Now That the New Year is Upon Us, It’s Time to Create New Money Habits. Now that it’s the beginning of 2020 it’s a great time to start.
It is a common fact that as we transition into a New Year, we experience the urge to engage in new beginnings and fresh starts.
Resolutions abound, hope seems to glisten like glitter against the sparking snow, and goal lists are created and guarded with the best intents.
It is common for many to initiate the start of the year with diet plans, health plans, and other types of difficult goals.
This year, why not take that a step further and set financial goals? Now that the New Year is here, it is time to create new money habits.
Old Year Experiences Should Ring in New Goals
The first step to becoming more financially secure in the New Year is to carefully ponder the financial situations and experiences that you personally went through in the previous year. This form of reflection will help you set sound goals for your unique situation. W
hat did you do last year that worked? What did you do that left you struggling? Your old year experiences should ring in new goals for the New Year.
Remember, this is about shaping your financial stability and molding new habits.
The New Year Savings Account
Now that you have an idea of the financial habits that did and did not work for you in the previous year, it is time to open up a brand-new savings account.
Consider the things that you want or need.
Would you like to replace your roof? Do you want new tires on your vehicle? Would you like to remodel your bathroom? Do you want to purchase new appliances? Would you like to start a family?
Regardless of what it is that you want or need, you will need financial backing. By opening up a new savings account, you can designate a certain percentage of your income to the goals that you have in place.
Start off small – maybe 5% of your earnings – and have it automatically placed from your income each pay period.
Before you know it, you will have financial backing that you previously did not have.
Organize Your Expenses
Each month, you have an assortment of expenses. These include groceries, laundry, utility bills, unpaid creditors and loans, and personal needs.
When preparing to protect your money this year, organize all of your expenses. Be certain to include emergency funds. Then, break down what percentage of your income goes where.
If there is money leftover split it up between your New Year’s saving account and paying off your debts. Soon, you will find yourself in the “green”, in terms of profits and savings!
We Can Help!
We here at Somerville Bank value you and your money. We know what an immense demand is constantly straining your income. Our trained financial experts can assist you in creating a New Year’s savings account and providing sound advice on your financial security.