Financial wellness tips


Here are six tips for financial wellness:

Assess your finances. Clear the clutter. Don’t dump all of your paperwork, as you will need to hang on to some things. If you are single and have no dependents, now is the time to take control. However, if you are not the only member of your household, you should designate one member to complete day-to-day financial tasks.

Get copies of your credit reports, which will help provide a snapshot of your overall financial situation. It’s always a good idea to put eyes on your credit report at least once a year to check for any fraudulent activities.

Develop an accurate picture of your finances: where you are now and where you are likely to be in the future, dependent on debt and income.

Next, create a list of wants and needs to establish your financial priorities. Write down your short, mid, and long-term goals. Short might be one-to-two years, middle three-to-five years, and long five-to-10 years.

Now that you have a complete picture of your finances, it’s time to make some changes. Work on paying down your debt. Second, save for a rainy day. Unfortunately, we all have them, and they tend to come at once. It only takes a couple of visits to the vet, a flat tire, and a broken-down washing machine to leave you over-budget. Save to meet your goals and retirement in addition to saving for a rainy day.

Remember that financial security doesn’t have to depend on how much you earn. It’s also about how much you spend and save. The best way to do this successfully is to track your spending. The easiest way to do that is with our online banking app and My Money Manager, where you can establish a budget and create savings goals. We have several tools that can help streamline payments, including Bill Pay and person-to-person payments.

No matter your financial situation, a look at your income and expenditure, savings, and retirement, as well as setting goals for the future, is a start to getting on track.

For more information about our banking services, visit your nearest branch in New Berlin, Springfield, Modesto, or Palmyra.