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Entering the new year can be an exciting time, but it can also be a time to improve your financial health. Keep reading to learn how to further save, pay off debt, and how to budget.
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52 Week Savings Challenge Save $1,378
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If you're looking to try and save more money in the new year, one fun and simple way to stay on track is the 52-week savings challenge. With this challenge, you will save an increasing dollar amount each week of the year, starting with $1 in week 1. In week 2, you will save $2, and so on through all 52 weeks of the year. If you stay on track with this challenge, you will have saved an extra $1,378 by the end of the year!
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There are several ways to be creative with this challenge and make it your own:
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Flip the challenge - $52 deposit in Week 1
- $51 deposit in Week 2, and so on.
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Double the savings - $2 deposit in Week 1
- $4 deposit in Week 2, and so on.
This will amount to a total of $2,756!
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The consistent route - Deposit $26.50 each week for 52 weeks.
You can also set up automatic transfers in Online Banking to help with the challenge!
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Make sure to set reminders for yourself to stay on track with the challenge!
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Paying Off Debt The Snowball Method
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Pay off your debts from smallest to largest If paying off debt is a goal of yours this year, try the snowball method. This method focuses on paying off your smallest debt balances first. To get started:
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1. Create a list of all your debts and sort them from smallest to largest.
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2. Put extra money towards your smallest balance each month, while making the minimum payments on your additional debts.
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3. Once paid off move to the next-smallest debt.
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4. Repeat this method until ALL debt is paid off.
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One of the biggest advantages of the snowball method is the confidence you will gain each time one of your debts gets paid off. Focusing on one at a time can help relieve some financial stress you may have by allowing you to get a better handle on your finances.
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Maybe your goal for 2022 is to improve your budgeting. The 50-30-20 method is a great way to make budgeting simpler. To break it down, this method involves you allocating:
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With only 3 categories, it is an easy starting point. One of the great benefits is that it includes a category for fun! The goal of budgeting is to be able to manage your money well, while also living a fun and comfortable life.
Once you calculate the allocated amounts for each category based on your income, you may discover that 30% is more than you need to be spending on things you don’t need. You can adjust the method as needed!
Pro Tip: If you are struggling to fit all of your expenses into one category, this is a good time to reevaluate your expenses to see where you cut back or shop around. Good luck with your New Year’s resolutions.
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Scholarship Applications Now Open! Calling all high school Seniors! If furthering your education is one of your resolutions this year, make sure to check out our scholarship program! Learn More!
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Save the Date! Virtual Annual Meeting & Board Elections Wednesday, April 20, 2022
Join us as we celebrate our members, discuss the past year and our plans for the credit union, announce new Board Members, present student scholarship awards, charitable contribution awards and much more! Learn More!
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Board of Directors & Supervisory Committee
The Nominating Committee is seeking interested candidates for two Board of Director positions and one Supervisory Committee position. Each position has a term of three years.
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Holiday Closings Martin Luther King Jr. Day Monday, January 17, 2022 President's Day Monday, February 21, 2022
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Federally Insured by NCUA
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