Goal #1: Save Money
Saving money is at the top of the list of financial goals for most, no matter what your age. If one of these goals resonate with you, here's how we can help you achieve your financial well-being.
The easiest way to make this happen is to automate your savings as much as possible. If your money is out of sight (and in savings) it’s easy to put it out of mind. When you have a Kasasa Checking and Savings we do this for you, automatically, each month by putting your cash rewards directly into your savings.
2. Reduce Spending Every Month
Coming in close behind the number one goal of saving more monthly is reducing monthly spending. A likely culprit for overspending each month is subscription services. Most often these are entertainment related items that lose their luster after time. Review your budget and cut back on the ones you don’t use. Take that cash and put it in savings or build up your emergency fund.
3. Pay Off Credit Card Debt
If you want to accomplish this, it pairs well with the second goal. When you reduce monthly spending, you free up cash to funnel toward credit card debt. Once you have that extra cash, pay down the card with the highest interest rate first. A balance transfer could also help pay down debt sooner. Mid Minnesota has card options that have no balance transfer fees, no annual fee and often a lower rater rate than others, which can provide a helping hand in accomplishing this goal.
4. Pay Less Interest
Rates are at historic lows for not only mortgages but vehicle and consumer loans. This may be the time to take a look at what you are paying and if more of your hard earned money could go to paying off the principle rather than on interest.
Create a savings plan of your own with this savings worksheet.
Always feel free to stop in or contact your expert resources at Mid Minnesota Federal Credit Union.