If you’re someone who likes to make resolutions on New Year’s Day, you know how hard it is to stick to them. Here are a few resolutions that can help increase your financial fitness and hopefully inspire you to stay committed to them in the new year.
Resolution 1: Create a budget
Saving and investing during your working years, if you are consistent, should lead to a rising net worth over time, enabling you to achieve many of life’s most important goals. Creating your own budget can help you build your road map and stay on track. At a minimum, be sure to have a high-level budget with three things: how much you’re taking in after taxes, how much you’re spending and how much you’re saving.
Resolution 2: Manage your debt
Debt, depending on how you use it, isn’t always good or bad—it’s simply a tool. For most people, some level of debt is a practical necessity, especially to purchase an expensive long-term asset to pay back over time, such as a home or car. Problems may arise when debt becomes more of a burden than a tool.
Resolution 3: Prepare for the unexpected
Risk is a part of life, particularly in finances. Your financial life can be affected by all sorts of surprises: an illness, job loss, disability, death, natural disasters or lawsuits. If you don’t have enough assets to protect against major risks, make a resolution to get your insurance needs covered. Insurance helps protect against unforeseen events that don’t happen often, but are expensive to manage yourself when they do.
Resolution 4: Protect your estate
An estate plan may seem like something only for the wealthy. But there are simple steps everyone should take. Without proper beneficiary designations, a will and other basic steps, the fate of your assets or minor children may be decided by attorneys and tax agencies. Taxes and attorneys’ fees can quickly diminish these assets and delay their distribution when those who are entitled to them need them most.
I started working at Central Massachusetts Telephone Workers’ Credit Union on June 7, 1977, which was located within the New England Telephone Building at 15 Chestnut Street in Worcester. Our members then were all employees of New England Telephone. I was one of three part time employees and the Credit Union only offered savings accounts, small personal loans and auto loans.
We posted everything by hand and didn’t own a computer. It’s hard for me to believe that more than 44 years have passed and it’s amazing to see what AllCom Credit Union has become.
One thing remains the same and that is my commitment to you, our members and our owners. Every day my one driving thought was “the member comes first”.
Over the years we have been supported by a wonderful volunteer Board of Directors who have given their time freely and generously to set the policy direction of the Credit Union, always keeping our members and staff at the forefront of their decisions.
We have had wonderful staff that have worked incredibly hard and along with our Board of Directors and our committed members we have built an extremely strong and viable financial institution. We are just as relevant today as we were 100 years ago, as we continue to serve a purpose in our members’ lives and in our community.
Laura Ybarra, our Executive Vice President will take my place on January 1, 2022. Her intelligence, dedication, work ethic and commitment will continue to contribute to the overall success of AllCom. She embodies the true spirit of what a Credit Union is and I know she will successfully lead AllCom into the future.
We are approaching our 100th anniversary in 2022 and although these economic times are uncertain, AllCom is positioned to weather the storm and continue to thrive. I will miss helping generations of families meet their financial goals and making friendships that have lasted decades.
My last day in the office will be December 10th but I will be continuing to work remotely through the end of the year.
Thank you for turning what I thought would be just a part time job into a rewarding and fulfilling, 44 year career.