Tips, Trends, and Tidbits
Did you resolve to save more money or reorganize your finances in 2024?
Did you make a New Year’s Resolution this year? Maybe it was to implement healthier eating habits or to become more physically active. Maybe you want to spend more time with family and friends, or make more time for yourself. These are all great resolutions that cost very little, if anything, and can be accomplished with a bit of will power and time management. You’re set to succeed in the New Year!
But… what if your resolution involves saving money? Money you don’t have and can’t seem to find. It’s hard to see success through the overwhelming feeling of a tight budget! Follow the FDIC links below for a few tips on how to “Find Money to Save” and/or review your money habits to make your 2024 Resolution a success!
Letter from the President
Now that we’ve had a couple weeks to settle into 2024, I would like to remind everyone that the beginning of each year is an excellent time to review your financial situation. Do you have a safety net to fall back on in case of loss of income? Are you saving enough for retirement? Are you taking advantage of all the options to ease your tax burden?
Financial planners suggest having six months income in a readily accessible account in case of job loss or illness. There are numerous financial tools, including one on this website, that help determine what you need to be saving to maintain your current lifestyle once you retire.
While these savings goals may seem unattainable, putting away even a little each week can get you started on the path to reaching them. An excellent tool for those who struggle with saving is an automatic transfer from your checking account to a savings account. These can be set up in whatever amount and frequency you feel comfortable with. Also, if you have direct deposit, most employers will allow a split deposit with the majority of your earnings deposited to your checking account and a smaller amount to your savings.
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