Have a Financially Healthy Holiday
December 2, 2020
When the holiday season rolls around, it’s normal to want to splurge on gifts for friends and loved ones. The holidays can be an exciting time full of advertisements for the hottest new toy and deals aplenty at all your favorite stores.
However, one of the best gifts you can give yourself when the decorations start going up is the peace of mind that comes with a financial health checkup! It may not be the most exciting present under the tree, but taking the time to ensure your goals, savings, and accounts are all in order will ensure you’ll be financially prepared after the ball drops on New Year’s!
Here’s how you can make sure your finances are in order for the New Year:
Check Your Account Balances
Before you can budget, you have to know how much money you have to work with! Take a moment and look back at your most recent bank statements so you know where you stand and make a point to check your bank statements every month as you enter 2021. Take note of how much money you’re spending versus how much you’re bringing in and make sure you’re actually adding to your savings!
Identify Your Weak Spots
We all have financial weak spots that can be pain points when it comes to saving for the future. As we mentioned in the previous section, take a look at your spending versus your income and separate your expenditures into groups of wants and needs. See if anything in your “wants” pile is something you could cut back on, like dining out or spending money on video games. The best thing you can do for your financial health is to set incremental, achievable goals for yourself. Every journey begins with a first step, after all.
Review Your 2020 Spending
Were you tracking spending in 2020? If so, good for you! Whether or not you’ve been paying attention to your spending throughout the year, the end of the year is a great time to look back and analyze how you did. Take some time to add up your purchases in different categories, whether it’s entertainment, groceries, or bills. You may discover some areas where you spent way more than you thought! Don’t beat yourself up over spending too much on yourself; just use it as a learning experience to set realistic goals for yourself in 2021. (And if you weren’t tracking your spending this last year, get started now!)
Set Some Goals For The Future
Is there a big purchase you’ve been meaning to save for but you keep getting distracted? Maybe you’re looking to save for college, a car, or even your first house? Or maybe you’re simply looking to cut back on spending and maybe add to your financial literacy. Grab a pen and paper and write down your top three financial aspirations, then make a plan for achieving them.
If you need help, don’t hesitate to reach out to the friendly representatives at New Tripoli Bank. Our universal tellers and loan officers are here to help you reach your future financial goals and bring with them years of experience helping people with their money.
New Tripoli Bank’s Manage My Money tool can help you track your income and spending in one easy place. If you have a checking or savings account with New Tripoli Bank, all you need to do to start is sign up for online banking and log in to set up your Manage My Money tool. You will see your transactions automatically classified into different categories such as gifts, entertainment, or insurance, allowing you to easily organize your budget into wants and needs. It also displays your total spending and income and automatically calculates the difference, so you can easily identify your financial weak spots and track your 2021 progress at a glance. You can set spending limits in each category as well as setting savings goals that our online banking platform will track for you.
If you put these steps into practice in the coming year, you’re sure to find the gift of better financial health waiting for you next holiday season! Happy holidays!