Family Financial Resolutions for 2017

As the New Year approaches, it is time to reflect on and reform your life. First Choice Credit Union wants to help with some positive resolutions you can keep in 2017. These financial resolutions for you and your family are geared towards securing a bright future for your home, health, and happiness.

Save For Retirement

The question of when to start saving for retirement is always answered the same way: yesterday. If you haven't already begun a 401k or similar retirement investment plan, you owe it to your family to get started. When retirement age rolls around, you do not want your children to be burdened with the task of taking care of you financially.

Write Your Living Will

If you have children or a house or anything of importance to pass on when you die, you must write a will. Wills are not very expensive and they can save your family a huge headache if anything should suddenly happen to you. As the saying goes, it is better to be safe than sorry. Writing your will is a financial responsibility often overlooked by young families.

Talk With Your Kids About Finances

It comes as no surprise that the majority of parents do not talk with their children about money nearly often or honestly enough. Your children can learn to be better with money if you make financial conversations a resolution in your home. This article is a great guide to introducing finance and monetary lessons from age 3-18. It even includes activities that will drive the lessons home with your kids.

Create An Emergency Fund

Families can often feel the stress of stretching their dollars. However, if there's one thing it is important to save for, it is an emergency fund of 3 to 6 months worth of your family's expenses. If catastrophe hits your family or the breadwinner loses their job, this emergency fund will ensure your family never feels the extreme stress of surviving on nothing.

These four financial resolutions will help you secure a successful future for your children and life. Do not let another year go by without improving your financial situation! For any questions or help with financial matters, please visit First Choice Credit Union; we love making a difference in our members' lives.