Financial Fitness Resolutions

With 2014 at a close, it’s time to set your New Year’s Financial Fitness resolution. Setting a financial goal for 2015 will develop a rewarding habit that will continue for many years to come. Whether you are spending less money on the morning coffee, or setting aside a higher percentage of your paycheck for retirement, it’s time to start thinking about your financials, and we are here to help. The following are four easy tips to start your year off right.


Start envelope budgeting- Envelope budgeting is putting cash aside every month for your spending. You can start by dividing your money into certain categories. These can include taxes, rent, child expenses, groceries, date night and more. Assign each category to an envelope and budget your money to each category. Use the money as needed for each category. This will help you decide whether you need to spend the money, or if you can leave it for another time.

Pay down debt- Write down all your cards, their balance, and what the interest rate is on each. Increase payments on the card with the highest rate. If you aren’t already, try paying off the most expensive debt first, and try paying more than the minimum balance on it. Paying only a small percentage of the balance only prolongs the payoff.

Save more for retirement- Start saving, and keep saving! You will reward yourself in the long run if you continue to put 10 to 15 percent of your paycheck in a retirement fund. Make sure you know your retirement needs. Every individual’s retirement needs are different. Determine your needs ahead of time so you can prepare yourself- and your money- for the long haul.

Meet with a financial advisor- These men and women have the knowledge and expertise to guide you through financial decisions. They offer realistic goals that you can reach with their help. Invest in a good advisor and you can get started towards retirement in the right direction.


The best New Year’s resolution you can make is one to develop your own financial fitness. St. Cloud Federal Credit Union is here to answer all your questions you may have about getting yourself “in shape” for 2015. Give us a call at 320-252-2634 for more information. Have a very happy Holiday season and New Year!

Start Saving Now, Thank Yourself Later!

For some of us, retirement might be next month, for others next year, and for others – it may seem a life time away.  Regardless of your age and retirement plan, it’s never too early to start saving.  No matter how old you are, where you work, or what your retirement goals are, there are ways you can start saving… today!

In Your 20’s:

• Starting early is the best way to save for your Retirement.  Consider starting to save where you work by taking advantage of any programs offered to you, such as a 401(k).  If your budget allows, try to contribute so that your employer matches your contribution – it’ll give you a 100% return on your ‘matched’ investment, which you won’t find many places.  If you don’t have the option of saving through work, consider seeing a financial advisor or looking into a Roth IRA.
• Create a do-able budget, and do your best to stick to it! At a young age, it can be hard to manage money with the stress of student loans, first time car purchases, and expenses of living on your own.  Finding a balance between being financially responsible and having fun.  Do your best to outline your expenses and determine how much you can save each month.

In Your 30’s:

• Review your budgeting by reassessing wants and needs– do you still need all those cable options? Can you cut the land-line  Are you spending too much on eating out? Can you get a better rate by refinancing a loan?  Looking at where you’re spending can help you see where you can cut costs.
• If your salary begins to increase, consider also gradually increasing the amount of each paycheck that you put away toward your retirement.  It may be a difficult adjustment at first, but if you ease into it, you’ll be glad you decided to start saving more of your income.

In Your 40’s:

• Now is a good time to review what you have saved for retirement so far, and how much more you need to save to reach your goals.  Even if it seems disheartening, try to calculate of how much money you need to be comfortable in retirement.
• Reassess any debts you have, and work toward getting them paid off as soon as possible! This will help with not only your finances, but your overall well-being.

In Your 50’s:

• Review all of your accounts to learn ‘where you sit’ in savings and with your retirement fund.  If needed, make changes to plans to assure you’re on track with your retirement plan.
• Consider ‘Catching Up’: After you turn 50, you can make “catch-up contributions” (an extra amount, beyond standard limits), or payments to tax-deferred retirement plans.  To learn more, click here.
• Begin to look at how much you may receive from Social Security to determine what age you should apply for these benefits.

In Your 60’s:

• Waiting to retire can sometimes add up to an increased Social Security payout.  Revisit your retirement plan and map out when you should start to receive social security benefits, and what your retirement goals are.
• Look over spending habits, and find ways you can reduce spending if possible.  This will help assure that you will be ready to live within your means during retirement.

Saving and planning for your retirement now, can ease the stress and financial burden later in life, and can help with your overall Financial Fitness!  It may be hard to save now, but someday you’ll be glad you did.

Our mission is to educate, support, and encourage our Members to become Financially Fit.