New Year, New You

Setting goals and making resolutions is a common January pastime. The new year is like a clean slate, and whether you’re thinking about exercising more, eating healthier, or scrolling less on social media, January always brings a “New Year, New You” mindset. Many people initially think about their physical fitness, but some of the most impactful goals are related to financial fitness. This blog will help you get started on that meaningful journey.

Creating Your Roadmap

First, you’ll want to understand your cash flow. Add up your monthly income from any source. Now add up your expenses, including rent or mortgage, groceries, utilities and phone, car payment, insurance, subscriptions, entertainment, etc. Then, subtract your expenses from your monthly income. This is your own personal financial statement. Once you know your financial position, you’ll need to make some decisions about your budget and daily spending habits.

What To Do if You Are in the Positive Each Month

• Start of grow your emergency fund for the unexpected events in your life.
• Prioritize saving. Look for an account with a higher interest rate, like Accelerate Savings, and watch your savings grow. Choose a checking account with interest, like High Interest Checking, so that you can save while you spend.
• Create or contribute to your retirement plan.
• Think about the future of your loved ones with life insurance or consider creating a will.
• Plan for vacations, special events, or holidays.

What To Do if You Are in the Negative or Just Breaking Even Each Month

• Create a plan to pay down your debts with a debt repayment strategy.
• Consider consolidating high interest credit cards to simplify your monthly payments with a personal loan.
• Review subscriptions and other monthly expenses like insurance, to find ways to save.

 Make financial fitness a habit. Mobile banking makes it easy to do daily check-ins on your spending and accounts, which means you’ll be more likely to stick with your goals.   Stay aware of what expenses are coming up in the next 30 days. Within a few months, you will be well on your way to keeping your financial fitness resolution.

Visit a branch, contact us, or make an appointment to talk to a Workers team member about the best solutions for your 2025 goals.