The start of a new year is the perfect time for a fresh financial outlook. Whether you’re looking to build your savings, pay off debt, or plan for a major life event, taking a moment to reassess and revise your financial goals can set you up for success in the year ahead. At 1st Community Credit Union, we’re committed to helping you achieve your financial dreams, and we’ve put together a few tips to help you review and revise your financial goals for 2025.
Reflect on Last Year’s Progress
Before diving into new goals, take a moment to look back at your financial journey in the past year. Ask yourself:
- Did I achieve the financial goals I set for 2024?
- What obstacles did I face, and how can I overcome them in the future?
- What financial habits worked well, and what can be improved?
By reviewing your progress, you’ll have a clearer idea of what worked and what didn’t. If you were able to pay off a significant portion of debt or build up your savings, celebrate your success! If you faced setbacks, consider what factors contributed to them and how you can adjust your strategy going forward.
Set Clear and Specific Goals for 2025
Once you’ve reflected on last year, it’s time to focus on your goals for the new year. Make sure your financial goals for 2025 are:
- Specific: Rather than saying “I want to save more,” set a concrete goal, like “I want to save $3,000 for a vacation.”
- Measurable: Establish clear targets, such as increasing your retirement account contributions by $100 each month or paying off $5,000 in credit card debt.
- Achievable: Ensure that your goals are realistic based on your current income and expenses. If saving $10,000 feels out of reach, start smaller and build up over time.
- Relevant: Align your financial goals with your current priorities, whether that’s saving for a home, paying down debt, or building an emergency fund.
- Time-bound: Set deadlines for achieving your goals to stay motivated and accountable.
Creating specific, measurable, and realistic goals will make it easier to track your progress and stay focused throughout the year.
Reevaluate Your Budget
Your budget is a key tool for reaching your financial goals. As your life changes, so should your budget. Take time in January to:
- Review last year’s spending habits: Did you spend more in certain areas, like dining out or entertainment? Are there places where you can cut back to save more in 2025?
- Account for changes: If your income or expenses have changed—whether due to a new job, a move, or changes in family circumstances—adjust your budget accordingly.
- Prioritize savings and debt payments: Ensure that your budget reflects your financial goals, such as contributing to savings, paying down debt, or building an emergency fund.
At 1st Community Credit Union, we can recommend tools like budgeting apps or online calculators to help you track your spending and stay on top of your financial goals.
Focus on Building or Strengthening Your Emergency Fund
One of the most important financial goals you can set is to build or strengthen your emergency savings. Having an emergency fund provides peace of mind, ensuring that you’re prepared for unexpected expenses such as medical bills, car repairs, or job loss.
- Set a savings goal: Aim to set aside three to six months’ worth of living expenses. If this feels like too much to tackle at once, break it down into smaller, achievable goals. For example, save $250 a month for the next 12 months.
- Start small, if needed: Even if you can only set aside a small amount each month, it’s better to start now than to wait for the “perfect” time.
- Use a separate account: Consider keeping your emergency fund in a separate account, like a high-yield savings account, so you’re not tempted to dip into it for non-emergencies.
Tackle Debt Strategically
If paying off debt is a priority for you in 2025, start by reviewing all your outstanding debts, including credit cards, student loans, and personal loans. Prioritize paying down high-interest debt first, like credit cards, as it can be costly over time. Consider these strategies:
- Debt snowball method: Pay off your smallest debt first, then apply that payment amount to the next smallest debt. This method provides quick wins and motivation.
- Debt avalanche method: Focus on paying off high-interest debt first while making minimum payments on others. This will save you the most money in the long run.
Additionally, consider speaking with a financial advisor or a credit counselor for personalized advice if your debt feels overwhelming.
Plan for Big Financial Milestones
2025 could be the year for significant life events—such as buying a home, starting a family, or going back to school. These milestones require careful financial planning. Be sure to:
- Start saving early: If you're planning a major purchase, like a home or car, begin saving now to avoid taking on too much debt.
- Evaluate financing options: Research different loan options and interest rates to ensure you get the best deal possible for large purchases.
- Consider your long-term goals: Make sure that these big life milestones align with your financial goals and that you’re prepared to handle the expenses associated with them.
Automate Your Savings and Payments
To make progress on your goals, consider automating savings and payments. This can make sticking to your financial plan easier, as the money is automatically deducted from your account, and you’re less likely to forget or skip a payment.
- Set up automatic transfers: Schedule automatic transfers to your savings account, retirement fund, or debt payments each month.
- Use bill pay services: Take advantage of online bill pay to avoid late fees and missed payments.
Automation ensures that you stay consistent with your financial goals throughout the year.
Stay Flexible and Track Your Progress
Life can be unpredictable, so it’s essential to stay flexible. Regularly review your financial goals and adjust them as necessary. Life events such as job changes, family growth, or economic factors may require you to reassess and make changes to your plan.
Use tools like budget trackers or financial apps to monitor your progress and celebrate milestones as you achieve them.
Revising your financial goals for the new year is an empowering step toward achieving long-term financial success. At 1st Community Credit Union, we’re here to support you every step of the way. Whether it’s helping you set up a budget, offering tools for savings, or providing financial advice, we’re committed to helping you achieve your financial goals in 2025 and beyond.
Ready to get started? Reach out to 1st Community Credit Union today, and let’s make this your best financial year yet!
At 1st Community Credit Union, we understand that shopping smart is key to managing your finances effectively. Whether you’re browsing online or walking the aisles of your favorite stores, finding the best deals can save you money and stretch your budget further. With our locations in Sparta, West Salem, and Tomah, we’re more than just a ‘credit union near me’—we’re your partner in financial well-being. In this blog, we’ll share practical tips to help you find the best deals and discounts, both online and in-store.
1. Start with a Plan
Before you start shopping, it’s crucial to have a plan. This means knowing what you need and setting a budget. Impulse buying is one of the quickest ways to overspend, so make a list of items you’re looking to purchase. Prioritize your needs over wants and stick to your list as closely as possible.
2. Sign Up for Newsletters and Rewards Programs
Many retailers offer exclusive deals and discounts to customers who sign up for their newsletters or join their rewards programs. These programs often provide early access to sales, special coupons, and points that can be redeemed for future purchases. While it might seem like a small step, these savings can add up over time. If you frequent certain stores, it’s worth signing up to take advantage of these perks.
3. Use Price Comparison Tools
With so many options available, it’s important to compare prices before making a purchase. Online tools and apps like Google Shopping, Honey, or CamelCamelCamel allow you to compare prices across multiple retailers. These tools can help you identify the best deals and even track price changes over time. By doing a quick price check, you can ensure you’re getting the best value for your money.
4. Look for Coupons and Promo Codes
Before you check out, whether online or in-store, take a moment to search for coupons and promo codes. Websites like RetailMeNot, Coupons.com, and Honey aggregate a wide range of discounts that you can apply at checkout. For in-store shopping, consider downloading apps like SnipSnap or using store-specific apps to find applicable coupons. Sometimes, simply searching “[store name] coupon” can yield significant savings.
5. Shop During Sales Events
Timing your purchases around sales events can lead to substantial savings. Major sales events like Black Friday, Cyber Monday, and back-to-school sales often feature deep discounts on a wide range of products. Additionally, many retailers have semi-annual or seasonal clearance sales where you can find great deals. By planning your purchases around these events, you can take advantage of the lowest prices of the year.
6. Use Cash-Back and Discount Apps
Cash-back apps like Rakuten, Ibotta, and Fetch Rewards offer a percentage of your purchase back in cash or gift cards when you shop through their platforms. These apps are easy to use and can be a great way to earn money back on your everyday purchases. Many credit unions, including a credit union near me like 1st Community, may also offer credit card rewards that can be redeemed for merchandise, travel, and more - so be sure to explore those options as well.
7. Shop at Discount Stores and Outlets
If you’re looking for brand-name items at a lower cost, consider shopping at discount stores and outlet malls. Stores like TJ Maxx, Marshalls, and Ross offer designer goods at a fraction of the retail price. Outlet malls are another great option, where you can find discounts on everything from clothing to home goods. Keep in mind that while these stores offer great deals, it’s still important to compare prices and make sure you’re truly getting the best value.
8. Take Advantage of Loyalty Programs
Loyalty programs offer rewards for repeat customers, such as discounts, points, or early access to sales. Many grocery stores, clothing retailers, and even restaurants have loyalty programs that provide significant savings over time. If you shop at certain stores frequently, joining their loyalty program can lead to big savings in the long run. Be sure to use any accumulated points or rewards before they expire.
9. Buy in Bulk When It Makes Sense
Buying in bulk can be a smart way to save money, especially on items you use regularly. Warehouse clubs like Costco and Sam’s Club offer bulk items at lower per-unit prices. However, it’s important to be strategic about what you buy in bulk. Stick to non-perishable items or products with a long shelf life, and always calculate the unit price to ensure you’re getting the best deal.
10. Consider Shopping Secondhand
Shopping secondhand is not only budget-friendly but also environmentally conscious. Thrift stores, consignment shops, and online marketplaces like eBay, Poshmark, and Facebook Marketplace offer gently used items at a fraction of their original cost. You can often find high-quality clothing, furniture, and electronics at a steep discount by shopping secondhand.
Your Partner in Financial Success
Shopping smart is all about being informed and strategic with your purchases. By following these tips, you can find great deals and discounts that help you stay within your budget. At 1st Community Credit Union, your trusted ‘credit union near me’ in Sparta, West Salem, and Tomah, we’re here to support your financial journey. Whether it’s through budgeting advice, financial products, or resources to help you save, we’re committed to helping you achieve your financial goals.
In today's fast-paced world, convenience is key when it comes to managing your finances. With the rise of mobile banking apps, financial institutions are offering more features than ever to cater to the needs of their customers. But with so many options available, how do you know which features are essential? Let's explore the must-have features consumers look for in a mobile banking app and how 1st Community Credit Union (1st CCU) excels in meeting these needs.
24/7 Access At Your Fingertips
The hallmark of a good mobile banking app is accessibility. Consumers expect to be able to manage their accounts anytime, anywhere, and on any device. With 1st CCU Anywhere Online and Mobile Banking, members can enjoy simple, secure access to their accounts whether they're on their smartphone or computer. This means no more waiting in line at the bank or being restricted by branch hours.
Convenient Self-Service Features
You no longer need to visit a branch for your everyday banking needs. Today's consumers want the ability to manage their accounts and loans on the go. 1st CCU Anywhere allows users to perform a range of self-service actions, from checking balances and transferring funds to applying for loans. With the ability to pre-fill loan application fields using securely stored information, members can save valuable time and hassle.
Enhanced Security Measures
Security is important, especially when it comes to managing finances online. 1st CCU understands this and offers a range of security features to protect members' funds and personal information. From two-factor authentication to security eAlerts and secure messaging with the call center, members can have peace of mind knowing their accounts are safeguarded against unauthorized access and fraudulent activity.
Streamlined Transaction Management
Managing transactions should be intuitive and efficient. 1st CCU Anywhere allows users to add notes and images to transactions, making it easier to track and categorize expenses. Additionally, electronic statements, notices, and tax documents are readily accessible, reducing paper clutter and simplifying record-keeping.
Seamless Integration with Additional Services
A comprehensive mobile banking app should seamlessly integrate with other financial services offered by the institution. With 1st CCU Anywhere, members can conveniently manage their credit cards, pay bills online, update contact information, and even deposit checks using the mobile app. This means everything works together smoothly for an easy banking experience.
In conclusion, when looking for a dependable mobile banking app, consumers should prioritize features that offer convenience, security, and functionality. With 1st Community Credit Union's Anywhere Online and Mobile Banking, members can enjoy 24/7 access to their accounts, convenient self-service features, enhanced security measures, streamlined transaction management, and seamless integration with additional services. So why settle for anything less? Take control of your finances today with 1st CCU Anywhere. Download our highly-rated mobile app and experience banking at your fingertips.
Are you ready to take control of your finances and achieve your savings goals? Look no further than 1st Community Credit Union! We're excited to introduce you to the 30-Day Savings Challenge, a powerful tool designed to help you build your savings and make smart financial decisions.
Understanding the 30-Day Savings Challenge
The 30-Day Savings Challenge is a proven method to cultivate a habit of saving money consistently while avoiding impulse spending. Here's how it works: if you find yourself tempted by an impulse purchase, commit to thinking about it for 30 days. During this time, place the money you would have spent on the purchase into a savings account. This not only helps you avoid unnecessary spending but also allows you to save consistently and work towards your financial goals.
Impulse purchases can derail your budget and lead to unnecessary debt. The 30-Day Savings Challenge provides a structured approach to combatting these impulses, giving you time to consider your purchases thoughtfully and prioritize your financial well-being. By delaying gratification and focusing on your long-term goals, you'll develop healthier spending habits and build a stronger financial future.
How 1st Community Credit Union Can Help
At 1st Community Credit Union, we're committed to helping our members achieve financial success. That's why we offer a range of savings accounts tailored to meet your needs, whether you're saving for a rainy day or planning for the future. Our friendly team is here to assist you every step of the way, from opening your account to setting up automatic transfers for your 30-Day Savings Challenge.
Our savings accounts come with a variety of benefits, including competitive interest rates, no monthly maintenance fees, and convenient access to your funds. Whether you prefer a traditional savings account or a high-yield option, we have the perfect solution to help you reach your savings goals.
Making Smart Financial Choices
The 30-Day Savings Challenge empowers you to make informed decisions about your finances. By taking the time to consider your purchases and set aside money for savings, you'll gain a greater sense of control over your money and avoid falling into the trap of impulse spending. Plus, with the help of our savings calculator, you can track your progress and see how your savings grow over time.
As you progress through the 30-Day Savings Challenge, you'll develop a deeper understanding of your spending habits and priorities. You'll learn to distinguish between needs and wants, and you'll become more intentional about how you use your money. By cultivating these habits, you'll set yourself up for long-term financial success and achieve your savings goals faster than you ever thought possible.
Join the Challenge Today
Ready to take the first step towards financial freedom? Join us at 1st Community Credit Union and start your 30-Day Savings Challenge today! Visit our website or stop by one of our branches to learn more about our savings accounts and how we can help you achieve your financial goals.
Begin your savings journey with 1st Community Credit Union today. Let's work together to achieve your financial goals!
Why You Should Give Back
Charitable giving and donating are powerful ways to positively impact your community and support those in need. The holiday season is known for its abundance of food, gifts, and quality time with friends and family—but not everyone is fortunate enough to have the support system or funds to enjoy this season of celebration. Luckily there are multiple ways to donate this holiday season and all year round to help support your community and those in need while receiving tax benefits. Donating is a selfless and impactful act that is recognized and rewarded with substantial tax benefits. The tax benefits of donating require documentation and proof in order to reward deserving individuals for their charitable donations. Before we get into the tax benefits let’s dive into the most impactful types of charitable contributions you can make this year.
Types of Charitable Contributions
Charitable contributions can be divided into three general categories: cash donations, non-cash donations, and appreciated assets. To receive tax benefits, donations must be donated to verified charity organizations and well documented.
- Cash Donations: Cash donations are one of the most popular types of donations and can be made with cash, checks, or online transactions.
- Non-Cash Donations: Non-cash donations include items like clothing, furniture, food, and so on.
- Appreciated Assets: Most people are unaware that stocks and other assets can be donated as charitable gifts. It not only makes a big impact for charities, but it also helps you avoid capital gain taxes if your stocks or assets have appreciated in value.
Tax Benefits of Charitable Giving
The tax benefits connected to charitable giving rewards deserving individuals for their donations. To see a real difference on your taxes, larger amounts will receive larger benefits. If you’re planning on donating the same amount every year, try donating a larger lump sum this year to receive better tax benefits in the long-term. Here are two types of tax benefits you can receive for donating.
Deducting Charitable Cash Donation
Itemized deductions of charitable cash donations to public charities can be deducted up to 60% of your adjusted gross income (AGI) while private charities can be deducted up to 30%. Each charity has specific deduction limits and guidelines. Check out this contribution deductions & benefits resource from the IRS to better understand the limits and benefits.
Qualified Charitable Distributions (QCDs)
This type of tax benefit is only available to individuals 70 and a half years old or older with a traditional or ROTH IRA. These individuals can donate up to $100,000 from their retirement account directly to a qualified charitable organization without paying any tax on the income.
Give Back to Your Community
Giving back to your community is a selfless way to celebrate the holidays this season. Not only do you help support those in need, but you also get deductions and other benefits on your taxes. When navigating the documents and forms for the tax benefits of donating, seek out professional advice at 1st Community Credit Union with offices in Sparta, West Salem, and Tomah. Put your community first with help from 1st Community Credit Union today!
After you've filed your taxes, do you wait impatiently for your refund and make plans for all the ways you want to spend the money?
This year, consider doing something different...something that your future self will thank you for.
The average tax refund is nearly $3,000, which is more than just a little extra spending money. Financial advisors suggest possible ways you can make the most of your tax refund this year:
- Start an emergency cash fund: The majority of financial advisors recommend setting up a separate savings account with three to six months of living expenses saved in the event of a layoff or unforeseen health problem that isn't covered by insurance. Keep this emergency account separate from your checking and regular savings accounts so you won't be tempted to drain the fund by spending the money on non-emergencies. Starting a secondary savings account at 1st CCU is easy, you can do it from the comfort of your home within 1st CCU Anywhere online or mobile banking, simply click 'Add an account' and follow the prompts.
- Invest for your retirement: If you decide to put away your refund for a longer term, advisors recommend putting it toward your retirement by adding more to your employer's retirement program, or open a Traditional or Roth IRA if you are unable to contribute to an employer's program.
- Invest for your child's college education: If you already have an emergency fund, and if you're well-invested for retirement, turn your attention toward building your children's (or grandchildren's) college savings plans.
- Pay down high-interest debt: Many financial advisors believe it is prudent to use your tax refund to pay off as much of your high-interest debt as possible. They advise making a list of all loans, balances, and corresponding interest rates. Start by paying off the highest interest rates first, and work your way from there.
While it can be tempting to use the refund to take a vacation or to purchase a long-awaited new television, computer or other high-tech gadget, take a long hard look at your economic situation and the current economy first. Investing the money in financial stability or a brighter future is a smart choice.
When it comes to teaching smart money management for teens and kids, the more education they have at an early age, the better prepared for life's financial challenges they'll be in adulthood. We're all familiar with the concept of saving from an early age but providing young people with a solid foundation of budgeting, understanding credit scores and building wealth can seem daunting - especially if you haven't been taught these principles yourself! Luckily, 1st Community Credit Union is here with tips to provide parents and their kids the knowledge necessary to make smart decisions with their finances so your children will have beneficial financial habits for their future.
Smart Money Management for Teens and Kids
As a teen or kid, it can be difficult to understand the basics of money management and saving for the future. Fortunately, the internet has several free resources to help teach kids (in a fun way) the importance of saving and spending wisely. There are also books for all ages available at your local library, or consider playing board games such as Monopoly or Payday as a family.
Understanding the value of each dollar is an important part of setting financial goals. This understanding helps with making and sticking to a budget, tracking expenses, and utilizing every resource available. Other impactful tactics include investing in yourself through responsible spending practices, creating an emergency fund, planning for a rainy day. Teaching your young ones steps to get their finances in order now will be sure to pay off late
The Benefits of Good Money Habits
Teaching children and teenagers the importance of good money habits at a young age is essential for helping them make responsible and informed decisions as adults. Developing healthy relationships with money through understanding how to save, budget, and spend wisely can help teenagers avoid future debt, build beneficial financial confidence, and create a more secure future. 1st CCU always encourages smart money management at any age. Making wise monetary decisions now plays a role in ensuring financial well-being and stability in the long run. Not only will these lessons enable teens to become financially independent while they are still young, but they will also provide peace of mind in terms of security later in life.
Strategies to Teach Kids and Teens about Saving
Teaching kids and teens about the importance of saving is an essential part of their financial education. Kids should begin learning about budgeting and smart spending as early as possible so they can develop lifelong saver habits. There are a few key strategies to teach kids and teens about saving: start small, reward good behavior, provide clear examples and make it a team effort. With the help of 1st CCU, parents can suggest savings goals for their children and provide guidance through the process. By recognizing the efforts their children make toward these goals, parents can empower their kids to become smart savers.
Developing a Budget for the Whole Family
Taking a family-oriented approach to budgeting can help everyone in the family learn how to become financially savvy. Developing a budget as a team helps instill good money-managing habits that can be carried over into adulthood. A joint budget not only teaches teens and children to value good financial decisions, but it also encourages collective responsibility for spending and saving habits. Putting together a budget for the whole family is easy, practical, and beneficial for future financial well-being.
Tips to Help Kids and Teens Stick to their Budget
Teaching kids and teens how to budget is essential when it comes to smart money management. But how do you help them make it a habit that'll stick long term? 1st CCU has several tips that will help! For starters, setting up a monthly budget specifically for a teen or kid's spending money can give them the autonomy they require while helping them to stick to an allotted limit. Secondly, encouraging tracking and setting reminders can also keep them on track with their budgeting goals. Most importantly, making sure your kids or teens understand why having a budget is important and the benefits of being financially responsible will go a long way in establishing good habits early.
Encouraging Smart Spending Habits for Life-long Success
As your children take their first steps into adulthood, instilling good money management habits will be paramount in ensuring their long-term success. 1st CCU is a great resource for introducing teens and kids to fiscally sound practices. Enabling them to quickly understand the importance of budgeting and learning how to handle unexpected expenses can empower them with the knowledge needed for longevity when it comes to mastering their personal finances. Start off small by having your kids keep track of daily expenses so they can visualize the difference between instant gratification purchases and building a sustainable financial plan that yields long-term rewards. By creating savings goals that are achievable, your children will also learn how powerful setting aside a certain amount each month or week can be when working towards future goals. Teens may be resilient but providing guidance towards sound spending habits early in life will ensure smart decision making for years to come!
Smart money management for teens and kids starts at home. It’s truly an investment worth making. Help your kids achieve their financial goals with confidence. Just like we can help with home mortgage loans and auto loans, at 1st CCU, we’re here to help the next generation of smart savers start early. Contact 1st CCU in Sparta, West Salem and Tomah for more information.
The new year is a time for resolutions. Many people resolve to get in shape, spend more time with family, or save more money. If you're looking to save money in 2023, we have some tips that can help! Follow these simple steps and you'll be on your way to saving more money without making any big changes to your lifestyle.
Make a Budget
One way to save money is to make a budget and stick to it. This means knowing how much money you have coming in and what your regular expenses are. Once you have an understanding of your finances, you can start making adjustments to spending in order to free up more money to save.
Cut Back Unnecessary Expenses
There are plenty of ways to cut back on unnecessary expenses. This could mean things like eating out less often, buying fewer clothes, or reducing your entertainment budget. When you take a close look at your spending, you may be surprised at how much money you're wasting on things that aren't really necessary.
Utilize Coupons and Discounts
A third way to save money is to start utilizing coupons and discounts. Whether it's clipping coupons from the newspaper or looking for deals online, taking advantage of sales and discounts can help you save a significant amount of money over time.
Eliminate Debt
A fourth way to save money is to get rid of debt. If you have high interest debt, such as credit card debt, it can be costing you a lot of money in the long run. By paying off your debt, you can free up more money each month to put towards savings.
Budget Some Savings
Finally, another way to save money is to simply start setting aside some money each month into savings. Even if it's just a small amount, over time it will add up and you'll have a nice nest egg built up that you can tap into when needed.
Start Saving Today
Start the new year by resolving to save money in 2023 with 1st Community Credit Union in Sparta, West Salem and Tomah. To save even more, let us help with a service that’s right for you. And if it’s time for a home loan or auto loan that makes sense, we can help you with that too - just contact us! Let 1st CCU be your partner in building a solid financial future.