New Year’s Resolutions:

It’s a new year, and the perfect time for a fresh start. Have you set any goals for your financial wellbeing in 2018? We’re sharing three areas of focus to help you improve your financial health this year.

Improve Your Credit Score

Your credit score is an incredibly important number. Not only does it determine whether or not you’ll receive loans and other financial products and services, but it also determines what sort of terms you are likely to get. Maintaining a healthy credit score is critical to your financial wellbeing.

There are many people and companies who will tell you that they can raise your credit score for you, for a fee. The truth is, there really are no shortcuts. You have to do the work, but you can make it simpler by working with someone who knows the best way to help you reach your specific goals.

Cove offers a free credit score analysis to our members. To raise your credit score in 2018, call Doug at 859-466-2110 or email him at dblankenship@covefcu.com.

Make a plan to Reduce Debt

According to a NerdWallet analysis, the average debt per indebted household in the U.S. is more than $131,000. While it might not make sense for you to pay off your mortgage early, there are other types of high-interest consumer debt you should consider tackling in 2018.

As you begin to form a plan of action for reducing debt, the first step is to find out what you really owe – from credit cards to personal loans to student loans and more. From there, you can build a repayment plan, consider consolidation, and resolve to stop creating new debt in the meantime.

Learn more about debt and credit assistance from Cove and our partners.

Start Saving Now

If you haven’t made saving a priority up until now, it can seem like a daunting task to start from scratch. Make it easier by saving with a goal in mind. Whether it’s for an emergency fund, a car, a vacation, or the first semester of your child’s college tuition, define your goals first. Then, look at your budget and take steps to get started.

Another way to make saving easier is to set up automatic deposits to your savings account. If the money moves directly into savings, it’s much easier to not spend it. Pay your savings account first, then work through the remainder of your budget.

For more information on financial wellness, click here.