Right now, you are probably trying to keep your finances in check throughout the holidays. Once the holidays are behind us, your finances could be the thing left behind. What goals do you have to make them better? 2022 is coming up and starting the new year with a fresh view of your finances can change up your entire year. To help, we have 5 personal finance tips that you can use to rock your finances in 2022!
1. Budget
2. A New Way to Invest Your Money
3. A New Way to Invest in Yourself
4. Make Saving Easier
5. Pay Down Debt
Budget
Building a budget is the first step toward becoming a better money manager. Many people do not know how much money they earn or how much they spend each month, and that is why creating a budget is so important. It is a financial exercise that sometimes surprises people and could inspire them to change their financial habits.
Utilize our free Cobalt workbooks/eBooks. All these tools have sample budgets and information that helps you find balance with your lifestyle and your financial goals.
A New Way to Invest Your Money
One way to invest your money in the new year is through a Certificate of Deposit (CD). CDs are great because you can earn more interest than a traditional checking or savings account, and many do not have other fees associated with them. Keep in mind, you cannot withdraw money from the CD until it expires without facing a penalty. Expiration dates vary. Cobalt has multiple CDs available to fit your lifestyle.
A New Way to Invest in Yourself
Personal loans are borrowed money that can be used for large purchases, debt consolidation, emergency expenses, a new hobby, and so much more! Personal loans are different than other loans because you do not need collateral to qualify for the loan. The circumstances of your loan will change the rates and how soon you must pay it back.
Make Saving Easier
You may be going into a new year wanting to save more, but don’t know how to get there. One easy way with your current Cobalt accounts is Round Up to Save! You can set up payments on your debit card to be rounded up to the next dollar, with the difference between your actual payment and the next dollar amount going directly into your Cobalt savings account. Even though it may seem small, over the course of the year these small amounts could really add up!
Pay Down Debt
One thing that 2021 brought about is shopping for lower interest rates for your home, but did you know that you could do that for other types of debt too? Refinancing your auto loan or moving credit card balances are a great way to pay down debt. This can help you save money on your payments over the short and long term.
You can also consolidate debt from multiple credit cards onto one. It helps to see how much you have to pay off and allows you to pay it off more quickly and without racking as much cost by using your money, paying for multiple sources of interest, and just paying for one and paying off your debt in larger amounts.
These are 5 personal finance tips you can implement in 2022 that could help you to get a new outlook on your finances! For information about any of the products in this post contact Cobalt Credit Union at 402-292-8000.
