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Financial Planning for The New Year

Three, two, one! The New Year will be here soon and with it comes the pressure to make resolutions. Most people set goals to lose weight and improve their overall health. This year, why not get your finances in shape first? By following our 5 financial planning tips for 2017, you may be able to save up the money to afford that gym membership!

  1. Create a Budget

Although it may seem like a daunting task, setting a budget is one of the keys to financial security. If you don’t know how much money you’re spending, how can you set limits? Make 2017 the year to establish a budget and stick to it!

First, compare your income to your spending. If your assets are less than expenditures, you should strongly consider reducing trivial expenses.

If you find yourself in the red or close to it, start with easy changes that will help curb spending. For example, eat out less often or cancel a magazine subscription.

Our “My Mobile Money” app lets you control spending by setting monthly or even per-transaction dollar limits! With an established budget, you can more easily determine what that limit should be.

  1. Set Short & Long-Term Goals 

Anyone can set a general goal to get out of debt, but few people see it through. The key is to be very specific about your plans, so you set a realistic expectation. A short-term goal could be to save $100 a month to put toward student loan debt, while a long-term goal could be to have enough money available to spend in two years for a down payment on a home.

  1. Get Smart About Your Money

In our busy everyday lives, it can be easy to overlook the little things. However, it’s the little things that add up and contribute to your overall debt! Are you paying late fees every month because you forget to pay a credit card bill on time? Do you have a Netflix membership that you haven’t used in six months? Over a one-year period, this could cost you nearly $500!

  1. Make the Right Investments

Do you have a 401k or IRA through your workplace? If the money is being invested for you by a financial professional, you should know where it’s going. While many of us may file the paper statements away, it’s important to know if an aggressive investment is paying off. On the other hand, if you handle your own investments, make sure you’re choosing the best stocks. Pay attention to the market and adjust your shares as needed!

  1. Collect Loose Change

If you make a lot of small purchases in person – a coffee here, a pack of gum there – save the change and watch it add up! By the end of the year, you could have a significant amount of money to play with. Additionally, our Ka-Ching! Savings Program helps you earn coins back on larger purchases! For every non-PIN Debit MasterCard® purchase over $50, we’ll deposit any cents over the dollar amount into your Ka-Ching! Savings account. Say you make a transaction that costs $50.88, we deposit 88¢ of our money into your account.

Ion Bank can help you meet your savings goals! Visit a location near you to get started.

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