Enroll in a 401(k)
Speaking of savings... if your employer does not automatically enroll you in a 401(k) plan, you can sign up yourself anytime during the year. So why not now? The sooner you can begin growing your retirement savings, the better. What you contribute is up to you, and many employers will match your contributions up to a certain percentage. If you earn income but don't receive employer benefits, you can open a Traditional or Roth IRA as an alternative.
Trim subscriptions
The average American underestimates their monthly subscriptions costs by $133 according to a 2022 survey conducted by C+R Research. People estimated they spent about $86 per month when in fact, they were spending about $219. The start of a new year is a good time to take inventory of your steaming networks, music subscriptions, smartphone apps, wine club memberships, or any other miscellaneous expenses that might be drawing away from your overall savings goals.
Check your credit report
You can get a free report once a year from each of the three major consumer reporting companies (Equifax, Experian and TransUnion.) This allows you to resolve errors or instances of identity theft - red flags you do not want creditors looking at when they are evaluating your application for loans and credit cards.
We're Resolved to Help!
Need a little nudge when it comes to keeping your financial resolutions? MEMBERS1st has partnered with GreenPath Financial Wellness to provide our members with access to trained financial counselors and resources to help you make informed financial decisions and find your path to a bright financial future.