Whether it’s resolving to eat healthier or preparing for the home loan process, the start of a new year is the ideal time to set goals. One of the most popular New Year’s resolutions is money management. If you’re ready to take steps toward increasing savings and lessening financial burdens, here are a few tips to help you on the way.

3 Ways to Regulate Your Finances Next Year

1. Eliminate Debt

Debt is a hurdle to overcome on the path to financial stability. The good news is you can steadily reduce and even eliminate credit card balances and home loan payments if you persevere. Start with the financial obligation with the highest amount owed and set a deadline to pay down the balance. For other debts, continue to pay more than the minimum amount due to avoid interest charges. Overall, commit to being debt-free by the end of the year.

2. Create a Budget

Sticking to a budget will help monitor cash flow. Make a list of all monthly bills and their amounts, which will be your priority expenses. Make another list for essentials like gas and groceries. Allot a certain dollar amount for these expenditures each month. Finally, give yourself some room to spend on fun, although this part should be the smallest.

3. Start Saving More

Between bills and financial emergencies, it may seem impossible to save. However, by starting with small amounts, the goal is possible. Arrange to have a certain amount automatically deducted from each paycheck into a savings account. As you move forward, continue increasing the amounts. If you receive a bonus or tax refund, put the funds in the savings account. Keep your goal in mind when saving to motivate you, whether you’re getting ready to apply for a home loan or are looking to travel.

Hawaii County Employees Federal Credit Union in Hilo is your trusted partner in achieving financial goals. Since opening for business in 1935, the cooperative has helped people from all walks of life with their extensive lineup of products and services, including savings accounts and home loans. Call (808) 935-2969 to get started on setting New Year money management resolutions. Visit the website for information on offerings tailored to your unique lifestyle.