01.15.2025

Small Ways to Transform Your Finances

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If you're aiming to improve your finances, the first step is to evaluate where you stand. Begin by listing your debts, such as credit cards, student loans, and any unpaid medical bills, alongside your assets and all income sources. This assessment will help set realistic financial goals, like building an emergency fund or tackling debt one step at a time. 
 

Set Manageable Financial Goals

Setting smaller goals, such as saving for a particular purchase or paying off the small debt first, makes achieving milestones more manageable and motivating. For example, if you want to save for a new appliance or vacation, break down your goal into monthly or payday contributions. When it comes to reducing debt, focus on paying down smaller balances first to create momentum, gradually working toward larger debts.
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Build and Maintain a Budget

A budget is essential to track your monthly expenses versus income. If your expenses exceed your income, look for areas to cut back, like limiting dining out or subscription services, or even consider ways to increase your income through side jobs or freelance work.
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Prioritize Debt Repayment

Once debt repayment begins, prioritize minimizing interest costs by paying off high-interest loans first. As you make progress, adjust your budget to keep on track, revisiting it regularly. While staying disciplined can be challenging, persistence pays off. Embrace setbacks as learning experiences and maintain your focus on achieving a financially secure future.
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Take the First Step Toward Your Financial Future

As a member, our Financial Exploration allows you a chance to dive into your finances and ensure you're on the right path to meet all your financial goals. All members are eligible to participate in a discovery session, available at all branches without an appointment.

Let us be your guide in defining your financial future on your own terms. Start your journey today by stopping into a branch and speaking with a Michigan First team member.

 

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