Skip Navigation Documents in Portable Document Format (PDF) require Adobe Acrobat Reader 5.0 or higher to view, download Adobe® Acrobat Reader.
Credit Union West
Routing Number: 322172153
LOGIN to online banking
Online BankingClose online banking

Online Banking

secure access 24/7

New User? Register now. Mobile Link Need login help? Mobile Link

young daughter hugging fathers neck while sitting on a couch

Top 7 Financial Resolutions

Our 7 favorite financial resolutions.

Our Top Picks for the New Year

 

 

The New Year is a great time for renewal. That makes it a good time to make bold, decisive changes in your life. Leave behind the baggage that was 2018 and start fresh with a blank slate in 2019. We put together a list of our 7 favorite financial resolutions to make 2019 the year of the dollar!

 

1. Track spending

 

If you don’t know where your money goes, it’s going to be tough to follow through with any other financial plans. You may have a general sense of how much you spend, but after a month where you’ve recorded every dollar, you’ll have a much better picture. You can download our Mobile App for help tracking your spending 24/7. You might even find that keeping track of what you do with your money encourages you to spend a little more judiciously.

 

2. Make a budget

 

About 70% of Americans live financially spontaneous lives. They don’t make a plan for spending or saving. When asked why they chose not to do so, the most common response was that the family spent all the money anyway. This is a circular problem. If you don’t have a budget that includes setting aside money for long-term expenses and savings, you’ll end up spending all your money on unplanned things and events. The best way to stop the cycle is to sit down and make a budget that modifies your spending to be more in line with your priorities.

 

3. Get out of debt

 

Easier said than done, right? However, there’s no bigger stumbling block to financial security and wealth building than debt. It’s hard to save for long-term goals when so much of your monthly income gets eaten up by interest and fees. There are a variety of methods you can use to help accelerate your payoffs. For instance, you can add an extra $50 or $100 to your credit card payments. Or, you can focus all your payment resources on the highest interest debt until it’s paid off and then move it all to the next highest for snowballing your way to freedom from debt.

 

4. Start an emergency fund

 

The best way to avoid going into debt is to have some money on hand to handle the occasional, yet inevitable, emergency. Most Americans, though, can’t come up with $500 in such instances. Set a specific goal, like adding $10 per month to a savings account. At the end of the year, you’ll have more than $100 available in case something goes wrong.

 

5. Begin a retirement account

 

You can’t save for what you don’t think about. When retirement is years or decades away, it’s difficult to incorporate thinking about it into your daily routine. If you have a retirement account open, you’ll get monthly statements, which serve as reminders. The challenge, though, is taking that first step. While there are important differences between Roth and Traditional accounts, either one is better than no retirement savings at all. If your job offers a 401(k) matching program, sign up to get at least the full matching funds amount – it’s free money. Do a little bit of research, then open the account that seems like the best solution for yourself.

 

6. Automate saving

 

Saving money takes willpower. Because it’s hard to practice self-denial on a constant basis, that extra $5 you’ve earmarked for savings can very easily turn into a midmorning coffee. Fighting that impulse is a constant struggle. That’s why it’s easiest to avoid the decision altogether. Change your direct deposit to put some of your paycheck directly into a savings account, where you won’t even think of spending it impulsively.

 

7. Get educated

 

Knowledge is power, and that’s especially true in the world of personal finance. What you know about your money goes a long way toward determining how much of it you get to keep. There’s a lot to learn, but you’ve got a wealth of information at your fingertips. Resolve to read one personal finance article a week. Not only will this give you good ideas for improving your personal financial situation; you’ll also spend more time thinking about your money. That’ll lead to positive results down the line!


 

Happy New Year from all of us at Credit Union West.

We hope you have a safe, happy and prosperous 2019!

 

 

woman sitting in coffee shop holding mug

the Year of Saving Smart

 
A new year is an ideal time to start fresh. It’s natural to reflect on the past, identify areas that you’d like to change...
 
 
two high school graduates hugging after graduation

Final Call for Scholarships

 
Applications are due by March 29. High school seniors can apply for a chance to win $1,000 for college...
 
 
mother hugging child in kitchen and holding flowers

The Best way to buy and sell a home

 
At Credit Union West, we know buying or selling a home is a huge decision — one that you need to feel comfortable making...
 
 
 
 
 
 
 
 
 
 
 
 
 
 
SWIPE