Metro Credit Union

Create a budget

1. Make a list of your income streams

• Paychecks, disability, alimony, or any other monthly earnings – and compare it to a list of your monthly expenses.

2.There are typically two types of expenses

• Fixed: housing, car payments, student loans, and other bills that don’t change
• Variable: gas, clothing, dining out, etc.

3. Look at your most recent account statements.

• See where you're spending your money. You can adjust certain categories and start spending more wisely.

It’s easier than it sounds! It’s even easier when you download the Metro 2024 New Year’s Resolutions Budget Checklist to get your started.

Stop recurring payments

1. Take a close look at your account and cancel subscription plans that you don’t use or need anymore.
2. Make sure you have automatic payments and transfers set up for the things you do need to pay on time.

• Rent, cable bills, electricity, credit card bills, etc.

Plan how to pay off your debt

The two common strategies for paying off debt are the Snowball Method and the Avalanche Method:

1. The Snowball Method is when you pay off your debts one at a time, starting with your lowest balance.
2. The Avalanche Method works by paying off the debt that has the highest interest rate first.
3. A third method is to make extra payments to help pay off debts faster and avoid accruing interest.

To help reach your debt repayment goals, plug your information into a debt payoff calculator.

Start an emergency fund

If you don’t have extra cash set aside for an emergency, make this a priority in 2024.

Life can be unpredictable, so it’s important to have extra funds available in the event of an emergency like car repairs, home maintenance, and unexpected medical expenses.

Saving three to six months of living expenses is a good emergency fund goal. If you have considerable debt that you’re working to pay off, start small – consider incorporating a small percentage of your paycheck into an emergency savings account – and then, once your debts are paid off, increase that percentage until you have enough set aside.

Check your credit score

When it comes to your credit score, knowledge is power.

By checking your credit score and report regularly, you’ll be able to respond to changes quickly, detect and dispute errors, and always make sure your information is accurate and up to date.

Keep trackof your credit score for free, at any time, from anywhere, through your Metro iBanking account.

If your score needs work, Metro offers programs and products that can help.