How to Create a New Financial You in 2020

New Year New Financial You

How to Create a New Financial You in 2020

Ten! Nine! Eight! Okay, it’s a little too early for a New Year’s countdown, but we can’t wait for 2020 to arrive. A new year offers the chance for a new you in so many ways. Seven! Six! Five! Take a New Year’s resolution, for example, which people use to better themselves. Instead of going to the gym more often, why not strive to create a new financially responsible version of yourself? Four! Three! Two! Continue reading to find out more information on how you can get started. One!

Happy New Year!

You’ve been waiting to hear this phrase ever since the holidays drained your bank account. For a moment, it seemed like the spending was never going to end. What went wrong? Everything can be traced back to the beginning of last year, when a budget should have been put in place. That’s where we’ll start now:

The Importance of a Budget

The new financial you will have a budget. Why? Composing a list of your savings compared to your spending will save you from monetary nightmares. It will also help you adjust your current habits when it comes to prioritizing wants and needs. Starting a budget now even puts you ahead of the game for student loans, weddings, or other important upcoming events in your life.

How to Create a Budget

As previously mentioned in 5 Tips for Handling Holiday Spending Wisely, start by viewing your monthly income. Then check the monthly payments you have to make. Whatever is not being spent is what you are saving. Attempt to allocate funds for specific expenses like eating out and going to the movies. If that’s all you do for now, you’re off to a great start. Try spending more or less money in different areas of your budget over time without surpassing a designated amount for the year.

The Benefits of a Bank Account

Let’s assume that the old financial you kept all of their money under a mattress. That’s a costly mistake, but don’t just take our word for it. Business Insider elaborates on why it’s a terrible idea. Banks use vaults to store your money so that no one besides you or an authorized user will have access to it. Federal Deposit Insurance Corporation (FDIC) members are also insured in case an emergency does happen.

How to Open a Bank Account

Our recommendation is to find a local bank that you can trust. Visit them in person with a few forms of identification and bring the money you plan to deposit. Their team will be able to tell you which kind of bank account would be the most beneficial for your situation. In 6 Awesome Ways Our Checking Accounts Work for You, we’ve provided how checking accounts make life easier. Saving accounts will also come in handy, so make sure to review all of your options.

Choose Central Federal

For more advice relating to your new financial lifestyle, choose Central Federal in Rolla, Missouri. Our knowledgeable bankers are experts and will make you their top priority. Stop by today or call us at 573-364-1024. If we don’t hear from you before January 1st, Happy New Year from all of our families to yours!