There’s no denying that New Year’s resolutions are hard to keep. Last year, nearly half of American adults made a resolution, yet only 12 percent of those reached their goal. While the most common resolutions revolve around losing weight and better health, financial resolutions are also popular.
Money issues create stress, and since we don’t like to be stressed we naturally look for solutions. Security State Bank wants to offer you some “stress busters” in the form of financial resolutions you can make for 2014.
Save More Money- how to do it: pay yourself first from every paycheck by setting up automatic savings in your online banking; create an emotional attachment to saving money so it becomes a priority for you.
Create a Budget and Sticking to It- how to do it: come up with a list of expenses and compare it to your income. If you’re spending more than taking in, you need to cut costs. Keep constant tabs on your spending through your online banking during the weeks to make sure you’re staying on schedule.
Make Smarter Purchase Decisions- how to do it: take emotion out of the purchase process, you either need it or you don’t. Take a list with you when you go shopping and buy those items only. Give yourself 30 days to think about any major purchase.
Eliminate Your Debt- how to do it: make more than the minimum payments on credit cards or loans to reduce the amount of interest you pay. Make debt payments a priority in your budgeting.
Fund Your Retirement- how to do it: make your money work for you buy contributing to an interest-bearing account like an IRA or 401(k). Compound interest and time can help turn even smaller contributions into a sizeable nest egg.
When it comes to your money-related resolution, it’s important to think about both now and the future. Security State Bank would be glad to assist you in achieving your financial goals, so just let us know if we can help!