Make a Commitment to Your Finances this Valentine's Day
Here are Some Money-Strengthening Ideas
As many people prepare to honor the ones they love and the relationship commitments they've made, Valentine's Day is one of the first things on their minds in February. This February, BANK is encouraging our customers to consider making a financial commitment as well.
"One of the most important commitments you can make is to set financial goals," said Amanda Rundquist, Director of Marketing and Communication. "Whether it's saving more for retirement or paying off a debt that's been weighing you down, set aside some time this month to create a strategy for achieving it."
The following are five actions that you can perform this month to improve your financial situation:
- Update your budget. Make time to look through your budget and see what needs to be revised. Examine all of your bills and expenses, as well as the amounts you wish to spend on food, recreation, and savings.
- Make a strategy to pay off at least one debt by the end of the year. Make a list of at least one debt you want to pay off by the end of the year and a plan to pay it off. If you don't think you'll be able to pay off all of your debts by the end of the year, make a plan to pay off at least one of them by paying more than the minimum monthly payment.
- Eliminate one expense. Examine your spending and see what you can go without. Choose at least one cost that you can cut back on or remove entirely. If you go to your local coffee shop every day, eliminate one day per week. If you don't use a streaming service or a magazine subscription on a regular basis, cancel it. These minor adjustments might easily pile up.
- Save more. The more money you save now, the faster it will accumulate. Using the coffee shop as an example, instead of spending $4 per day on coffee, consider putting $4 per day into savings. By the end of the year, you'll have spent $1,284 if you start on Valentine's Day.
- Check your credit report. To order a free credit report from each of the credit reporting agencies, go to www.annualcreditreport.com. Examine your credit reports to confirm that your credit history is accurate and to protect yourself from identity theft.
Check out our checking and savings accounts to help you reach your goals here. With online banking, you can set automatic transfers into a saving account to assist you in achieving your financial goals. Call us to help or visit any of our branches. We want to help you do more with your finances!
