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The Peoples Bank

Setting Financial Goals for the New Year

On the Road of Life, the start of a new year is the perfect time to plan ahead and establish new financial goals. Whether you want to continue tackling long-term projects from last year or start fresh with new short-term ones, the sooner you set your goals, the more prepared you’ll be to reach them. Thankfully, you don’t have to plan alone, as your neighbors and experts at The Peoples Bank are here to help you set and meet all of your financial goals this year.

  1. Get on Top of Tracking Your Spending

First things first, tracking your spending is key to getting a hold of your finances and financial goals. Look at how much money you spent last month and what went where, compare that to previous months and then break down where your money is going and where else you would like it to go. Ideally, keep essential spending at 50% of your income and casual expenditures at 30%, then put the remaining 20% into savings. Knowing where your money is currently going is the best way to learn how to redirect it toward your spending goals!

  1. Set Up Your Savings

Building up your savings account means having the finances to face your financial goals head-on! We’ve previously discussed the importance of saving for spending on the Road of Life, such as a college fund for your children. However, bolstering your savings account also includes having a safety net for unexpected developments. This is why it’s important to consider setting up an emergency fund. Trust us, the more you save, the more you’ll thank yourself later!

  1. Deal with Debt and Other Loans

Finally, all financial goals for this year should account for any pre-existing debt or other payments you’re bringing with you from last year. Whether it’s as small as paying off a credit card or as large as a car or mortgage payment, keeping up with your debts gives you the peace of mind to approach future expenses.

A new year should be a time of celebration, so don’t let setting financial goals frighten you! Instead, see them as an opportunity to get a better hold of your finances! And, of course, on this step of the Road of Life, you’re never alone. The Peoples Bank is always here for all of your financial planning needs.

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