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  • Liann Walborsky
    Liann Walborsky
    » Communications Manager, Tech CU
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    financial resolutions for the new year 2012

    January 4, 2012 Posted by: Liann Walborsky

    A New Year always feels like a fresh start and provides the chance to make all of those changes you have been considering. You’re thinking, what a great time to clean house and get things in order. Often easier said than done. While we may not be able to help you with cleaning out your closets, we’ve compiled a couple of ideas for straightening out your finances and starting off on the right track in 2012.

    I know a big one for my family in 2012 is to consolidate our credit card debt. One way to do this is to transfer balances to a lower interest card. This can work well for many consumers, but consider a couple of key issues.  Oh, and always read the fine print.

    • Know what interest rate you are receiving. There is usually a much lower rate for the introductory period and then it often shoots up. You could end up paying more than you did with your old card.
    • Understand what fees you are likely to be charged.  This could include anything from transfer fees, annual fees, minimum balance fees — and they do add up.
    • Compare cards by reading reviews. There are loads of credit cards out there. Pick the right one for your needs and lifestyle.

    Couple of other suggestions for 2012:

    Who doesn’t want to lose weight after a long holiday season of endless eating and relaxing? This tops many people’s to-do lists. Did you know that losing weight can also reduce your insurance premiums — saving money over the long term.  Heavier policy holders tend to pay a whopping 22% more than those considered at “normal” weight.  So do what’s best for your health – and wallet.

    Automate your bill paying experience by signing up for online Bill Pay. This takes away much of the hassle of buying stamps, having to remember on a specific day to pay a bill and using endless amounts of paper!  Studies have actually proven that people who pay their bills online are happier — it provides more time in your month to do something you really enjoy.

    Finally, educate yourself on your finances. Don’t remain in the dark on such an important topic. Take a class. Read a book. Talk to a financial advisor. Join an investment club. With all the changes happening in the world today, no one can afford to claim, “I just didn’t understand what was happening with my money.”

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