Jan 31, 2025
Financial Checklist: Start 2025 On the Right Foot
<img alt="" src="/images/default-source/blog-article-images/financial-checklist-blog-body-image-1.png?sfvrsn=f9bcc10b_1" sf-size="100" /><h2>Set Financial Goals</h2><div><p>Define clear financial goals by prioritizing short-term and long-term <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">objectives, such as saving for a home or retirement. Break these </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">goals into actionable monthly or quarterly targets and track your </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">progress regularly to stay motivated and focused. With consistent </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">effort and evaluation, you can achieve your financial goals.</span></p><h2>Analyze Your Spending</h2></div><div><p>Small, habitual expenses can quickly add up. Spend a month <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">tracking your spending patterns to identify unnecessary purchases </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">and areas where you can free up cash for your financial goals.</span></p><h2>Create a Realistic Budget</h2><div><p>Setting a realistic budget helps you allocate your money effectively <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">before you even receive it. Start with a simple 50/30/20 framework </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">(50% needs, 30% wants, 20% savings or debt repayment) and adjust </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">as needed to align with your financial priorities.</span></p><h2>Focus on Reducing Debt</h2><div><p>Debt can hinder your path to financial freedom. Adopt a repayment <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">strategy, like focusing extra funds on high-interest debts while </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">maintaining minimum payments on others. This approach can help </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">you reduce debt more efficiently.</span></p><h2>Review Your Spending</h2></div><div><p>Periodically review your expenses to uncover opportunities for <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">saving. Consider switching from cable to streaming, canceling </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">unused subscriptions, or finding more affordable options for phone </span><span style="background-color:transparent;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">and insurance plans.</span></p><img alt="" src="/images/default-source/blog-article-images/financial-checklist-blog-body-image-2.png?sfvrsn=7d9dd7a6_1" sf-size="100" /><h2><span style="background-color:transparent;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;"></span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">Review Your Insurance Policies</span></h2><div><p>Ensure your health, life, home, and auto insurance policies meet your current needs. Life <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">changes like a new job or having a child can impact your coverage requirements and costs.</span></p><h2>Review Your Retirement Contributions</h2><div><p>Review your workplace retirement plans to ensure you’re maximizing contributions, especially <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">if your employer offers a match. If possible, aim to increase your contributions each year to s</span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">tay on track for retirement.</span></p><h2>Check Your Credit Score and Report</h2></div><div><p>Your credit score plays a crucial role in determining loan approvals, interest rates, and <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">financial opportunities. Take advantage of Metro’s updated <a href="https://my.metrofcu.org/FicoScore" data-sf-ec-immutable="">FICO<sup style="background-color:initial;font-family:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">®</sup><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;"> score feature</span></a>, available </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">quarterly via <a target="_blank" href="/services/online-banking">online banking</a>. Regularly monitoring your credit score can help you identify </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">areas for improvement and set goals accordingly.</span></p><h2>Update Your Will</h2></div><div><p>Keep your will up to date to ensure it reflects your current wishes and circumstances. If you <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">don’t have one, now is the time to create it. Review and update beneficiaries on all accounts, </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">including pensions and life insurance policies, and consider establishing a power of attorney </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">to designate someone to make decisions on your behalf if needed.</span></p><h2>Build an Emergency Fund</h2><div><p>An emergency fund provides a safety net for unexpected expenses. Start small by setting <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">aside a portion of each paycheck and aim to save enough to cover 3–6 months of living </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">expenses. Automate your savings with regular transfers to maintain consistency and keep </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">the funds in an easily accessible <a target="_blank" href="/accounts/savings-accounts">savings account</a>.</span></p><h2>Educate Yourself on Personal Finance</h2><div><p>Empower yourself with financial knowledge to make informed decisions. Explore resources <span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">such as <a href="https://save-and-succeed.metrofcu.org/login" target="_blank" data-sf-ec-immutable="">Save and Succeed</a>, Metro’s personal finance program. You’ll find financial blogs </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">– like the source of this article - and an array of other member education tools. Learn the </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">essentials of budgeting, saving, credit management, and debt reduction to take control of </span><span style="background-color:initial;font-family:inherit;font-size:inherit;text-align:inherit;text-transform:inherit;word-spacing:normal;caret-color:auto;white-space:inherit;">your financial future.</span></p><p> </p></div></div><p></p></div><p></p></div><p></p></div></div></div>
Follow this checklist to learn how to build a secure financial future and ensure you’re prepared for any fiscal challenges that come your way.
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