As the earth finishes another year around the sun, as always, the markets and the economy continue to affect the way Americans spend and save. So there’s no better time than now to take a hard look at your financial habits and to get a new plan together for 2026.
Everyone talks about savings and protection from unexpected bills, but the reality is that one ill-advised purchase could derail your financial security when life strikes. Maybe you bought a new motorcycle or boat, which you were able to afford at the time, but then a large appliance breaks, requiring an immediate replacement. Next thing you know, your sound fiscal plan is in jeopardy, your savings are depleted, and you’re looking at a pile of debt on a credit card with a high interest rate.
If this is starting to hit a little too close to home, don’t worry, we’ve all been there at one time or another. Successfully managing debt and finances is just part of life, and fortunately, Navy Federal Credit Union is here to back you up every step of the way. Starting with a few simple steps below to help you achieve (and maintain) financial wellness.
Stick To Your Budget
As most of us know, having a budget and keeping one are two very different beasts. However, sticking to the limits you’ve set for yourself will go a long way toward minimizing the havoc unforeseen expenses will cause when they inevitably pop up. It’s not fun or sexy, but living within your means allows you to accrue wealth and save for that rainy day that will inevitably happen. If you don’t have a budget yet, there are plenty of templates online that can get you started. Navy Federal also has an outstanding subscription manager that lets you track and make updates to upcoming payments and recurring bills from one location, and will even connect you directly to merchants to help you cancel any unwanted subscriptions.
Save Each Month
Going hand in hand with the previous tip, you should make an allotment in your budget each month for some type of savings, whether it’s a mutual fund, or just a savings account labeled “emergency funds.” Bottom line: a little bit each month protects you from having to dip into living expenses when your 3-year-old daughter decides she wants to see how many Barbie dolls can fit in the toilet and manages to flood your entire house (this one was a bit personal). Even a hundred bucks a month can add up over the long run, and the discipline to save means you also have the discipline to work down your debt.
Consolidate Your Bills & Debt
No one is perfect. Expenses happen. Life happens. That’s why credit cards can be so useful, and using your credit to create some breathing room in your other monthly payments can be a responsible way to manage your debt. Finding the right credit card for debt consolidation can seem challenging, but Navy Federal Credit Union has simplified the selection process to make it easy.
For more financial tips and tricks, check out Navy Federal’s MakingCents podcast or navyfederal.org to find your nearest branch.
This article was sponsored by Navy Federal Credit Union. This credit union is federally insured by the National Credit Union Administration.
This content is intended to provide general information and should not be considered legal, tax, or financial advice. It is always a good idea to consult a tax or financial advisor for specific information on how certain laws apply to your situation and about your individual financial situation.