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Resolve to Improve Your Financial Wellbeing with These 3 Tips

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Improving Financial Wellbeing Affinity FCU Blog
By: Jacqui Kearns
Chief Brand, Strategy, and Wellbeing Officer

Date: January 11, 2022

2022 is here and as we start the year with a renewed sense hope and opportunity, we also all love to set a good resolution. Whether it be a healthier physical life- new workout routine, diet or to be more mindful of time with friends and family, we often overlook a key aspect of our quality of life, that being our financial wellbeing. Financial wellbeing is how we feel about money, our spending habits or how we manage our income. Here are a few of my own financial wellbeing resolutions I have considered as we kick off the year: 

1. Consider your feelings around money, the improvements you want to make and assemble an action plan.

Think about your goals and what gives you financial confidence. What do you want for yourself? Your family? After budgeting for monthly expenses, think about the household projects, hobbies, trips or items you would like to save for in the coming year and beyond. Your relationship with money influences your everyday life, so a healthy relationship with your finances can have a significant impact in your day-to-day. Setting a plan for how you will save for short-term and long-term goals is one of the most important and easy ways to get started. Affinity is here to help you do that with our financial counseling services, both in-person1 and by phone,2 to evaluate areas for improvement and help set attainable goals. We want to help you feel better about money outside of your account balance, because one of the best ways to improve anything— is with a plan. 

2. Seek out a partner that will help you stick to your plan Consider finding a partner to confide in and help you execute on your plan. Whether a loved one, a close friend or family member, you should be able to speak with them without judgement and with the confidence that they will encourage you along the way by holding you accountable for your spending habits. Many adults can face spending temptations big or small which can add up over time. These can be unnecessary trips to your favorite store, dining out when you have food at home or impulse purchases when you see an ad online. Having someone around you can speak to about money can keep you on track and improve your financial wellness. Affinity can also be a partner in this endeavor. We have financial experts one click or call away who can help you achieve your savings goals.

3. Be forgiving when things don’t go as planned There are times in life where it may take a few attempts to get something right. That can be the case when looking to improve financial wellbeing. Do something every day to reach your goals. One day, you may decide to have a $0 day, meaning you don’t make any purchases or cut back on an indulgence you can do without. Dedicate time each week to chipping away at that action plan and rework it if you are hitting a consistent barrier. Every great athlete and business leader has had to pivot along the way to constantly improve and reach greatness. It is important to extend the same concession to yourself on your financial journey.

Affinity Federal Credit Union offers a variety of dividend-yielding savings3 accounts, as well as investment accounts,4 which allow you to withdraw funds without a penalty. Regardless of your money-saving strategy, it is best to make these contributions on a regular basis. A best practice is to set up an automated withdrawal from your paycheck-linked account. This way, you won’t need to remind yourself or worry about shifting funds over to an account every time you receive a paycheck. Affinity branch5 experts are available to help members set up an account that best meets their needs and walk you through automation that will make managing your money easier. 

We want to do our part to help make managing your finances easier. We are lowering fees, offering higher dividend rates for savings accounts and adding resources for members. Be sure to visit our website6 and your local Affinity branch to learn what small changes you might be able to make today to be on a better path tomorrow. 

This information is for informational purposes only and is intended to provide general guidance and does not constitute legal, tax, or financial advice. Each person’s circumstances are different and may not apply to the specific information provided. You should seek the advice of a financial professional, tax consultant, and/or legal counsel to discuss your specific needs before making any financial or other commitments.

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