Make Smart New Year's Resolutions

Everyone--regardless of age--can take steps to shape up their finances in this new year/decade.

As you decide on your New Year's resolutions (or perhaps you already have them decided), think SMART--financial goals that are specific, measurable, adjustable, realistic, and time-oriented. Your individual Credit Union staff's are here to help with any questions you might have!

Here are some examples of financial goals for the younger generation:

Youth

Collect your change. Each time you buy something, save the change you get back. Deposit the change in a container at the end of every day. Over time it could add up to a significant amount of money.

Save your allowance. Whether you want to buy something you've been eyeing for months or you want to start saving for college, the only way you are going to do it is by putting your allowance away. Deposit at least part of your allowance in a share savings account at the credit union with the many youth savings accounts available.

Gen Y

Open a Roth IRA (individual retirement account) and start saving. Make savings a habit and invest at least 10% of every paycheck for retirement. The longer you have to save with a Roth IRA, the more you save on taxes. Although contributions aren't tax-deductible, your money grows tax-free and comes out tax-free as long as you meet certain requirements.

Put your credit card away. Use credit cards only when you know you have the funds set aside to pay the bill in full when the bill comes. Try not to leave a balance on your credit card or you'll be charged interest.

-Adam M., Maine Family FCU