Want to Achieve Your Financial Goals in 2025? Here Are 5 Things to Do
By StoryStudio on December 31, 2024
As the year comes to a close for Houstonians, now is a natural time for reflection and goal setting. Following the inevitable spending spree during the holidays comes a fresh start – a platinum opportunity to evaluate financial habits. Whether done annually or more frequently, taking the time to review and understand your personal finances can be a crucial step toward a more prominent financial future.
In this article, we’ll explore tips to set yourself up for a successful year. Offering sage advice is Jeremy Bratton, VP of Finance and Compliance at Texas Bay Credit Union, where he has sharpened his skills for over 14 years. With a diverse background that spans roles in consumer lending,
Review Subscriptions
SPONSORED BY Texas bay credit union
In the age of streaming services, recurring charges for apps and memberships can easily spiral out of control, often going unnoticed on bank statements. With enticing promotional rates that expire after a few months, not paying close attention will lead to ballooning expenses.
“These companies are hoping you’ll set it and forget it,” Bratton warns. “Before you know it, you’re paying several hundred dollars a month on various subscription services. They really get out of hand.”
A practical step toward trimming unnecessary costs is reviewing bank statements regularly – ideally on a quarterly basis, but at least annually. This allows individuals to identify charges for services they no longer use or need. Canceling subscriptions that have outlived their usefulness, such as streaming platforms rarely watched, can save you a noticeable chunk of change.
Beyond subscriptions, it’s also worth examining other recurring charges, like exterminator services, to determine if they are still necessary or could be adjusted. Focusing on these “low-hanging fruits” is an effective way to reduce expenses without significant lifestyle changes, ultimately redirecting savings toward more meaningful financial goals.
SPONSORED BY
Consolidate Accounts
When evaluating wants versus needs in a budget, honesty is key. Many small, seemingly insignificant purchases – $10 or $15 here and there – can accumulate into substantial amounts over time. A great exercise Bratton recommends is printing out your monthly bank statements and using two highlighters to categorize spending into “wants” and “needs.”
“If you’re really honest with yourself, the results will surprise you,” Bratton comments. “I know it surprised me when I first did this.”
A common culprit for most of us is dining out, which can quickly skyrocket regular expenses. By making small adjustments, such as preparing breakfast at home and bringing lunch to work, significant savings are possible. Bratton notes that just by not eating out for breakfast and lunch, he and his wife have saved approximately $6,000 per year, which pays for their annual vacation.
For those seeking additional help managing spending, there are plenty of budgeting tools out there. Most financial institutions include cool budgeting features in their online banking platforms, while apps like PocketGuard are tailored around “pay yourself first” budgeting. Additionally, researching budgeting strategies via resources like LendingTree and NerdWallet can help users identify tools that best align with their financial habits and goals.
Review Credit Report
Checking your credit report annually should be part of your financial routine for two key reasons: 1) spotting errors and 2) detecting potential identity theft. As far as errors, inaccurate or unfamiliar information can negatively impact your credit score and financial health. By reviewing reports from not just one but all three major credit bureaus – TransUnion, Experian, and Equifax –you can dispute inaccuracies directly with the bureaus, ensuring your credit profile remains accurate.
As for identity theft, some reports show data that nearly one-third of all Americans have been a victim of having their identity stolen. “It’s not so much a matter of ‘if’ in my eyes, but just a matter of ‘when,’” Bratton cautions. “First, I would consider signing up for identity theft monitoring, which is one of the perks that comes with our Perks Checking accounts.”
With data breaches becoming increasingly common, it’s necessary to mitigate risk wherever possible. If theft occurs, visiting IdentityTheft.gov provides a step-by-step recovery plan, including disputing fraudulent items, freezing credit reports, and adding alerts for enhanced security.
ABOUT TEXAS BAY CREDIT UNION
Founded in 1936, by Houstonians, for Houstonians, Texas Bay works tirelessly to provide the best service to their members and works to find each member a tailor-made solution to help them reach their financial dreams. Visit www.texasbaycu.org for more info, including branch locations and hours of operation.
Establish Financial Goals for 2025
The final must-do in this guide is setting realistic financial goals for the coming year. Start by creating a budget that prioritizes an emergency fund, aiming to save 3-6 months of living expenses for unexpected events, whether a medical emergency, job loss, or other unforeseen setback. While it may be tempting to focus on fun goals like large purchases, the peace of mind from having a financial cushion cannot be overstated.
Once an emergency fund is in place, shift your focus to paying off high-interest debt, such as credit cards, student loans, and mortgages. To still enjoy the fruits of your labor while also paying down debt, Bratton recommends a middle-of-the-road approach that prioritizes and eliminates your balances, freeing up cash flow for other desires.
“What you want to do is continue avoiding making only the minimum payment,” he says, “but I think it’s okay to set a little away for a vacation or maybe invest some if you want to dabble in that.”
One of Bratton’s favorite quotes is important to keep in mind here: “A journey of a thousand miles begins with a single step.” Overall, it’s best to break your goals into manageable milestones and celebrate your success along the way. Similar to going to the gym, the first few weeks are the hardest, but once you see the savings add up and begin enjoying the rewards, making more and more progress will only become easier – and more fun.
Why Choose Texas Bay Credit Union
Despite countless financial institutions offering similar products and services, Texas Bay Credit Union stands apart through its proven commitment to exceptional member service. The focus is not on delivering generic, one-size-fits-all solutions but on truly listening to the unique needs of members and crafting customized strategies to meet their goals.
“We find that if we can tailor solutions specifically for their situation, we’ll be able to build trust with that member,” says Jeremy Bratton, VP of Finance and Compliance. “Once we build that trust, we’ll have the privilege to continue to serve that member throughout their entire financial journey.”
Whether you’re seeking guidance to achieve your financial goals, need help staying accountable, or could simply use a reliable partner for financial milestones, Texas Bay is ready to assist you every step of the way.
Tapping into Home Equity: Facts vs. Myths
It’s about time someone addresses all of the common misconceptions regarding home equity loans and HELOCs. Do you think you have the right answers? By answering these 8 simple questions, you’ll either verify your own knowledge or realize some details you never knew!
Get Started
What do both a home equity loan and a HELOC allow you to do?
Question 1 of 8
Borrow against the value of your vehicle
Utilize the equity in your home
Get access to exclusive golf courses
Obtain a loan with no collateral
Utilize the equity in your home
Next Question
Borrow against the value of your vehicle
Get access to exclusive golf courses
Obtain a loan with no collateral
Question 2 of 8
You can only use home equity loans for home improvement projects.
True
False
True
False
Next Question
Question 3 of 8
In Texas, what type of property must a home equity loan or HELOC be used on?
Primary residence
Vacation home
Rental property
All of the above
Vacation home
Rental property
All of the above
Primary residence
Next Question
Question 4 of 8
What percentage of your home’s value can typically be accessed with a home equity loan or HELOC in Texas?
50%
65%
80%
90%
80%
65%
50%
90%
Next Question
Question 5 of 8
What is a key feature of a HELOC compared to a home equity loan?
No defined repayment term
Lump sum disbursement
Ongoing line of credit
Free margaritas when approved
Ongoing line of credit
Lump sum disbursement
No defined repayment term
Free margaritas when approved
Next Question
Question 6 of 8
For which item can you use a HELOC?
Paying for emergency expenses
Funding phased home improvement projects
Consolidating debt
All of the above
All of the above
Funding phased home improvement projects
Paying for emergency expenses
Consolidating debt
Next Question
Question 7 of 8
Which type of loan allows you to only pay interest during the initial draw period?
Home equity loan
Personal loan
Taylor Swift tickets loan
HELOC
HELOC
Personal loan
Home equity loan
Taylor Swift tickets loan
Next Question
Question 8 of 8
How will your credit score be impacted by taking out a home equity loan or HELOC?
It always decreases your score by 50 points
It only lowers your credit score if you miss payments
Your score drops no matter what
These loans never appear on your credit report
It always decreases your score by 50 points
Your score drops no matter what
These loans never appear on your credit report
It only lowers your credit score if you miss payments
Restart Quiz
Jeremy Bratton
indirect financing, training, compliance, and general finance, Jeremy brings a deep commitment to the industry.
Without further delay, here are 5 actionable ways to declutter finances and prime yourself for a superb 2025.
As the year comes to a close for Houstonians, now is a natural time for reflection and goal setting. Following the inevitable spending spree during the holidays comes a fresh start – a platinum opportunity to evaluate financial habits. Whether done annually or more frequently, taking the time to review and understand your personal finances can be a crucial step toward a more prominent financial future.
In this article, we’ll explore tips to set yourself up for a successful year. Offering sage advice is Jeremy Bratton, VP of Finance and Compliance at Texas Bay Credit Union, where he has sharpened his skills for over 14 years. With a diverse background that spans roles in consumer lending, indirect financing, training, compliance, and general finance, Jeremy brings a deep commitment to the industry.
Without further delay, here are 5 actionable ways to declutter finances and prime yourself for a superb 2025.
Review Subscriptions
In the age of streaming services, recurring charges for apps and memberships can easily spiral out of control, often going unnoticed on bank statements. With enticing promotional rates that expire after a few months, not paying close attention will lead to ballooning expenses.
“These companies are hoping you’ll set it and forget it,” Bratton warns. “Before you know it, you’re paying several hundred dollars a month on various subscription services. They really get out of hand.”
A practical step toward trimming unnecessary costs is reviewing bank statements regularly – ideally on a quarterly basis, but at least annually. This allows individuals to identify charges for services they no longer use or need. Canceling subscriptions that have outlived their usefulness, such as streaming platforms rarely watched, can save you a noticeable chunk of change.
Beyond subscriptions, it’s also worth examining other recurring charges, like exterminator services, to determine if they are still necessary or could be adjusted. Focusing on these “low-hanging fruits” is an effective way to reduce expenses without significant lifestyle changes, ultimately redirecting savings toward more meaningful financial goals.
Consolidate Accounts
When evaluating wants versus needs in a budget, honesty is key. Many small, seemingly insignificant purchases – $10 or $15 here and there – can accumulate into substantial amounts over time. A great exercise Bratton recommends is printing out your monthly bank statements and using two highlighters to categorize spending into “wants” and “needs.”
“If you’re really honest with yourself, the results will surprise you,” Bratton comments. “I know it surprised me when I first did this.”
A common culprit for most of us is dining out, which can quickly skyrocket regular expenses. By making small adjustments, such as preparing breakfast at home and bringing lunch to work, significant savings are possible. Bratton notes that just by not eating out for breakfast and lunch, he and his wife have saved approximately $6,000 per year, which pays for their annual vacation.
For those seeking additional help managing spending, there are plenty of budgeting tools out there. Most financial institutions include cool budgeting features in their online banking platforms, while apps like PocketGuard are tailored around “pay yourself first” budgeting. Additionally, researching budgeting strategies via resources like LendingTree and NerdWallet can help users identify tools that best align with their financial habits and goals.
Review Credit Report
Checking your credit report annually should be part of your financial routine for two key reasons: 1) spotting errors and 2) detecting potential identity theft. As far as errors, inaccurate or unfamiliar information can negatively impact your credit score and financial health. By reviewing reports from not just one but all three major credit bureaus – TransUnion, Experian, and Equifax –you can dispute inaccuracies directly with the bureaus, ensuring your credit profile remains accurate.
As for identity theft, some reports show data that nearly one-third of all Americans have been a victim of having their identity stolen. “It’s not so much a matter of ‘if’ in my eyes, but just a matter of ‘when,’” Bratton cautions. “First, I would consider signing up for identity theft monitoring, which is one of the perks that comes with our Perks Checking accounts.”
With data breaches becoming increasingly common, it’s necessary to mitigate risk wherever possible. If theft occurs, visiting IdentityTheft.gov provides a step-by-step recovery plan, including disputing fraudulent items, freezing credit reports, and adding alerts for enhanced security.
Establish Financial Goals for 2025
The final must-do in this guide is setting realistic financial goals for the coming year. Start by creating a budget that prioritizes an emergency fund, aiming to save 3-6 months of living expenses for unexpected events, whether a medical emergency, job loss, or other unforeseen setback. While it may be tempting to focus on fun goals like large purchases, the peace of mind from having a financial cushion cannot be overstated.
Once an emergency fund is in place, shift your focus to paying off high-interest debt, such as credit cards, student loans, and mortgages. To still enjoy the fruits of your labor while also paying down debt, Bratton recommends a middle-of-the-road approach that prioritizes and eliminates your balances, freeing up cash flow for other desires.
“What you want to do is continue avoiding making only the minimum payment,” he says, “but I think it’s okay to set a little away for a vacation or maybe invest some if you want to dabble in that.”
One of Bratton’s favorite quotes is important to keep in mind here: “A journey of a thousand miles begins with a single step.” Overall, it’s best to break your goals into manageable milestones and celebrate your success along the way. Similar to going to the gym, the first few weeks are the hardest, but once you see the savings add up and begin enjoying the rewards, making more and more progress will only become easier – and more fun.
Why Choose Texas Bay Credit Union
Despite countless financial institutions offering similar products and services, Texas Bay Credit Union stands apart through its proven commitment to exceptional member service. The focus is not on delivering generic, one-size-fits-all solutions but on truly listening to the unique needs of members and crafting customized strategies to meet their goals.
“We find that if we can tailor solutions specifically for their situation, we’ll be able to build trust with that member,” says Jeremy Bratton, VP of Finance and Compliance. “Once we build that trust, we’ll have the privilege to continue to serve that member throughout their entire financial journey.”
Whether you’re seeking guidance to achieve your financial goals, need help staying accountable, or could simply use a reliable partner for financial milestones, Texas Bay is ready to assist you every step of the way.
Jeremy Bratton