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Financial habits to break and adopt in 2023

Welcome to 2023, let’s make this year a great one.

We all have habits we want to kick plus some healthy ones we want to add this year.  Below are several financial habits to Break and Adopt in 2023.


#1 Break:  Making minimum payments on credit cards.  As of 12/14/2022, the average credit card interest rate was 19.42% per  If you have $10,000 on your credit card right now and you decide to stick to the minimum payment, it will take you more than 12 years to completely get rid of your debt.  This also assumes that you will not add to the current balance.

#2 Break:  Not frequently checking your credit report.  Making a habit of reviewing your credit report every year is a great way to keep on top of any errors and help protect your credit score.  You can order your free credit report every 12 months at or monitor your credit report and score at any time with SavvyMoney®, a free online tool exclusively for Fitzsimons Credit Union members.

#3 Break:  Not taking advantage of your employer’s 401(K) match.  A good rule of thumb with your 401(k) is to contribute at least enough to get your full employer match if you have one.  Otherwise, you’re basically leaving “free” money on the table that can help you reach your retirement goals a lot faster.


#1 Adopt:  Commit to a budget.  A budget puts a person on stronger financial footing for both the day-to-day and the long term, but which budget style do you adopt?  Check out this article from Newswire where they discuss the 50/30/20, Pay-yourself-first and the Zero-based budget styles.  Budgeting helps you set financial goals, then cut expenses and minimize debt to move towards those goals. At the same time, it ensures you have some money for fun expenses.

#2 Adopt:  Open an emergency savings account.  An emergency account is an essential part of solid financial planning and should cover three to six months’ worth of expenses. It can help prevent taking on more debt from high-interest credit cards or loans.  Even putting away as little as $10 to $100 a month can add up over time. Schedule an appointment with our representatives to see what type of account works best for your savings needs.

#3 Adopt:  Automate your savings and bills.  Automating your finances can help reduce stress and give you some peace of mind that bills are paid on time while avoiding late charges or human error.  With your savings, it ensures you’re setting aside funds meant for other goals.   Automating your finances can help you better manage your money and time, so just kick back and monitor them.

Let’s make 2023 the year we make a plan and not a promise.