5 Ways to be financially cautious in 2021 - Member First Credit Union

5 Ways to be financially cautious in 2021

January is celebrated as the financial awareness month. It’s time to educate yourself and your loved ones about money management. Although 2020 didn’t go as we hoped but it’s surely taught us important life lessons. One of them is to always be ready for any unforeseen circumstances, both mentally and financially. So, let’s start this year looking back at the previous years for planning, budgeting and being in complete control of our finances in 2021.

 

 

Have a look at these 5 ways to kickstart your journey of being more financially cautious this year.

1) Set Goals

Look at your monthly incomings and outgoings for the last two years. Take note of any abnormal spending, impulse purchases along with unavoidable expenses. Set monthly and weekly goals by category and cut out impulse purchases. For example, if 50% of your spending is towards unavoidable expenses like rent, mortgage, groceries etc, put away 20% for leisure or shopping. This helps you understand the distinction between  you ‘needs’ and ‘wanst’ when it comes to spending money.

2) Involve your family

Talk to your family about their finances and educate your children early about money management. Making short term saving goals as a family will instil good financial habits in your children while also helping you make smart spending decisions as a family. MFCU also offers a Savings Account for minors to help our Junior Members learn the importance of saving early.  Have a look at our Juvenile savings Account.

3) Debt Repayment Plan

The faster you get rid of debt, the easier it will get to save money in the long run. Take a note of your loans, mortgage and credit card debt. The most popular method to get rid of your debt is the Snowball Method where you tackle debt from the smallest to the largest owed sum.

Managing debts can be stressful so if you’re struggling to meet your repayments, talk to our financial advisors at (01)8513400 and they will assist you through the process.

4) Monitor your credit report

Online shopping scams and credit card frauds are on the rise, which is why it’s important to regularly check your credit report. By doing this you can keep a track of any suspicious activity and report it in a timely manner. Also keep yourself updated with the latest fraud on Fraudsmart or have look at these Holiday Scams.

5) Become financially literate

Educate yourself about personal finance through online publications, bloggers and Podcasts. Online publications like Fortune and Financial times among others deliver current industry knowledge and help you visualize your financial life.  Also checkout these fantastic blogs – AskPaul, MoneyCube  and Informed Decisions. to stay on top of your finances this year.

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