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4 Essential Strategies to Strengthen Your Finances for the New Year

As the New Year approaches, it’s a time for new beginnings and setting goals. For many, financial well-being is at the top of their resolutions list. Whether you’re looking to save more, reduce debt, or just get your finances in order, Deseret First Credit Union is here to help. Here are four effective ways to shore up your finances and prepare for a prosperous New Year.

1. Create a Robust Budget Plan

The cornerstone of financial stability is a well-crafted budget. Start by reviewing your income and expenses from the past year. Identify areas where you can cut back, such as dining out or subscription services. Allocate a portion of your income towards savings and debt repayment. Remember, a budget isn’t set in stone; it’s a flexible tool that should adapt to your changing financial situation.

2. Build an Emergency Fund

An emergency fund is your financial safety net, designed to cover unexpected expenses like medical emergencies or car repairs. Aim to save at least three to six months’ worth of living expenses. If this seems daunting, start small and gradually increase your contributions. DFCU offers various savings account options to help you grow your emergency fund effectively.

3. Reduce and Manage Debt

Debt can be a significant barrier to financial freedom. Start the New Year by assessing your debts and creating a plan to pay them down. Focus on high-interest debts first, as they cost you the most. Consider debt consolidation or balance transfers to lower interest rates. Deseret First Credit Union offers personal loans and credit counseling services to help you manage and reduce your debt.

4. Plan for the Future

It’s never too early to think about long-term financial goals, like retirement or buying a home. If you haven’t already, start contributing to a retirement account. Explore investment opportunities that align with your risk tolerance and financial goals. We also offer financial planning services to help you make informed decisions about your future.


Strengthening your finances is a journey that requires commitment and patience. By creating a budget, building an emergency fund, managing debt, and planning for the future, you’ll be well on your way to a financially healthy New Year. Remember, we are here to support you every step of the way with personalized financial solutions and expert advice.