In preparation for our Arcadia branch move, we are in the process of relocating our ATMs. Our First Avenue branch currently has one available ATM, which will later be moved to our new location on June 16. Learn more about the move.
As the year comes to an end, you might start making resolutions about how you can make next year better, easier—and more financially secure. This is especially important when you live in an exciting but expensive city like L.A.
Our handy guide is here to offer tips and tricks to get 2023 off to a great start, whether you want to save more, spend less, or be more financially savvy across the board. Read on to find out how to get your finances in order.
Living in L.A. can be tough because rent and housing prices are high. Other living expenses, like food and gas, have been higher lately, too. This means a large chunk of your income goes right out the door the moment it arrives in your checking account.
Here's our list of tips to make your money work harder so you can get your finances in order.
Financial checkups are just as important as your annual physical checkup at the doctor. Maybe you keep a budget on a spreadsheet, showing your household income, expenses, and debts. Now is the time to go over all your figures and make sure they're accurate.
Bonus Tip: While you're going over all your paperwork, also make sure to review (or create!) your will, an estate plan, health care proxy, and power of attorney.
We know people who live in L.A. are generally ambitious and goal-oriented. A good tip to help your savings goals is to set a specific target instead of a general hope. Foothill Credit Union offers a range of savings accounts to help get your finances in order.
Specific goals may include:
Maybe it's time to take your savings to the next level by opening a different type of account with a range of benefits and features you can't get from regular savings options. A Share Certificate Account, also known as a Certificate of Deposit (CD) account, allows you to:
Another great option is a Money Market Account. Maybe the name sounds confusing as if you're getting tangled up with the stock markets, but that's not the case!
An individual retirement account (IRA) is a great way to save for your future, whether or not you have a 401(k) through your employer. It's a good idea to talk to a financial expert if you're not sure about contribution limits, tax advantages, and other features of different retirement options.
Bonus Tip: If you have kids, you may also consider opening a Coverdell Education Savings Account before they turn 18 so you can start saving for college or other types of tuition and education-related expenses.
Maybe you're juggling multiple credit cards with high balances and a confusing range of interest rates. Or maybe you have just one credit card but the annual percentage rate (APR) is much higher than you should be paying.
A balance transfer might not be the best option if you have a lot of different debts, or if the rate you get on your new credit card isn't a lot better than your old one. Instead, you might want to consider taking out a home equity line of credit (HELOC) to consolidate and pay off your debts.
With a HELOC:
Maybe you have a flexible spending account (FSA) or a health savings account (HSA). Maybe you just have a free coffee that needs to be claimed by the end of the year.
Whether it's a discount, Air Miles, or annual disbursements from an account, make sure you're not leaving anything sitting on the table that can't be used in 2023!
If you dig a little deeper, you may find ways to get your finances in order that are also good for your health, the environment, or other people. For example:
If you're already a member of Foothill Credit Union, then you know that joining a credit union is one of the simplest ways to get your finances in order. But here's a quick recap in case you still do all your banking at a big bank.
Credit unions are nonprofit, member-owned financial institutions that work in the best interests of the people at the schools, hospitals, and businesses we love to serve in L.A. Our revenue doesn't go to outside shareholders. Instead, we invest in our communities.
You’ll get personal, friendly service from people just like you, who understand what you need and want. Plus, we offer our members:
Now that you know how to get your finances in order in 2023, it's time to think about how you're going to spend your leisure time. Believe it or not, it's possible to have a great time in L.A. without breaking your budget. Click below to see how you can have fun and achieve your financial goals at the same time!
Foothill Credit Union is a full-service credit union with California branches in Arcadia, Covina and Glendora.
"I have been a member for 20 years or so and I have nothing but positive things to say about you guys. We have used summer skip for a car loan, house loan, Summer Savings program and I am very happy with Foothill Credit Union."
- Thomas R.
A savings account that has your back. Build up your reserves and earn extra money to help with you finances down the road.Learn More