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Achieve Your Important 2024 Financial Goals

A new year means new financial resolutions. Now is the perfect time to evaluate your personal financial goals and think about what you’d like to achieve in the coming year. As your financial partner, we’re here to provide you with the tools, resources, and information to help you achieve your goals.

Here are our top 2 financial goals that could help you improve your financial future:

  1. Debt: Paying off or paying down credit cards and other debt.
  2. Saving: Reducing monthly spending or establishing or growing an emergency fund.
Debt Payoff Strategies

Debt can feel overwhelming and could affect more than your bank account—it could impact your emotional and physical health. Regardless of the type of debt you have, choosing a method that fits your needs is key. Two of the most popular methods are:

  • Avalanche Method: Focus on paying off your highest interest debt first.
  • Snowball Method: Pay off your debts from the smallest to the largest amount.

Consolidating high-rate debt with one of the strategies above could help you pay off debt faster and save money on interest. As a homeowner, tapping into your home’s equity with either an Equity Loan (Fixed Second Mortgage) or Home Equity Line of Credit (HELOC) could help you achieve your goal faster.

Reduce Spending, Grow Savings

Making and keeping a budget is the best way to help you keep your eye on long-term financial goals while still enjoying life. Reviewing your monthly spending will uncover overspending and help determine a strategy to achieve your goals. Here are three budgets you could consider:

  • Zero-Based budgets make the most of every dollar—every part of your monthly income is assigned (ex: mortgage, bills, savings) and used deliberately.
  • 50-30-20 budgets allocates your monthly income into needs (50%), wants (30%), and financial goals (20%).
  • Pay Yourself First budget, also known as reverse budget, prioritizes savings before expenses by maximizing income for savings goals.

Being prepared for unexpected home expenses is an important part of being a homeowner. Having an emergency fund will provide peace of mind. If you’re still building your emergency fund, a good back up plan is a HELOC. You’ll get the flexibility of a credit line with a higher limit than a credit card.

Yolo Federal Can Help

At Yolo Federal, our goal is to help you achieve financial success. That’s why our members have access to our free MoneyTrack and CreditTrack tools.

  • MoneyTrack can help you analyze your budget, identify overspending, and help you set and achieve your savings goals.
  • CreditTrack keeps you updated on your credit score, overall debt, and credit monitoring.

At Yolo Federal, our mission is to help members achieve financial success. Our representatives are available to help you achieve your financial goals. Schedule a financial review with a representative today!

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To qualify for membership, you must live, work, worship, attend school in Yolo, Sacramento, Placer, or El Dorado counties.

To apply for a Home Loan, you must qualify for membership, and the property must be located in Yolo, Sacramento, Placer, or El Dorado counties or within 50 miles of our corporate office. 

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We proactively work to protect members against fraud. All of our Debit and Credit Cards come with ID Navigator through NortonLifeLock™ to help protect you against identity theft. If you suspect fraud or have questions, please call, schedule an appointment, or click on Let's chat! to speak with a Yolo FCU representative.

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