5 Financially Smart Ways to Start the New Year

Get clarity about your finances early in the year to reduce stress, instill a sense of control and lay a foundation for long-term financial health. January is Financial Wellness Month, so we wanted to share some tips to help you start your journey:

1. Know what’s coming in and going out. 
   Track your spending daily for a period of time, or look back on the past month and see where most of your money is going. This can help you eliminate unnecessary spending habits. Curious about how to prioritize? We’ve got a short video for you.
2. Boost your savings. 
   Your savings will grow faster when you set up automatic deposits. It’s a lot easier to resist temptation when you put the money away immediately. If possible, increase your monthly contributions regularly to ensure you’re saving enough.
   
3. Create a budget.
   Now that you know where your money is going, it’s time to create a budget. Even if you had one last year, expenses and goals may have changed, so it’s important to review and adjust. Having a budget can help you be more intentional with your spending. We even provide an easy Budget Worksheet to help you get started! 

4. Check your credit score. 
   Stay on top of your credit score and get tips on how to make it even better with our FREE Credit Score and More available within Digital Banking. 

   You can also get a free copy of your credit report regularly from all three major credit bureaus by visiting AnnualCreditReport.com 

5. Tackle your credit card debt. 
   Reduce stress and free up your budget by paying down balances as soon as possible. Once you get out of debt, you stop paying interest and can start earning interest instead by depositing your extra cash in a savings account. 

Our team is here to help you with your financial plans, whether you’re starting out on your own, preparing for kids, tackling debt or almost ready to retire.