Your First Quarter Financial Plan: Looking Back to Move Forward

posted 1/10/2014 in Banking

Do you have any regrets about how you handled your finances last year?   This is a judgment-free zone, so you can go ahead and admit it: you made some mistakes with your finances last year. It happens to the best of us. However, it’s a new year and Lincoln Savings Bank wants to help you move forward. To do that, we need to identify our financial weaknesses from last year.
Fidelity Investments did a study about the most common financial resolutions, so lets take a look at what other’s hope to accomplish this year:
“I want to save more money.” If this is your goal, chances are last year you didn’t deposit much into your savings account. Between all of your expenses you may have thought it would just be easier to keep the money in your checking account because heck, you’re going to spend most of it anyway. If this is you, stay tuned for a post later this month about savings strategies.
“I want to pay down my loan/mortgage/credit card debt.” We’re guessing that if this is your goal you made mostly minimum payments on your debt last year. Unfortunately this means you’re paying a lot more in interest over time. If this applies to you, be sure to read our posts later this month about budgeting and the “money wasters” in life.
“I want to spend less money.” Pockets feeling a bit light? It’s possible you could use a strict budget to control your spending or just make smarter purchase decisions. You’re in luck; we have blogs coming up later this month on both of those topics!
“I want to develop a long-term goal plan.” Saving for larger purchases or emergencies rather than going into debt. If this concept sounds new to you, our blog post later this month about savings strategies is just for you.
Do any of these resolutions sound like the resolutions you made? Have you identified your financial weaknesses from 2013? Lincoln Savings Bank will have plenty of tips throughout this month to help you eliminate your weak spots and turn them into strengths, so stay tuned!
Lincoln Savings Bank, member FDIC
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