Have you started your New Years resolutions? The beginning of a new year is an ideal time to reflect on your finances to get an understanding of your current financial situation. As we start a new year, keep in mind what your financial goals are and create financial resolutions that will help you make progress towards those goals.
Below are three financial resolutions for the new year to consider.
1. Supplement Your Savings
Do you have a savings account? Your savings account can help provide you with a peace of mind and a sense of financial security, especially if you experience an unexpected crisis or event. Consider transferring money from your checking account to your First Bank Savings Account after you receive your paycheck. You can also set up automatic transfers through eBanking to help make this a simpler way to save. This will help you build up your savings account throughout the year because you won’t be as tempted to spend the money if it isn’t in your checking account. Our savings calculators can help you determine the appropriate amount to save that will fit into your budget.
2. Review Your Retirement
When was the last time you reviewed your retirement plan? Charles Claver, Senior Vice President and Director of the Private Wealth Advisor team for First Bank Wealth Management, says, “Just like you go to your doctor for an annual health checkup, you should review your financial goals and investments at least once per year to make sure your financial health remains in good order.” The beginning of the year is an ideal time to check-in with your retirement plan and assess if the plan still meets your financial needs. If you don’t have a retirement plan, our First Bank Wealth Management team can help you assess your financial situation and create a plan tailored to meet your needs.
3. Build Your Budget
Creating a budget can help you stay on track with your finances. Consider incorporating essential budgeted items, like your mortgage or rent payment, utilities, car payment, or groceries. Once you have your money allocated for your necessary bills, add in the remaining items that you’ll also need to budget for, like a vacation or weekend getaway.
As always, First Bank is committed to helping you achieve your financial goals. Having clear financial goals established at the beginning of the year can help keep your finances on track. For more information on how our solutions can help you achieve your financial resolutions, contact a First Bank trusted representative.