A new year brings new opportunities to take control of your finances and set yourself up for success. Whether you want to save more money, spend smarter, or reduce debt, our Financial Fresh Start Checklist can help you start 2025 on the right foot. At Northwoods Credit Union, we’re here to support you every step of the way!
Step 1: Check Your Credit Score
Your credit score is a key factor in determining loan rates and financial opportunities. You can use a free credit monitoring service or contact Northwoods Credit Union for guidance on accessing your score. Understanding where you stand can help you set goals for improvement.
Step 2: Review Your Monthly Subscriptions
Are there streaming services, apps, or memberships you no longer use? Audit your bank and credit card statements for recurring charges. Canceling unused subscriptions can free up extra cash each month.
Step 3: Consolidate High-Interest Debt
High-interest debt, such as credit cards, can make saving money hard. Debt consolidation options, like a personal loan or balance transfer, can simplify payments and reduce interest costs. Talk to a Northwoods Credit Union loan officer to explore solutions tailored to your situation.
Step 4: Update Your Budget
A budget is essential for managing your money effectively. Revisit your income and expenses to ensure you’re allocating funds where they matter most. Consider setting up automatic transfers to savings accounts to make saving easier.
Calculate Your Budget NowStep 5: Build an Emergency Fund
Unexpected expenses can throw off even the best financial plans. Start or grow your emergency fund by setting aside a small amount from each paycheck. Try to aim for at least three to six months of living expenses.
Step 6: Set Financial Goals
Define what you want to achieve in 2025. Whether it’s buying a home, saving for a vacation, or paying off debt, clear goals will help keep you motivated. Use one of our many financial calculators to help your goal-setting.
Step 7: Do a Financial Review
A fresh new year start is a perfect time to get expert advice. You can consult an NCU loan officer for advice on how to improve credit or explore loan options for your personal situation.
Northwoods Credit Union is Here to Help
We’re more than a financial institution—we’re your local credit union partner in achieving financial well-being. From competitive loan rates to personalized financial advice, we’re here to make 2025 your best year yet.
Begin your financial fresh start today. Explore our site or visit one of our branches in Cloquet, Moose Lake, or Floodwood, Minnesota today!
*This material is provided for general and educational purposes only; it is not intended to provide legal, tax, or investment advice. Not all applicants will qualify. Membership eligibility required. Insured by NCUA.