When you think of New Year’s resolutions, what do you think of? You may think of the weight you want to lose or being more assertive at work.
But what about money? Do you save as much as you should? Do you spend too much? Are you tired of high-interest credit card debt? The New Year can be as good of a time as any to work on getting your finances back on track.
MBT Bank wants to help with your financial resolutions. Here are a few of the most common resolutions and how you can go about getting started on them.
- Save More Money- start by making a budget (if you don’t have one), and see where you can make cuts in your spending. Set up an automatic transfer in your Online Banking account from your checking to your savings account every day to help you save. Ask yourself “Do I really need this?” when you’re making any purchase.
- Eliminate Wasteful Spending- Check your budget to see where you are overspending and be aware of your weaknesses. You need to commit to changing your lifestyle and behavior toward spending, so ask yourself if you really need what you’re about to purchase.
- Get Rid of Credit Card Debt- Stop using your credit card completely. Next, evaluate the hole you are in and what kind of payment you can make each month using our Credit Card Payoff Calculator (hint: to make a dent, you’ll have to pay more than the minimum). Stay consistent with your payments, and put any additional income toward making an extra payment to destroy the interest you’ll pay over time.
- Organize Your Finances- Create or fine tune your budget to know exactly where your money is going. You can use Online and Mobile Banking to keep an eye on your accounts and set up transfers to your savings account to boost your emergency fund. Create a payment plan for your debt, and be sure to organize any paper financial statements into a box file to keep important paperwork organized.
These are just a few suggestions to get you started. The biggest thing is to really commit to your resolutions. Otherwise, you’ll end up in this same spot next year wishing you had done more.
MBT Bank can help you achieve your financial resolutions for 2015, so be sure to call or come by the bank office nearest you soon!
MBT Bank, member FDIC