Banking Tip of the Month: Financial New Year’s Resolution
A new year comes with plenty of new goals. One of the most popular resolutions each new year is to get in shape. But, as you map out your new exercise routines, have you considered whether you’re fiscally fit?
At Dream First Bank, we support every goal you have for yourself in 2023. That’s why we’ve put together a list of tips to get you financially fit this new year.
Set Financial Goals
Most fitness coaches will tell you to set specific and measurable goals for yourself when starting out on your exercise journey. Having identifiable objectives can motivate you to stay on track, even when the going gets rough.
We believe that the same principle applies to your finances. Set a goal for yourself that will encourage you to keep up with your savings plan. Maybe you want to put a down payment on a house or book that dream vacation. Perhaps it’s something smaller, like rebuilding your safety net or purchasing some new furniture. Whatever you’re working towards, having a particular goal can keep you focused on the future.
Create a Budget
Any goal can be made achievable much faster once you construct a concrete plan to get there. Once you’ve chosen a financial objective or two, set a budget that will help you get there. Create a plan that meets all of your needs while you contribute to your goals.
At the same time, make sure your budget has the wiggle room to indulge yourself from time to time. Small purchases made with designated “fun money” can help prevent you from splurging, or giving up on your savings goals altogether. A little treat goes a long way when it comes to hitting your financial targets.
Consider a Financial Planner
Having a fitness expert by your side can take all the guesswork out of getting in shape. The same is true for fixing up your finances. If you’re running into more obstacles than expected, or just don’t know where to start with your budget, call on someone who can share their expert opinion.
A financial planner specializes in turning dreams into reality. They can take a look at your budget, your objectives, and any to-dos you want to complete along the way and help you turn it into an actionable game plan. At the same time, they can answer any questions you may have. If your goals change as the months go by, a financial planner will be there to assist in adjusting as necessary, so you always stay on track.
Take Advantage of Financial Tools
Chances are, your bank already has a number of handy financial tools at your disposal. Take a moment to explore all of them.
Dream First Bank is proud to offer several helpful resources to our account holders, including:
- Calculators: Wondering if you should refinance your home? Debating how much you need to save for college? Curious about how much you’ll need to fund your retirement? If you have a question, we likely have an online calculator available to help you find the answer.
- Mobile banking: Monitor purchases, deposit checks, and even freeze your debit card right from your phone. Thanks to our free mobile banking app, staying on top of your finances on the go just got easier than ever.
- Financial education: The information you learn today can help you make stronger decisions tomorrow. With MoneyiQ, our interactive financial literacy course, you can equip yourself with the knowledge you need to keep moving toward your goals.
Seek Professional Advice
Sometimes, the problem you’re facing, or the question you have, is too complicated to fit into your average financial planning meeting. When you see something down the road that you know you’ll need help with, talk to someone who understands your situation and has the knowledge to guide you in the right direction.
No matter what your financial New Year’s resolution is, or what challenges you may have on your plate, the experts at Dream First Bank are here to help. Our team is trained to assist with a wide range of personal financial services, as well as financial goal-setting and budget creation.
So, go ahead and set that goal for 2023 that others would call a “fever dream.” Then, come chat with us. Let us help you make that dream into a reality.
To learn more about our services, or to get advice from one of our financial experts, contact us today.