Kick off the new year with a solid financial plan. As the New Year sets in, it’s important to get your finances organized and in order. The essential key to staying on top of your financial priorities is making sure you know who has access to what, how to access critical information, and where every penny comes and goes. We created a list of 5 key tasks to help you keep your financial worries at bay and prepare you as you enter the new year with a little planning.

1. TAKE INVENTORY OF YOUR PERSONAL FINANCES

Get organized by first locating and gathering all of your financial documents. Each record plays a critical role throughout your financial journey for both your short-term and long-term goals.

• Financial statements
• Retirement statements
• Mortgage statements
• Lease agreements
• Insurance documents
• Tax returns
• Estate contracts
• Paystubs
• Employee benefits
• Medical summaries (FSA and HSA)

2. ORGANIZE YOUR FINANCIAL DATA

Now that you have all of your documents organized, start listing and organizing your personal financial data.

• Credit limits, debt amounts, balances, and minimum payments due, and expected payoff dates
• Any fees
• Insurance coverages and expiration date
• Review and update beneficiaries

3. CHECK YOUR CREDIT

Audit your credit report annually to review your personal information making sure it’s up to date and no errors for potential fraud. Read more about how to understand your credit score here.

4. RINSE AND REPEAT YOUR BUDGET

Do you know where your money comes from and where it goes? A routine review of your budget will provide guidance on whether or not you are spending realistically. A budget also helps you prepare for large and unexpected expenses. When establishing your budget, determine what your commitments are and list the resources available to help you work towards those commitments. On a monthly basis start by reviewing your current budget.

• Identify all of your income sources and determine if they are fixed or variable amounts.
• Record and calculate your expenses. Use your average spending as the amount to budget.
• List any large expense you have coming up.

If your income is greater than your expenses, use this money towards your savings goals. If your expenses exceed your income, you’ll want to re-evaluate your commitments and identify other means to increase your income. This can be a tedious task but it will help you better manage your finances and help improve your financial state. You don’t have to do this alone! That’s why we partner with GreenPath, a non-profit financial wellness organization to provide assistance and worksheets to help you towards financial success. Learn more here.

5. EVALUATE YOUR SAVINGS PLAN

Reviewing and establishing a healthy savings account is more than just a rainy-day fund. It’s an opportunity towards financial freedom. As rates are on the rise growing your savings account contributions through one of our Flex CD’s or Insured Money Market allow you to adjust with your budget as needed while you practice forming your financial habits.

Today is the day to start planning and making progress as you move into 2023. Don’t hesitate to call us at 801-621-4550 to schedule an appointment to meet with one of our local branch managers and insurance experts. Take action today and let us help you get on the path towards achieving your financial freedom.