Be Your Best Financial Self During Self Improvement Month
What do you want to improve about yourself?
It’s a question that could get a range of responses, from losing ten pounds to spending more time with family to actually flossing twice a day. But what about the way you handle money?
On one hand, money can generate excitement, on the other worrying about can lead to stress, so think about your finances for a second. Do you find yourself wishing you didn’t spend so much the first part of the month because you’re hurting for money the last part of the month? Has your savings account been at the same balance for the last two years? Have you started saving for retirement or is that “something you’ll get to in the future?”
Well, now’s the time to fix whatever your financial woes may be! September is Self Improvement Month, and Lincoln Savings Bank has a few ways to fix some common financial problems.
You’re Spending Too Much
Solution: use a budget.
You’re spending too much because you don’t have any limits set. A budget allocates your money so you dictate where it goes, not wonder where it went.
Try this: Go cash only. Get whatever cash you need for the week on Sunday or Monday, and use only that for the week. Once you’re out, you’re out. It will help you focus on getting only what you need.
Your Savings Account has Flatlined
Solution: make automatic deposits from your checking account.
You think saving the necessary amount, six months of living expenses, is too big of a goal so you end up not saving at all.
Try this: set up an automatic transfer from your checking to your savings account in Online Banking that lines up with your paydays. You can’t miss what you never had in the first place.
You Haven’t Saved for Retirement
Solution: contribute to your 401(k) at work and open an IRA
Yes, retirement seems like a long way away, but it is something you have to prepare for, ideally well beforehand.
Try this: Contribute through a work 401(k), especially if your employer matches a certain amount. A Roth IRA from Lincoln Savings Bank can help you stow money away for retirement and let it grow.
You’re Drowning in Credit Card Debt
Solution: cut your credit card use and pay down your debt.
You used your credit card because it was more convenient at the time, but now all the interest and late charges have piled up, which is an even greater inconvenience.
Try this: first, quit adding more fuel to the fire; hide your credit card away in a drawer for a while. Second, use this calculator to see how much you’ll have to pay each month for your desired payoff time. Finally, make the payments every month, on time.
These are just a few ways to improve some of the most common financial issues we see. Whatever your financial problems are, Self Improvement Month is a great time to start fixing them. If Lincoln Savings Bank can be of service, just come by your nearest LSB office today!
Lincoln Savings Bank, Member FDIC