5 Tips to Kickstart Your Finances

posted 2/17/2015 in General

It’s hard to believe we’re already in the second month of 2015. If you made a New Year’s resolution related to your finances, it’s time to take a look to see how it’s going.  There’s no time like the present to re-focus on achieving your goals!

Lincoln Savings Bank has put together a few different ideas for getting back on the road to a better financial life. While the concepts like budgeting, saving and earning, may be the same, we took a different approach to give you a fresh approach. Give them a try!

Try Budgeting Weekly

If you budget monthly, then good for you! However, if you’ve noticed that you miss on some areas of your budget or get to the last week and have to really cut back on what you’re spending, budgeting weekly could help. It keeps you better informed on your spending and puts you on track for better long-term success.

Increase Your Automatic Savings by 1 Percent

You may be overwhelmed when you hear you should be saving 15-20 percent of your paycheck. By working in baby steps, like increasing your savings percent by one percent each year, you can work your way slowly to a good savings habit without it being a shock to your system.

Get Real with Your Debt

List out all of your debts including credit cards, auto loans, student loans, mortgages and other debts. Be sure to also include your balance, interest rate, minimum payment and penalties for missing a payment. This will give you a better look at your debt and help in creating a debt repayment plan.

Check Your Credit Score

You get one free look at your credit score a year from Equifax, Experian and TransUnion, the three major credit reporting companies. Go to AnnualCreditReport.com to get your report. If you find errors, compile any evidence you have that it is an error and call to dispute the error.

Ask for a Raise

But only if you deserve it.  If you truly feel like you are worthy of a rise or promotion, create a list of your merits to make a compelling case. You may also want to brush up on your negotiating skills. While you don’t necessarily need more money to live better, it doesn’t hurt to explore whether you might be leaving money on the table.

Which of these tips can you put into action in your life? One, two or all three of them? Whichever you choose to work on, be sure to follow through. If you need help with any part of your finances, know that you can always come by Lincoln Savings Bank to see how we can help. See you soon!

Lincoln Savings Bank, member FDIC

Blog and News