Consider the following three New Year’s Financial Resolutions when making your list for 2023.
1. Begin Saving
Where are you keeping your savings? If in a regular savings account, move it to a high-yield savings or certificate account, such as a money market or share certificate. These accounts are federally insured and offer much higher rates, earning you a better return on your money. The best way to ensure you meet your savings goals by year-end is to set up a payroll deduction, sending a portion of money to your savings or money market account every month.
2. Pay Off Some Debt
Make this the year you get your debt under control. Subtract your monthly expenses from your net income to determine any surplus you have after paying those required expenses.
In going through this process, you might find some areas where you can cut expenses and free up more money to pay down debt. Allocate a percentage of your remaining monthly income towards your credit card payment or student loan. You can focus on tackling the debt with the highest interest rate first, or you can focus on the debt with the lowest balance first.
3. Schedule a Financial Wellness Check-Up
Similar to a physical check-up, an annual financial wellness check-up is important. A simple review of all your deposit accounts and loans will assist you in evaluating your financial goals for the year and help you find ways to save more money. You can schedule an appointment with your nearest LBS Financial branch on our website or within Online or Mobile Banking. We can provide a thorough review of your account as well as work with you on options for insurance and investments.
