The New Year is here, and you deserve a fresh start. Let 2019 be the year you don’t just have a dream, but a goal with a plan and a deadline!
Our staff used their own experience to offer three easy steps to a stronger, healthier savings account.
1. Write Out Your Budget Each Month
The first step to taking control of your finances is to write out a budget. First, you need identify sources of income. This may include income from your employer, interest earned on your Rewards Checking or Savings accounts, or government assistance. Next, identify your monthly expenses. Write out everything from your rent or mortgage payment to the amount you plan to spend on coffee. Be really honest with yourself, and take the time to go through past statements to get a black and white map of where your money is really going every month. Place every dollar you earn in a specific expense category. This allows you to make better choices on how to spend and save your money.
2. Review Your Current Debt and Make a Plan to Pay it Off
When writing your budget, identify your total amount of debt. Set a goal for how much debt you would like to pay off in 2019. Your goal should be attainable, yet challenge you to manage your spending in order to reach it.
3. Grow your Savings Account
When looking at your monthly expenses, be sure to allocate some funds towards your savings account. If you are in the process of paying off debt, make it a goal to save at least one month’s income. This cushion of funds will help if your wages vary or if you have any unforeseen expenses. If you are debt-free, work towards saving six month’s income.
Make sure to consider long-term savings goals as well. Many employers offer a retirement savings match. You can also open an Individual Retirement Account with Dundee Bank!
As your community bank, we want to help you succeed. Stop by today to grab an apple and learn more about how we have help you save. You’ll be deelighted that you did!