Five Tips to Get You Closer to Your Financial Goals
- Saving More – If saving more is a top goal for you in the new year, you are in luck. There are countless ways to go about achieving this goal, no matter what your current financial situation is. You can set up automatic transfers to a high yield savings account, increase 401(k) contributions, and budget to cut back on unnecessary spending.
- Improving Your Credit Score –Work toward your goal of improving your credit score by paying all bills on time and in full, paying off debt (especially credit card debt), and limiting how many different lines of credit you have overall.
- Budgeting – Budgeting in the new year may be an important goal for you, which you can begin right away. Sitting down at least once a month to go over finances and plan out how you’ll spend your money in the coming month is an important step in maintaining a budget. Once you plan out how you want to spend your money, make it a priority to sit down at least once a month to achieve this goal.
- Investing – Once you’ve started to budget, you may be able to allocate some of your income toward investments. If you are able to do so, an important step to investing responsibly is research. You can do research online or sit down with a financial advisor to get guidance on where your money will be best utilized when invested.
- Maximize Employer Benefits – Another place you can improve your financials in the new year is at work! Find out what benefits your employer offers and make sure you are taking advantage of any you can. For example, if your company offers a 401(k) contribution match program, try to put at least the amount your employer will match into it every month.
1Informational only; consult tax, legal and/or accounting advisors before engaging in any transaction.
2Not all borrowers will qualify. This is not a commitment to lend.
