Chief Financial Offers Five Simple Goals for New Years Savings

1. Start a Budget – The first and most important step to becoming financially successful is starting and maintaining a budget. Begin by listing out your monthly expenses and compare to your monthly income. From there you’ll be able to prioritize your spending.

Starting a budget for the first time can be intimidating, but there are resources available for anyone to do it. Purchasing a budget/planning book is a good way to get started. If you prioritize your life digitally, NerdWallet has a simple and FREE tool that connects your bank
account(s) and tracks your spending.

2. Collect your change – Yes, even adults can benefit from the use of a piggy bank. By rounding up to each dollar amount on all purchases, you might be surprised of how much you could accumulate over the course of a year.

First practice with cash – throw any spare change leftover after a trip to the grocery store into a large container. Some financial institutions and applications offer digital versions that essentially does the same process.

3. Start Saving Money – Easier said than done right? Saving your money can be a test of will power more than anything. By starting to save now, you can set up for financial opportunities in the
future, such as investing and adding to your retirement contributions. Also, having a rainy-day fund is useful for life’s unexpected setbacks.

Experts say you should be saving at least 10 percent of your income each month. Here are a few tips to help you get started:

· Prepare meals for the week instead of eating out

· Grab a hand basket instead of a shopping cart at
the grocery store. This will force to you avoid impulse purchases and stick to
the essentials

· Buy generic instead of premium brands

· Reduce energy costs in your home

4. Build your credit – Your credit score can used for so many things. Maintaining a good score is not only an indicator of financial success, but also allows you to secure loans to enjoy essential
things in life, such as a home, car, internet, mobile phone and more.

5. Think about Investing – Warren Buffet, one of the most successful investors in the world, cautions everyone to “never rely on a single source of income.” One of the easiest and most effective ways to do this is by investing your money. Even if it’s just getting your feet wet, learning the process of investment trading can be a key part to building your financial
portfolio.

Many people choose to invest on their own, but if you wanted to automate the process a financial planner is something to consider to help reach your goals. A planner can also be the one to help you understand the market and its current conditions. Maybe the process of
investing is a little overwhelming to you at first. Try starting small - mobile apps like acorn, stash, and robinhood are great ways to learn how to start investing on your own.

Chief Financial Credit Union is the only financial institution headquartered in the Greater Rochester Area.With a commitment to empowering financial success and inspiring
creative philanthropy, Chief Financial has been meeting the needs of its members since 1941 through its branch locations in Pontiac, Dearborn and Rochester Hills, Michigan. Chief Financial is also the official credit union of Leader Dogs for the Blind and Rochester College. For
more information, visit www.chiefonline.com.