• Skip to main content
  • Skip to footer
  • Contact Us
  • Locate Us
  • Apply For A Loan
  • Events

SafeAmerica Credit Union

  • Checking
  • Savings
  • Loans
  • Services
  • Autos
  • Payments
  • Join
  • Log In

achieving a financial goal

January 13, 2023 • By Kevin Alvarez

4 Financial Resolutions You Can Accomplish Now

New Year’s resolutions are a mixed bag for many of us. On the one hand: personal betterment! On the other hand: methodical auditing of our refrigerator, checking account, and various vices. On the cusp of a fresh calendar year, we feel compelled to immediately transform our lives, but—as is the case with most good things—change takes time. This is especially true when it comes to financial goals. And in the aftermath of steep holiday spending, our goalposts can feel...far away.

If you want a few financial resolutions that you can achieve early into the new year (because who doesn’t love an easy to-do list??) here are some suggestions.

Automate Your Savings.

Life is expensive! Especially when you have your sights set on a vacation, home renovation, or even the creation of an Emergency Fund (which 26% of Americans report not having at all). Setting aside savings is a crucial step towards your financial health. There are multiple pathways to save, from automating contributions to an investment portfolio to downloading an app that bundles spare change on each transaction you make. If you want to avoid market fluctuations and go the straightforward route, set up an automatic direct deposit that funnels a percentage of your paycheck into a designated savings account. Then try not to touch it. You can automate transfers from any account to your SafeAmerica Credit Union savings account by setting up recurring transfers within Online Banking.

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. Unlike some company benefits (like flexible spending accounts or insurance enrollments that have deadlines), you can enroll in a 401(k) plan 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 per month. The start of a new year is a good time to take inventory of your streaming networks, music subscriptions, smartphone apps, wine club memberships, or any other miscellaneous expenses that might be drawing away from your overall savings goals.
Financial Resolutions

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. With the exception of Experian, you will have to pay a fee if you want to see your credit score. There is often a way around this, as more than 170 financial institutions and 10 of the top credit card issuers provide free access to your FICO score (the most commonly used type of credit score).

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

How to Get Your Free Credit Report.

The Fair and Accurate Credit Transactions Act of 2003 (FACT Act) entitles you to receive a free copy of your credit report once a year from each of the reporting companies – Equifax, Experian, and TransUnion. The three companies have set up one central website, toll-free telephone number, and mailing address. You can request your free report either online, by phone or even mail by visiting www.AnnualCreditReport.com or calling 1-877-322-8228.

January 6, 2023 • By Kevin Alvarez

Make Money Resolutions That Stick

Maybe you only have one resolution this year. Maybe you have a laundry list of resolutions and a goal of being so self-actualized your friends and family will hardly recognize you! Maybe your resolution is to not have a resolution.

Set A Goal (and Write It Down)

Goal setting gives you direction. You can decide on your destination and make a plan to get there. This might seem small, but it’s not. Not only is goal setting found to be linked to higher achievement and self-confidence, but writing down your goal can also make you 42% more likely to succeed.

Get Clear

Getting clear on your priorities and deciding on a specific goal are two keys to success. When it comes to your money and your financial situation, set aside some time to reflect on what you really want to accomplish – and be specific.

Ask yourself three “W” questions:

  • What do you want to accomplish?
  • When will you achieve it?
  • Why does it matter to you?

Visualizing a dollar amount can lead to success, whether it is a specific figure to save, pay off or earn in the year ahead. Keep that figure alive by writing it down or tracking it in an app. A real dollar amount makes for a real goal. Give yourself a deadline while you’re at it, to motivate you even further.

Be Positive and Realistic

Goals can challenge you and help you grow into a new future. Choosing a goal that is attainable is another important part of success. Let’s say you’ve chosen a clear goal – with a positive outcome – such as: “In five years, I will be debt free. I will pay off my entire debt of $12,000 so that I can focus on enjoying my family instead of worrying about money.” Be sure it’s a realistic goal given your specific situation. Given your income, debts and expenses, is it realistic to spend $200 on your goal each month? Is it possible to pay it off even faster by spending $250 a month? Or does your budget allow for $100? Staying positive and realistic shows you how much you can devote to achieving your money resolution.

Money Resolutions That Stick

Hit Those Milestones

Making your goal measurable will help it stick. Keeping track of your progress can help you stay focused and motivated. Tracking progress on an app or spreadsheet, or a simple notebook, helps you see your future getting closer and closer. Break your goal into smaller milestones. This makes it easier to see your progress and it’s less intimidating. For example, a mini-resolution might be to pay off one consumer credit card. Making smaller changes over time is often easier than trying to make a massive change all at once. Celebrate your success along the way. Celebrating wins actually “trains your brain” by reinforcing your new habits, which in turn makes it easier to stay on track if you hit a bump in the road at some point.

Make (and Work) The Plan

Money resolutions often go by the wayside if they serve as a goal without a plan. A plan outlines how you will accomplish your goal. Keep it simple. The plan might dearly define how much you will spend toward your goal, how often you’ll make deposits on it, and the method you’ll use to transfer money toward your goal. For instance, automating monthly payments or savings goals is proven to help people stick with money resolutions.

Choose one habit at a time to change. For example, if you need to reduce your credit card spending, focus on making that change as your first milestone. Then move on to setting money aside for payoff.

This article is shared by our partners at GreenPath Financial Wellness, a trusted national non-profit.

GreenPath Financial Wellness

November 16, 2022 • By Kevin Alvarez

Managing Debt as Interest Rates Rise

Debt can be a challenge to manage, even in the best of times. Now, with the economy in the news nearly every day, how do you effectively manage your debt as the cost of borrowing for things like homes, cars,
and credit cards rises? People are successful when they set a realistic budget for spending. Focusing on non-traditional gifts, the joy of experiences and the resulting memories, can be just as rewarding without damaging your finances, especially as prices on essentials are rising.

Here are five general questions to ask in order to minimize the hit to your wallet in the face of rising interest rates.

What's Your Current Credit Score And History?

Knowing this information helps you understand how rising interest rates will apply to you. Some research shows that only 33 percent of Americans checked their credit score in the past year. Regularly monitoring your credit can alert you to errors, protect you from fraud, and provide you valuable information to strengthen your credit score–which can potentially minimize the rising cost of borrowing.

What Is Your Debt Portfolio?

Another helpful course of action is to make a list of your current debt such as credit cards, car loans, student loans and other debt. Although it’s a simple step, this can make a big difference in visualizing the big picture of your financial situation. Part of seeing the impact of rising interest rates is understanding exactly where you stand.

What Are Your Current Interest Rates?

An effective next step is to regularly review your balances, terms, and interest rates on a monthly basis. By staying on top of this vital information, you can make adjustments and informed decisions about reducing any existing balances more aggressively. As a debt paydown strategy, it often makes sense to start with the highest interest credit cards or loans.

What Is A Realistic Payment Plan?

As you are able, consider paying credit card balances in full by the due date each month. You can avoid interest charges on what you purchase, which means rising interest rates may not have much of an effect on your household finances.

What Is Your Overall Financial Plan?

To stay financially healthy and minimize the impact of rising interest rates, it is key to earn more than you spend, so that you have enough money to build savings for the future. Keeping an eye on your spending is an important step in the effort to create a budget without the cost of high-interest debt. Once you develop a household budget and track income and spending, it becomes clear where the money is going and where you need to adjust your spending to achieve your financial goals. By setting financial goals, preparing a financial plan, sticking to a budget, and setting up an emergency fund for the unexpected, you ensure that your financial well-being does not suffer as interest rates rise.

This information brought to you by GreenPath Financial Wellness.

GreenPath Financial Wellness

Footer

Home

Home

  • Contact Us
  • Find A Branch
  • About SafeAmerica
  • SafeAmerica Leadership
  • Careers
  • COVID-19 Updates

Services

Services

  • Online Banking & Bill Pay
  • Mobile Banking & Mobile Deposit
  • Direct Deposit
  • Mobile Wallets
  • VISA® Debit Card
  • STARS Telephone Banking
  • eStatements
  • Investment Management
  • View Your LPL Account
  • Enterprise Car Sales
  • Order Checks

Banking

Banking

  • Checking
  • MoveUP Rewards Program
  • Savings
  • Money Market
  • Certificates
  • IRAs
  • Account Insurance
  • Youth Program

Community

Community

  • College Scholarship Program
  • Events
  • CU@Work Program

Resources

Resources

  • Rates & Fee Schedule
  • Calculators
  • Educational Videos
  • Financial Education
  • Discount Programs
  • Newsletter
  • Switch Kit
  • Travel Notification Form
  • Blog
  • Forms & Applications
  • Secure Document Upload
  • Financial Hardship
  • Foreclosure Prevention Strategies
  • Privacy
  • Disclosures
  • Report Website Errors

Loans

Loans

  • Auto Loans
  • Home Loans
  • VISA® Credit Card
  • Personal Loans & Lines of Credit
  • Student Loans
  • Refinance Your Existing Loan
  • VISA® Balance Transfer
  • Vehicle Release Information
  • Skip-A-Pay Program
  • Make A Payment

Protection & Insurance

Protection & Insurance

  • Auto, Home & Life Insurance
  • Accidental Death Insurance
  • Long-Term Care Insurance
  • Debt Cancellation
  • Vehicle Protection
  • Verify Insurance

Buttons

Follow Us

Follow Us

Facebook Twitter LinkedIn Instagram

Phone

(800) 972-0999

  • No. California: (925) 734-4111
  • Lost or Stolen Card 
  • Debit and Credit: (833) 933-1681

Routing Number: 321171757

NMLS#: 746366

Log In »

Logos

SafeAmerica is an Equal Housing Lender American Share Insurance Logo

Your savings insured to $500,000 per account. By members’ choice, this institution is not federally insured, or insured by any state government.

© 2023 SafeAmerica Credit Union. All rights reserved.

We use cookies to give you a more relevant browsing experience and improve our website. Using this site means that you agree with our Use of Cookies Policy. Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT