As a new year begins it can also be a new year for your finances! Have you created any News Year’s Resolutions yet? Did you think to include your financial life in them? Here are a few to consider for the New Year.
Find a free checking account.
According to a survey from Bankrate, only 39% of banks offered a checking account with no minimum balance and no monthly fee. Other findings from the survey showed that the average checking monthly fee has risen 25% since 2011 for an average of $5.48 a month. That’s an average of $65.76 a year in monthly fees!
To cut out that cost, think of switching to a free checking account (hint check out your local credit union!) Here at Connex we have our Unbank Checking account that has no minimum balance and no monthly fees!
Make a budget.
This may sound hard, tedious, and undesirable but creating a budget at the beginning of the New Year will help avoid mistakes that may have happened in the past. Take a look at this past year’s finances. Did you overspend in certain areas? Were you late in paying loans and credit card payments? Look at what needs to be fixed and also take into consideration new loans that might be happening within the New Year.
Not sure where to start? Let Connex be your financial advocate! Our branch managers can help you get started on a budget today. You can also manage all your finances with a toll called FinanceWorks with Connex Online Banking.
Nerd Wallet reports that the average household credit card debt in 2012 is $15,418. Think about how to save money to pay off your debt, maybe consider looking into refinancing your loans, and try to pay more than the minimum balance on your statements. Right now Connex has super low auto loan rates on new and used cars. Refinancing an auto loan for example could save you hundreds sometimes thousands of dollars over the life of the loan. Fill out this savings analysis and a Connex specialist can tell you how much you could save.
Do you have any other financial resolutions? Please comment and share below!
Have a happy New Year!
-Lauren Dufour, VP of Unbanking