We are now well into the new year, but it’s never too late to work on your financial well-being.
There are many ways to enhance the health of your wallet but here are a few to get started.
Increase Savings with Automatic Deposits
Setting up automatic deposits to your savings account is a great way to plan ahead without much thought. If you already receive your paychecks via direct deposit, you can allocate a specific amount or percentage to go into a savings account. Before you know it, you could have enough for a deposit for that car you’ve been eyeing!
Monitor and Improve Your Credit Score
Keeping tabs on your credit score is a smart way to maintain healthy finances. Lenders will look to credit scores to determine your habits as a consumer. Check out your credit report and learn how to improve your score or maintain a good score.
Watch for Extra Expenses
Sometimes we get so caught up in our daily lives that we might lose sight of extra expenses. Grabbing a quick coffee? What about that streaming service you forgot to cancel? These things add up, and it’s best to review your accounts to see exactly what money is coming in and out. This helps you decide where you can trim expenses. Here are some almost pain-free ways to chop down unnecessary expenses.
Making the Most of Your Tax Refund
A new year marks a new tax season. While filing can be tedious, if you receive a tax refund, it can be a great financial break. Unfortunately, those refunds don’t always go as far as we want them to. Explore smart ways to spend your refund.
Revisit Retirement Goals
Lastly, checking on your retirement goals is not only good for peace of mind, but smart to ensure a secure future. What age do you plan to retire? What will your retirement income look like? How have your contributions changed in the last year? It’s never a bad time to revisit your goals for your future.
Published January 2023
The opinions voiced in this material are for general information only and are not intended to provide specific advice or recommendations for any individual.