As the new year approaches, many people are settings goals to help guide them through the next twelve months. Very few people actually stick with their goals and see them through to fruition. We’d like to help you achieve your financial goals this year. Here are a few tips that will hopefully help you:
Pay off debt.
Debt can cause stress and affect your physical and mental health. It can also hinder your ability to save or invest for the future. Make getting out of debt a priority this year. List your debts, and start paying extra on the one with the lowest balance. Once you have it paid off put that payment towards the next lowest balance.
Start with short-term.
Make sure your goals are measurable and achievable. You will only get discouraged if you set your goal far beyond what is reasonable, and you can’t judge your success if you don’t have a measurable goal. A good start is setting up an emergency fund. Just $1,000 is the perfect place to start. Throughout the year, try to save up enough to cover 3-6 months worth of expenses.
Plan for long-term.
You might not be quite ready to save for long-term goals, but it is good to know where you want to be headed in the future. Are you planning to move or buy a house? Will you have to pay for tuition soon? Planning for retirement? You can look into IRA and Roth IRA accounts for retirement planning. CESA accounts are specifically created to save for education. Certificates of Deposit (CDs) are good for goal specific saving when you know exactly when you’ll need the money. Check out our investment opportunities on our website.
Stop in to either the main office or the branch to see which savings account is right for you.