April is Financial Literacy Month – the perfect time to start thinking about organizing your finances for 2026. Doing so can help you assess your progress, identify areas where you can save money, and align your spending with your current values and goals.
In honor of Nusenda’s 90 years of service, and in the interest of encouraging financial literacy, we’ve compiled nine tips and tricks for ways to improve your financial know-how. Read on for tips to boost your finances this year!
- Create a budget
A good rule of thumb is the 50/30/20 rule, which is a straightforward budgeting guideline that splits after-tax income into the following categories: 50% for needs, 30% for wants, and 20% for savings and debt repayment (emergency funds, retirement, extra debt payments). The great thing about this rule is that it prioritizes your financial future–and it’s flexible. If you are in a situation where you have unexpected expenses, you can adjust the category percentages, taking care to still use them as a rough guideline.
- Track your spending
Determine everything you typically spend a month. Consider categorizing your expenses to identify patterns of behavior. A simple way to begin is to make broad categories, such as “food,” “mortgage (or rent),” “bills,” “fun money,” and “savings.” You can get more granular after this first pass. Go old-school with an Excel spreadsheet or take advantage of an app to crunch the numbers for you. The main thing is to get a snapshot of your spending habits and to identify where you can save money.
- Set aside some money for emergencies
The general recommendation for an emergency fund suggests setting aside 3-6 months of essential living expenses (think rent or mortgage, groceries, utilities, and transportation costs). Those with fluctuating income, or those supporting families, should aim to have an emergency fund of 6-9 months of living expenses set aside. Start with a smaller goal—like $1,000—and build from there. As you watch your savings grow, you might feel even more motivated to continue!
Many people find a traditional savings account works for this method. However, for building long-term emergency reserves, you can utilize Nusenda's high-yield savings options like the Earn Your Return account.
- Research interest rates and fee schedules before taking on debt
There is something known as the “true cost of borrowing,” which involves assessing the Annual Percentage Rate (APR) versus the interest rate. Interest rates can be simple or compound, and lenders might also charge hidden fees. Take some time to research better loan options, because comparing rates and APRs can save you thousands of dollars over the life of a loan. Maximize your financial opportunities by making sure your debt fits your financial goals (and doesn’t overly burden you and your financial freedom).
- Start saving for retirement as soon as you can
The main reason you want to start saving for retirement early (ideally in your 20s) is because of something called “compound interest growth.” Essentially, your money earned on previous interest allows your savings to grow exponentially. Also, saving early means you are planning for more flexibility, and helps ensure your own financial security.
You can open an IRA at Nusenda for just $5, and then easily manage your contributions by enrolling in automatic payroll deductions or automatic transfer. Check out our traditional and Roth IRAs. You can also call us at 505-889-7755 (800-347-2838 outside the Albuquerque area) or make an appointment at a branch near you.
Conversely, if you already have a retirement account, it’s a good idea to check on your contributions; do you want to adjust them? Some financial advisors recommend making it a yearly habit to increase your contribution by 1-2% at the start of each year. Once you are happy with your contribution amount, you can set up automatic transfers to build your savings.
- Educate yourself on investment opportunities
Could your money work harder for you? Making smart financial decisions can help you build long-term wealth by growing your money over time. Investing can help you feel more financially secure in volatile economies and environments of inflation. Though not without risk, you can choose investing options that are diverse and less risky. Explore more options through our Investment Services page.
- for big expenses like house or car loans
Big financial decisions can be scary, but you can feel more in control by planning ahead. You can do this by budgeting for a 20% down payment and securing pre-approval from your bank or credit union. If you aren’t familiar with your current credit score, make sure you know your number. If it’s lower than you’d like, you can make changes to improve it, as a higher score helps you secure lower interest rates. Nusenda offers great auto rates and can help walk you through the process. Find the right vehicle for your needs and budget.
- Pay off your credit cards
There are strategies to help you get back in control if you’ve found yourself falling behind or growing impatient with your debt payments:
Debt Snowball Method: With this method, you start small and work your way up. Begin by paying off your smallest debt first. Then, take the amount you were paying for that debt and pay it toward the next smallest debt, and so on until everything is paid off.
Debt Avalanche Method: Just like an avalanche, you knock out the big things first and then work your way down. Focus on paying off your highest interest rate first, then roll those funds into the next highest, and then the next.
Debt Management Plan: This is a plan set up by a non-profit or credit counseling agency to help you pay off your debts. Your counselor negotiates and handles everything with your lenders, often helping you get a lower interest rate or waiving fees. Once it’s set up, you only need to make a single payment to the agency – they handle the rest.
Debt Consolidation: Debt consolidation allows you to combine all your debts into one payment by taking out a new loan, ideally with a lower interest rate, and using it to pay off your debts. Be careful, though – sometimes you could end up being in debt longer because of the new loan and thus paying more interest overall.
Nusenda Credit Union’s Credit Score tool can help you gain insight into your current standing regarding debt. Simply log into Mobile and Internet Banking to view your credit score, report, payment history, and more. You can also check out our resource, Banzai Get Out of Debt Coach, which can help you make a customized plan to pay off your debt and learn more about what some of these strategies could look like for you.
- Consult a financial advisor
Talk with an expert! Meet with a Financial Consultant at one of our branches for smart, tailored financial advice. An advisor can help you make decisions about auto loans, investment services, mortgage loans, business banking accounts, money market accounts, and more. The more you know, the more finanically prepared you can be.
Expand your financial knowledge
The more you know, the smarter your financial decisions will be! Financial literacy—debt management, budgeting, and investing—is crucial to making solid choices. Increase your knowledge by attending Nusenda workshops or webinars. You can also read through Nusenda's financial library and browse topics that range from budgeting to investing. Or check out our no-fee BALANCE Financial Fitness Program, which offers comprehensive financial education and unbiased counseling services.
Take advantage of programs that put cash back in your pocket. Earn Your Return and Community Rewards allow you to earn cash back and The Power of Change lets you round up your Nusenda Visa debit card purchases to the nearest dollar and use the change to boost your savings, pay down debt, or donate to your favorite cause!
At Nusenda Credit Union, we’re dedicated to improving our members’ financial well-being and supporting them through affordable products, friendly service, community involvement, and financial education. We'd love to find other ways to help you reach your goals. Stop by a branch or make an appointment to meet with us today. With these steps, you’ll be setting yourself up for a stress-free fiscal year!