Sep. 15, 2023
Now is a great time to take stock of your finances and get organized for the future. Let 2024 be the year you streamline your finances so you can build a better future!
Read on for real-life tips on how to get your finances in order, from creating a budget to getting your credit in check, as well as advice on other ways to take the next step in your money life, including working with a financial advisor and maybe even branching out on your side hustle!
9 Steps to Get Your Finances in Order
Make 2024 your year for building a better money life with these nine foolproof steps to financial stability.
1. Check Your Credit
Start by checking your credit report. At annualcreditreport.com, you can get a free copy of your credit report every 12 months.
Make sure the personal information on your credit report is correct and up to date, and check for any outstanding payments and balances or accounts you do not recognize. If there are any errors, you can dispute them by contacting the three main credit agencies.
And, if you have a loan with Pacific NW Federal Credit Union, you can view your FICO® Score for free in online banking or our mobile app. Viewing your credit score will not impact it, so visit the site as often as you want.
Read More: Understanding FICO® Scores
2. Start a Budget
This is the year you finally figure out your budget! With a tool like Money Management, you can enter all of your financial accounts and track your spending across budget categories automatically.
It’s a snap to set spending limits, adjust your budget as needed from month to month and see your progress toward goals. Money Management also has payment reminders and low account balance alerts to help you avoid fees and missed payments. Set it up in online banking.
Read More: What You Can Do With Money Management
3. Go Mobile
Make the switch to online banking. If you haven’t done so already, set yourself up with access to a mobile banking app and other online tools to help you organize your finances. Enable text or email alerts so that you are notified if your balances drop below a threshold.
You might not always have access to a physical branch, so take a few minutes to make sure you can manage your money online. This will give you more flexibility in the future.
Read More: The Benefits of Online Banking
4. Create Savings “Buckets”
Are you ready to start saving for your dreams? Sometimes it’s hard to manage several financial goals at once, so one trick is to create separate savings “buckets.”
You can use one savings account as your “just-for-emergencies” bucket. Create another for your “time-to-travel” bucket — and, of course, your “someday I’ll-open that café” bucket. You can even rename your accounts inside online banking with your new bucket name.
And if you’re saving up to buy a house in Oregon, you might qualify for a First-Time Home Buyer Savings Account with tax advantages.
Read More: Compare Savings Accounts
5. Set Up Direct Deposit
Get paid faster and with less hassle. By setting up direct deposit for your paycheck you’ll eliminate having to pick up a paper check from your employer or stand in line to deposit it. This way, you’ll have money in your pocket sooner and you’ll save time too!
Setting it up is as simple as getting a direct deposit form from your employer and filling in your PNWFCU checking account and routing number (323075754). Return the form to your employer and wait for the money to come rolling in!
Read More: Why Set Up Direct Deposit?
6. Pay All Your Bills in One Place
Make settling your regular bills and making payments on your loans easier and faster by managing them through PNWFCU’s Payment Center.
With Payment Center you can set up automatic online bill paying and quickly pay down personal loans held at other banks, all while keeping a close eye on your account balances with our online banking services. Online Bill Pay is available for free with our eChecking and eChecking Plus accounts.
You can even schedule Skip-a-Pay on PNWFCU loans to free up cash.
Read More: Payment Center
7. Prevent Overdrafts
No matter how well you budget, unexpected expenses or mistimed payments can still send your checking account into overdraft. That can leave you short of funds at the supermarket or liable for “not sufficient funds” charges.
Protect yourself from overdrafts by linking your checking account to a savings or money market account, so funds will automatically be transferred if your balance falls below a certain level.
Read More: Avoiding Overdrafts and Fees
8. Set Up Your Digital Wallet
Tired of digging through your purse or wallet to find the right card for the store you’re in? Set up your digital wallet so you can just tap your phone for quick payments both in person and online.
Our Digital Wallet allows you to carry your PNWFCU debit cards on your phone and make payments using Apple Pay™, Google Pay or Samsung Pay.
And, with full card encryption, your payment details are never shared directly with the vendor, for extra security and peace of mind.
Read More: Digital Wallet Solutions
9. Prevent Fraud
Keep up with current fraud prevention best practices to lower your risk of financial scams. The FICO® blog is a helpful resource for learning about current scams and getting ideas to protect yourself.
You can also sign up for additional protections, like the CardValet® app. CardValet® is free if you have a PNWFCU debit or credit card and gives you the ability to turn your card on or off at a moment’s notice.
You can also set transaction controls and get alerts when your card is used.
Read More: How CardValet® Keeps Your Cards Safer
Other Ways to Get Financially Organized in 2024
Once you’ve got your money basics down, it’s time to go beyond with some smart strategies that will help you build long-term wealth and reach your longer-term financial goals.
1. Build an Emergency Fund
It’s wise to aim to keep the equivalent of at least three months’ expenses in an emergency fund to protect against unforeseen expenses or an unplanned loss of income.
Doing so can help protect other savings you might have earmarked for college or even retirement. It can also prevent you from racking up credit card debt in the event of an unexpected financial shock.
Many experts advise keeping your emergency fund in a money market account where it can earn higher interest than a regular savings account while remaining instantly available in case of an emergency.
Read More: Money Market Accounts
2. Get Rewarded for Spending
You’re going to be spending money one way or another, so why not get rewarded? Take a look at your credit cards and make sure you’re getting perks.
You might be able to get discounts or cash back from your purchases. For instance, PNWFCU offers a Cash Awards Visa with 1% cash back, as well as a Portland Pickles Visa with benefits for local baseball fans.
Read More: Credit Card Perks
3. Pay Off Your Credit Card in Full
This may sound a little fussy — after all, what’s the harm if you owe money as long as it’s within limits? Actually, this is the key to making credit cards work for you rather than the other way around.
By making only minimum payments on your card, you’re starting to build up a balance that you’ll be charged interest on, and that can sometimes be hard to get rid of.
By paying off your card statement in full, you’re getting access to free money to help you manage your cash flow every month while demonstrating that you can handle debt and live within your means. Over time, that can help improve your credit score.
Read More: Will Paying Off My Credit Card Improve My Credit Score
4. Consolidate Debt
If one of your New Year’s resolutions is to pay off debt, you might want to look into a debt consolidation loan.
You can use this loan to pay off your highest-interest loans and credit cards, simplifying your finances to a single monthly loan payment. Ideally, your new loan will have a lower interest rate so you can pay it off faster.
Read More: The Pros and Cons of Debt Consolidation Loans
5. Go Pro With Your Side Hustle
Side hustles and gigs are as popular as ever with more people looking for ways to supplement their income. If you’ve started a micro business, 2024 might be the time to go legit. Open an official business checking account and get your taxes in order.
Read More: 10 Steps to Start Your Business According to the SBA
Plan for the Future With PNWFCU and CFS*
In fact, one of the smartest things you can do to turn smart day-to-day financial management into long-term wealth building is to talk to a professional financial advisor.
Pacific NW Federal Credit Union offers members access to a complimentary financial consultation through our CFS* Financial Advisor. Whether you are ready to set up a retirement account or you want to learn more about life insurance or investing in the stock market, we can help you find solutions that are right for your financial goals.
Click below to learn more about how we can help you create enduring financial security for yourself and your family.
Learn More About Our Complimentary Financial Consultation
*Non-deposit investment products and services are offered through CUSO Financial Services, L.P. (“CFS”), a registered broker-dealer (Member FINRA/SIPC), and SEC Registered Investment Advisor. Products offered through CFS are not NCUA/NCUSIF or otherwise federally insured, are not guarantees or obligations of the credit union, and may involve investment risk including possible loss of principal. Investment Representatives are registered through CFS. Pacific NW Federal Credit Union has contracted with CFS to make non-deposit investment products and services available to credit union members.
