News & Advice

Picture yourself this time next year: pleased with your bank account, secure with what’s in your savings, and financially prepared for emergencies. 

It can be your reality if you set smart financial new year’s resolutions for 2023. 

If you’re looking to improve your financial well-being in 2023, here are some ideas to add to your resolution list.  

BUILD AN EMERGENCY FUND 

You can’t predict your car breaking down, your roof leaking, or your basement flooding. That’s why it’s so important to have an emergency fund. The general rule of thumb is to have three to six months' worth of expenses saved in case of an emergency. How much money you need will vary depending on factors like your income, monthly costs, and if you have dependents. To get started, make small, regular contributions. 

CREATE A WILL 

Where there’s a will, there’s financial responsibility. No matter your age or what stage of life you’re in, it’s not too soon — or too late — to create a will. After all, you want your finances to go where you want them. If you don’t have a will, what happens to your assets is determined by the laws in the state you live in. 

GET TAXES DONE EARLY 

Don’t find yourself racing to get your taxes done at the last minute. In the new year, take the time to set up an organizational system to keep track of documents and receipts that you need for tax season and get your taxes done as soon as you can. 

IMPROVE YOUR CREDIT SCORE 

Your credit score is calculated using information like your payment history, outstanding balances, types of credit accounts such as mortgages or car loans, length of your credit history, and applications for new credit accounts. Increasing your credit score leads to many benefits like getting lower interest rates on loans and credit cards.

CREATE A BUDGET 

Creating a budget is less intimidating than it may initially seem. Start by figuring out how much money you earn in a month, how you spend your money during a month, and what your financial goals are. Determine how much money is spent on what you need and what you want. If you’re spending more on things you want than what will keep you within your budget, figure out where you can cut back on spending. 

AUTOMATE SAVINGS CONTRIBUTIONS 

If you feel overwhelmed with the thought of saving money or are afraid you won’t always remember to put money in savings, take the time to automate your contributions. This means making sure your 401(k) contributions and any other savings you’re prioritizing are being deducted automatically. 

SIGN UP FOR IDENTITY THEFT PROTECTION

Identity theft can happen to anyone at any time, so make sure your accounts are monitored for suspicious activity. With an INOVA Shield Checking account, you get IDProtect®, an identity theft monitoring and resolution service. If there are any major changes within your credit report, you’ll be notified. 

IMPROVE FINANCIAL LITERACY 

There are few things that will help your financial well-being more than having basic financial literacy. Whether personal finance is intimidating to you or you just want to be more educated about finance, take steps to improve your financial literacy. There are lots of low-cost or free ways to learn more about managing your money. 

Learn about finances while having fun and earning rewards with the Zogo app, find out what resources you can access for free using your local library card, or reach out to INOVA Federal Credit Union’s Samuel Kamwenji, Manager of Community Relations & Business Development, at [email protected] to learn more about financial education opportunities. 

UTILIZE THE PERKS OF BEING A CREDIT UNION MEMBER

When you have wise financial habits, your resolutions will turn into reality. Switching to INOVA Federal can help you stay on track. By banking with a credit union, you can take advantage of perks like lower fees, better rates, financial education resources, and much more. 

Visit us at one of our convenient locations or visit us online to learn more about becoming a member or making the most of your membership.