as well as make decisions to positively set themselves up for the following tax year, identity thieves have a window of opportunity. Identity thieves take legitimate taxpayers' Social Security numbers so they can file false tax returns and cash in on refund checks. They often strike early in the tax season, filing returns before their victims.

Start that college savings account.

2018 is the perfect time to start a college savings account if you have kids. The sooner the better. If you need help finding a 529 plan—a college savings account exempt from federal taxes—you can compare plans at Savingforcollege.com.

Get control of your credit card debt.

According to a recent Creditcards.com study that surveyed 1,092 adults with kids 18 and older, 74 percent of parents help their grown kids with finances. It’s what parents do. Whether you're 19 and borrowing money from your parents, or 39, you should at least try to bring down your debt as a first step toward financial independence.

Start planning for the worst.

It may sound a bit scary, but you don't know how 2018 will turn out. Make sure you have a financial plan in place for those rainy days or in the event you have an emergency. It’s best to see what your monthly expenses are and then make sure you have saved three to six months of expenses. Of course we aren't planning for the worst. Still, it's arguably a smart resolution.

Resolve to put money aside for next year's holiday gifts.

Maybe 2018 will be the year you finally break the cycle of holiday debt. Open up an extra checking or a Christmas savings account and start putting money into it every month, so you aren't financially overwhelmed during the next holiday season. You can set it up so that money can be taken auto-‘magically’ out of your paycheck.

 

With hundreds of millions of dollars in assets and over 50,000 members across Hawaii, Hawaiian Tel Federal Credit Union is one of the leading financial institutions in the state, with a reputation for combining personalized service with technologically advanced personal banking solutions. Learn more about their broad array of services online, follow their Facebook, Twitter, and Instagram for news and updates, or call 832-8700 on Oahu or toll-free at (800) 272-5255 with any questions.