Out of all the things you could resolve to do in the new year, financial planning is the one that could be the most prosperous for you. By creating a roadmap to reach your short- and long-term financial goals, you’re giving yourself the best opportunity for success in the new year.
A great place to start is with the financial education resources that may already be available to you through your preferred financial institution, such as Travis Credit Union. In this blog, we will discuss ways you can use financial education to help with your financial planning in the new year.
Why Is Financial Planning Important?
Financial planning is a key practice or habit for financial health. It is important because it requires you to take an honest look at your personal finances and make objective decisions about your money goals. Developing a clear plan will let you better track your money, stay within your budget, build emergency savings, pay down debt and save for retirement.
Everyone’s financial situation is different and so will be their financial plan. For some, the emphasis may be to pay down debt or save for a major life event, such as a wedding. It could be to increase their credit score to get lower interest rates on loans or to build wealth for investment and retirement. No matter what it is, setting goals at the start of the year gives you the most time to act on your plan.
Methods To Set Financial Goals in 2026
Creating a financial plan isn’t difficult. You could hire a professional financial planner to tell you what you want to do or learn to do it yourself. For example, 41% of Americans wish to save more, 38% wish to pay down debt and 30% want to spend less, according to CNBC.com.
Here are three things you can incorporate when creating a financial plan for the new year.
- Track Your Income: Tracking your income and expenses is the best way to understand where your money is going. Start by creating a budget that lists all your monthly income, bills, savings, food, gas, discretionary spending and more. Once you’ve identified where your money is going, create a new plan. For example, using the 50/30/20 method means that 50% of your income goes toward needs, 30% goes toward wants and 20% goes toward saving and paying down debt.
Also, you can use spending analysis mobile apps such as Goodbudget to track your spending so you can stay on goal. According to NerdWallet, this tool is great for helping you make better use of your income.
- Budget for Emergencies: Unexpected financial emergencies can occur at any time. Having an emergency fund will help keep your finances on track and provide you with more peace of mind. Examples of unexpected financial emergencies are car repairs, medical bills or home repairs. You can start small with your emergency fund. For example, set a goal of $500, then build it up to $1,000. After that, save enough for at least one month’s living expenses, and then more. Other ways to save are to use a health savings account (HSA) or flexible spending account offered through your employer.
- Tackle High-Interest Debt: Revolving debt, especially from high-interest rate credit cards, can snowball into large balances over time if you make only the minimum monthly payments. As part of your financial planning, resolve to pay down these debts first. If you have several credit card accounts, consider a debt consolidation loan with a lower interest rate. You can combine all your loan balances into one monthly payment, save money on interest and pay off your debt faster.
Whether your focus will be to save more, follow a budget or pay off debt, knowing where to find information and resources about money can help you be more successful.
Where To Find Financial Education Resources
Resources about personal finances are readily available online from various providers, such as financial institutions, eLearning platforms and government resources such as the Consumer Financial Protection Bureau. Increasingly, financial institutions, especially credit unions, are providing more free financial education resources as part of their membership benefits.
Here are some of the main ways you can learn more about money:
- Online content: There’s a wealth of searchable online content related to money management, personal finance and similar topics. Be sure the information comes from a trusted source.
- Podcasts: Financial education podcasts cover a range of money-related topics, and you can listen to them while you’re on the go. Search your favorite podcast streaming service for money-related podcasters.
- Publications: Books and magazines remain a good way to learn about personal finances. Visit your local library or area bookstore to get started.
- Financial consultants and counseling: Financial consultants and counselors are focused on helping you make smart money decisions. They can provide you with information on topics such as debt and credit.
How Travis Credit Union Can Help
At Travis Credit Union, members and the public have access to Knowledge Base, a free financial education platform that offers courses, tips and tools on a variety of money-related topics, including budgeting. Users can take a short assessment to measure their financial knowledge, and the program will provide them with courses to get them started on their financial wellness journey.
Also, TCU has partnered with GreenPath, a trusted national nonprofit, to help improve financial wellness. Members have access to debt counseling, debt management and housing counseling.
To help with financial planning, TCU offers savings accounts and free checking account options with direct deposit so you can automatically save. Learn more about how you can plan, save, spend and borrow better at TCU, where “Knowledge is Power.”