7 Financial Resolutions for the New Year

Many people say they want to "save more" or "be better with money" this year, but having vague New Year's resolutions can lead to trouble — it's that much easier to abandon a resolution that is vague.

So, we put our heads together with the experts at Town & Country Federal Credit Union to share seven concrete, specific financial resolutions that will definitely help you better your financial position:

1) Add one month’s pay to your emergency fund. If you don't have an emergency fund, now's a great time to start one. The unexpected medical bill or car expense can play havoc on your budget and financial security if you don't have the savings to cover it. If you have one, consider whether it's large enough or if there's a big upcoming expense (like a new car or a trip) for which you should be saving.

2) Pay bills right after getting your paycheck. Money comes in, money goes out. It's a great way to make sure you're not late on any payments. Be sure you pay yourself, too, and plan to save at least some money from each paycheck.

3) Make a realistic budget and stick to it. Realistic is the key word. Town & Country Federal Credit Union offers Savvy Money access to all consumers (members and non-members), so if you need someplace to start, Savvy Money has tools to help you develop a budget that will improve your overall financial health.

4) Sign up for credit monitoring. It's the best way to ensure that if a problem arises, you're able to deal with it quickly.

5) Improve your credit score by 20 points. It can save you significantly with a lower interest rate, fees, etc. If you're not sure how to get started, sign up for an analysis on Savvy Money.

6) Look for a checking account with great rewards for doing everyday transactions. Town & Country Federal Credit Union has a Rewards checking account that pays 3.01% APY with no minimum balance, no monthly fees and ATM refunds.

7) Consolidating debt into one loan. This can make it more convenient with one easy payment and can likely lower your interest rate, reducing interest payments over time. Learn about Town & Country Federal Credit Union's loan options here.

As you craft your personal financial resolutions, think about the ways that Town & Country Federal Credit Union might be able to help you. Membership is open to anyone who lives, works, attends school or worships in Cumberland or York County, Maine. Learn more at tcfcu.com.