Tips for a Financially Fit New Year
Surviving 2020 was a considerable challenge for everyone, whether financially or otherwise. The New Year's countdown and feelings of a "fresh start" have been particularly fulfilling this year, so let's start 2021 off right and prioritize your finances...
There are plenty of simple ways to ensure a great financial start to the New Year, and at BMI Federal Credit Union, we’ve got you covered!
Find Some Relief with a Holiday Loan*
Have you considered how a Holiday Loan can help you? Whether you're paying off debt or just need a little extra relief, the Holiday Loan offers three loan amounts, each with its own low rate and manageable payment term. Check out a Holiday Loan today! This offer ends January 31, 2020.
Stay [Financially] Fit
The pandemic has caused many problems to our community's small businesses, especially high traffic businesses like fitness centers. Many of these places are enhancing their beginning-of-year discounts or are helping out members on a case-by-case basis, so don't be afraid to ask! If you are not interested in visiting a gym any time soon, save even more money by taking advantage of online workouts. You can find guided workouts on YouTube, Instagram, or fitness center websites, many that are budget friendly with little-to-no equipment, and even apartment friendly with no running or jumping.
Reduce Your Bills and Expenses
Did you know you can call your cable, energy, and internet service providers to negotiate a lower bill? Ask about New Year's deals. While you’re at it, reconsider some of your services all together. More and more people are trading in their expensive cable package for services like Netflix or Hulu, which cost around $10 per month. It’s also a great time to evaluate your energy needs. Especially if you're working from home or have family members at home, be mindful of what you use. Turn off lights when you’re out of the room, and limit excessive or unnecessary appliances.
Make Monthly Resolutions
Setting financial goals for the whole year can be overwhelming, and near-impossible during these unpredictable times. Sometimes we bite off more than we can chew and end up abandoning our lofty commitments. Try setting monthly financial resolutions for yourself instead. For example: Evaluate your excess (or "luxury") spending, and negotiate with yourself on what you can afford to live without for a month. At the end of the month review your budget. You can choose to continue your plan, or trade your luxury item for another one. You will save more money, learn what you can live without, and increase your financial self-discipline.
Work Smarter Not Harder
We love to talk about My Finance Tool because it does a lot of the heavy lifting for you! The best ways to improve your financial wellness are to monitor your income, reduce your spending, save often, and manage your accounts well. My Finance Tool allows you to do all this and more. You can separate spending by merchant or date, see where you spend the most, and set financial goals. All your accounts, all in one place. Login to Online Banking and click on the My Finance Tool in the menu bar.
Let Us Help
You've been doing a great job this past year! You shouldn't have to do this part alone. Schedule to meet with a Certified Financial Coach to privately and personally review your finances. Sign up to see us at any of our FREE virtual workshops designed to get a fresh start on your financial goals. You can also call 614.707.4000 or safely visit any of our branches in Columbus, Dublin, or Westerville. Whatever you need to improve your financial life, we are here to help!
*APR = Annual Percentage Rate. Rates as of November 1, 2020. A $1,000 loan will be 12 monthly payments of $87.01. A $3,000 loan will be 24 monthly payments of $136.55. A $5,000 loan will be 36 monthly payments of $160.13. Only one Holiday Loan per member. Members with existing Holiday Loans are eligible and will need to combine their existing Holiday Loan into the new loan. No Payment for 60 days. Rates, terms, and conditions are subject to change and may vary based on creditworthiness, and qualifications. All loans subject to approval. Membership eligibility requirements apply. BMI FCU is open to everyone who lives, works, worships or attends school in Franklin, Licking, Fairfield, Pickaway, Madison, Union, Delaware or Morrow County. Federally Insured by NCUA. BMI FCU may amend, suspend, or discontinue this offer at any time without notice. Offer ends January 31, 2021.