Kick Off The New Year With These Savings Tips

2020 is here and here are our favorite savings tips to help you kick off the new year!

Start saving for retirement.

Starting to save for retirement now will be crucial in how much money you’re able to spend in the following years. The closer you get to retirement, the more you’ll have to put away if you haven’t started saving in earlier years. Making sure you find other ways to help your retirement fund grow will be in your best interest. If your employer will match up to 3% of your 401(k) contributions, be sure to take advantage of that! If there is an opportunity to get good interest rates on a savings or checking account, stash some money there as well as in a CD or IRA.

Make a plan to pay off your debt.

Having an accumulation of different debts can become overwhelming and stressful. For the new year, think of a game plan to break down those debts and start to pay them off. Whether its credit card debt or student loans, there are always ways to come up with a doable plan to implement over the next few years. Use this debt calculator tool to add up all your debt and see how you can realistically pay it off. Start budgeting and begin to pay off debts in order from smallest to largest.

Start an emergency fund.

We understand that you may have some money built up in a savings or checking account, but when an emergency hits, you don’t want to have to take money out of those accounts. By having your own account for a rainy day, you will know exactly how much money you have saved up for potential expenditures.

Really start to budget.

It’s really easy to get off track and start eating out a few more times during the month or pay for something you really don’t need. Make a real budget and stick to it! It will be the #1 thing that brings you financial success this year!

We hope you decide to implement all 4 of these savings tips into your new year. By saving for retirement, paying off debt, building an emergency fund and budget, your financial finesse is sure to flourish! Store your newly saved cash in a savings or checking account with us today!