Get Your Financial Goals Ready for the New Year | First Volunteer Bank

While we still have a month left in 2018, now’s the time to start planning for next year!

Our team at First Volunteer Bank wants to share some insight on ways you can improve your finances in 2019. Read on as we take a look.

Boost Your Savings Account

Maybe you have a savings account but don’t tuck away as much money as you should. Or you don’t even have a savings account.

Regardless of which boat you find yourself in, 2019 is the year you’re going to get on the right track when it comes to your savings account!

First things first, look at your budget and make sure it includes a category for savings. Then, see how much you can comfortably save each month after your bills are paid.

Remember, your savings account goals should align with where you want to be financially in the future. Do you want to retire in the near future? Set aside more for a retirement fund.

If something broke in your home, would you have the funds to pay for it without going into debt? Create an emergency fund.

Get Out of Debt

Do your monthly expenses including multiple credit card payments and other debts? When you have revolving debt, you can never truly be financially free.

Take steps in 2019 to begin paying down debts. One strategy that’s particularly effective is to choose one debt and begin paying more than the minimum each month.

For all the other accounts, you will continue paying the minimum payment—but for your chosen account, you’ll pay as much as you’re able toward paying down the debt. Once you’ve paid that debt off, you’ll do the same with another one.

Check Your Spending

There’s one area where nearly all of us could stand to improve—our spending habits. Do you know where all your money goes?

Take an honest look at the things you spend your money on each month. You’ll likely see that there’s at least one expense, even a small one, that you have repeatedly during a month’s time. Could you trim that back some? You might be surprised!

Do you need to set up another bank account to meet your financial goals for 2019? Visit First Volunteer Bank today so we can get you started on your journey toward financial freedom!