Tag Archives: new year

Kick Off The New Year With These Savings Tips

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Wow – we can’t believe it’s already 2020! The new year will bring children, weddings, new business opportunities and more. With that being said, we want to make sure you can continue to prosper financially. Here are our favorite savings tips to help you kick off the new year!

Start saving for retirement.

Yes, it’s far away and you can’t really see the benefits right now. But, starting to save for retirement now will be crucial in how much money you’re able to spend in the following years. The closer you get to retirement, the more you’ll have to put away if you haven’t started saving in earlier years. Making sure you find other ways to help your retirement fund grow will also be in your best interest. If your employer will match up to 3% of your 401(k) contributions, be sure to take advantage of that! If there is an opportunity to get good interest rates on a savings or checking account, stash some money there as well as in a CD or IRA.

Make a plan to pay off your debt.

Having an accumulation of different debts can become overwhelming and stressful. For the new year, think of a game plan to break down those debts and start to pay them off. Whether its credit card debt or student loans, there are always ways to come up with a doable plan to implement over the next few years. Use this debt calculator tool to add up all your debt and see how you can realistically pay if off. Start budgeting and begin to pay off debts in order from smallest to largest.

Start an emergency fund.

We understand that you may have some money built up in a savings or checking account, but when an emergency hits, you don’t want to have to take money out of those accounts. By having your own account for a rainy day, you will know exactly how much money you have saved up for potential expenditures. That way, you don’t take out a few thousand dollars from your savings account for an emergency, and then don’t have enough money for buying/paying for something you wanted.

Really start to budget.

It’s one thing to not drink a morning coffee from your favorite shop, but it’s another to actually have a list for a budget of all the things you need to stick to. It’s really easy to get off track and start eating out a few more times during the month or pay for something you really don’t need. Making a real budget and sticking to it will be the #1 thing that brings you financial success this year!

We hope you decide to implement all 4 of these savings tips into your new year. By starting to save for retirement, pay off debt, build an emergency fund and budget, your financial finesse is sure to flourish! Store your newly saved cash in a savings or checking account with us today!

Giving back in the New Year: Practicing Selflessness

Many individuals have goals and resolutions they are striving for this year. They are fostering hope for a better tomorrow and realize they need to add or dilute some of their habits in order to have the life they envision. Many, if not most, of these resolutions fail for lack of motivation. In fact, only about 8 percent of individuals end up sticking with their resolutions and that could be attributed to the type of goals made.

A majority of resolutions are self-focused. Very few of them strive for the betterment of others, which could be one of the underlying reasons for failure. While it may not be for lack of trying, goals crafted that solely benefit the self, have less success than those that are others-oriented. Although, practicing selflessness can indeed improve your own happiness and household economy in other ways.

Tax Deduction

When you decide on a charity, you want to be sure they are reputable. Check out Charity Navigator to find out if you should be giving to a certain organization. Giving to these organizations may enable you to deduct from your income tax if you itemize deductions. Be sure to do your research before giving if you would like to take advantage of this benefit.

Better Money Management

Deciding on giving monetarily to a cause will encourage you to monitor your budget. Don’t have a budget? Now you have another reason to make one! Do you need to make cuts elsewhere to excessive spending? Having cause to review your monthly statements can only help your finances. Come see us at Timberwood Bank to set up an automatic withdrawal to your savings account for your giving; we want to make it easy for you! When you are able to focus your attention to those in need, you are investing in yourself emotionally and financially.  Even if you are only able to give your time through volunteering, it may give rise to gratitude for what you have; decreasing your desire to purchase items you do not need with money you do not have.

What Goes Around Comes Around

Although your primary goal in helping others isn’t to help yourself, getting involved can create opportunities for you and even your children. People in need will remember those who helped them at their lowest. Maybe someday you will be in need of a favor and they will happily assist you. It enables you to make connections with others, which can help you to better establish yourself professionally.  Is your child socially anxious? Kindness has been shown to reduce social anxiety and can help set your children on a stable track for the future including scholarships and job prospects.

In whatever capacity you have to give and whatever your goals may be for the new year, selflessness will branch off to help you, your community, finances and family. What better resolution is there?