Tag Archives: financial goals

How to Set and Reach Your Financial Goals

A dream is just a dream until a plan is created and executed. It can be a challenge to know where to start, as some days the expenses seem to come in faster than you can keep up. It’s time to take a step back, think about what you want for your life and begin building that future today.

How to Set

You are probably familiar with the concept of goal setting in your everyday life. Often, they take on the form of dreams, like someday having a vacation home in Hawaii or being able to complete a half marathon. It’s fantastic that you have these dreams and dare to imagine bold things for your life.

However, financial goals should be approached differently. This is why it is difficult for many people to ever achieve their goals, because they don’t know how to set them. A great place to start is taking the time to really think about what is most important to you. Where do you see yourself in five years based on the current financial decisions you are making? Are you happy with this? If not, why? What needs to change? You may want to sit with your partner as you both talk about your goals. You may be surprised at what they have to say and how it may spark ideas of your own! Some examples of other’s financial goals are: paying off credit card debt, starting an emergency fund or saving for a down payment on a vacation home.

How to Attain

If you haven’t heard of the acronym SMART, it’s time to apply it to your financial strategy.

S – Specific

Your financial goals need to be specific. What is it exactly you want? Instead of saying, “I want to be a better saver,” change it to, “I will be a better saver in the entertainment part of my budget. I will do this by…”

M – Measurable

Because we are dealing with numbers to begin with, your financial goal should be something that can be measured. This is so you can tell how far or close you are to the mark. “I will increase our emergency savings by 10 percent.”

A – Achievable

Are your goals out of this world? That may be good for daydreams, but if you are wanting an action plan, it should be attainable. For example, saying that you hope to win the lottery by buying tickets isn’t exactly achievable. Have a goal that is within reach and motivating.

R – Relevant

Is the goal relevant to your life? Does it make sense? If your goal is to buy a luxury vehicle, but you still have many other debts, it may not be a good goal. If it isn’t relevant to your life at this time, it can be put on the back burner. It’s all about the climb.

T – Time Bound

Every goal needs a time stamp. If there isn’t, the goal will just be floating in your mind. This can make it less motivating to accomplish, ensuring that it will never get done. Have an end date in mind. Once this date comes, evaluate where you are and what you did well. Take the time to recognize what you can work on for the next goal. Keep building off of this until you get to where you want to be financially!

Once you start setting some financial goals, open an account with us to help you continue that success!

New Season. New You. New Financial Goals.

It’s a new season and a new month, making it the perfect time to set new financial goals! While money management may not be your strongest asset, we believe with a little goal setting, a little discipline and a little help from Heartland Bank, you can end up surprising yourself how much of a financial all-star you really are! Start with these quick tips and watch your money grow.
Create a budget and stick to it – Budgets don’t have to be hard. Write down your outgoing expenses and any incoming money. If you’re spending more than taking in, it’s time to eliminate some costs. If you need help with monitoring your spending, we can help you get on track.
The importance and purpose of a budget is to help you spend less than you earn so you can save money. So by not sticking with the budget, what’s the point of having one? Create it, use it, and stick to it.

Eliminate Wasteful Spending– Next round of bills you receive look at them closely. Do you need every service you’re paying for? Are you being charged unknown fees? Go through your bills with a fine tooth comb and raise any flags so you’re not nickel and dimed.

We live in a time of instant gratification, but that often leads to financial consequences. Before every purchase, ask yourself “Do I really need this?” If you find the answer is no, leave it behind and move forward.

Build Your Savings – Every time you’re paid, the first deposit should be into your savings account. Essentially, you’re paying your future self for emergencies and retirement.
If you haven’t done so already, now is the perfect time to set up your 401k or 403(b). Generally, companies match their employees to a certain percentage and that’s free money you should be taking advantage of today.

Leave money you’re saving alone. There are penalties for withdrawing money early from certain accounts. Why pay a penalty for money you worked hard to put in there? Let it sit tight and watch it grow!

We hope these tips help you work to your financial goals this month or season. We are available to help you with your financial management if you need it. Just call or stop by to get your goals underway.

Four Ways to Raise Your Financial Game

Whether you’re a football fanatic whose weekly happiness hinges on your team’s performance or you can’t tell the difference between a quarterback and a punter, the game of football can actually teach you a lot about managing your finances. Don’t believe us? Check out the Heartland Bank game plan that can help you earn a financial win.

It’s Important to Win on Offense, Defense and Special Teams

Most teams need to play well in all three aspects to win games. In your finances, your offense is your income. If you think of dollars as yards, the more money you generate, the more secure you can be. If income is your offense, then spending is your defense. Coaches don’t want their defense to be on the field too long, so keeping the spending to a minimum is the best way to keep your finances in check. Your special teams are unique actions like investing. You only need them a few times per game, but you need them to perform well when they’re on the field.

Defense Wins Games

If spending is your defense, controlling your spending is the best way to ensure your defense is successful. Taking a defensive approach to your finances that controls spending and saves a little each and every month may not seem like the most exciting thing, but it will get you a win. Slow and steady saving can keep you on that winning streak you’ve been striving for.

Understand the Game Clock

The game clock can dictate how a team plays. At times, you can be aggressive, while other times may call for a more conservative approach. Taking an aggressive approach, such as making a smart investment, can help you improve your financial situation quickly. However, a more conservative and steady savings approach can help you accrue wealth, too. However, it may just take a little longer.

Surround Yourself with Good Coaches

A good coach trusts others to develop players and game plans. There are a lot of financial experts that have a wealth of knowledge. Take advantage of their assistance and unique perspective, and you can start with the experts right here at Heartland Bank. Trust these financial experts to use their experience to help you get a win.

Just as a good game plan can help your favorite team on the gridiron, basic football strategy can help you with your finances. If you have any questions, contact Heartland Bank and we’d be happy to help you develop the right game plan.

Saying “I Do” to Post-Honeymoon Finances

Post Honeymoon Finances

After tying the knot, finances can be a tricky subject, but they are an absolutely necessary discussion. As Dave Ramsey says, “If you can talk about money, you can talk about anything.” Getting your finances put together takes some decision making, but here are some basic guidelines to get you started courtesy of Heartland Bank.

Be transparent with one and other.

Begin the conversation with sharing each of your individual financial states, and the goals you have for where you want to be in the coming years. Once everything is out on the table you are able to dissect the differences between your finances and discover any areas that perhaps you differ on. If say one of you has debt and the other does not, then you are able to build a plan to first eliminate your now joint debt. By being open with one and other you can communicate more efficiently and work toward the goals you each share.

Evaluate your account setup.

In today’s world the words “joint checking” don’t always apply. While most common among married spouses with children, a joint checking account can provide a larger sum for paying expenses and saving toward goals. Additionally spouses today are also utilizing a combination of joint and separate accounts to maintain relative independence and have access to personal spending funds. Some couples choose to select separate accounts for all their financial means, paying bills fifty-fifty or perhaps every other. Whichever account scenario you choose, ensure that you and your spouse are on the same page, establishing ground rules acceptable spending habits.

Make a plan and stick to it.

At least once a month set aside time in your day to discuss finances with your spouse. This helps alleviate any financial tension should any money situations arise. By openly discussing successes and failures in your household finances on a regular basis you maintain a level of security in seeing where you finances stand in conjuncture with your goals each and every month. To be successful your finances your spouse and you must create and maintain a household budget. When creating your monthly budget remember to factor in costs for any loan installments, debt repayment, monthly expenses, and joint or separate savings. By evaluating your budget during your monthly finance discussions you can track you progress and adjust the budget if needed to better reach your joint financial goals.

By utilizing these simple tips you will begin the path to financial security and grow in your monetary capabilities. As Ramsey says, “Marriage is a partnership, and couples can’t win with money unless they’re doing the budget as a team.

How-To Purchase Your Next Vehicle

Auto Financing

Purchasing a new vehicle is always an exciting venture. At Heartland Bank we want to help you maximize your buying experience with a trusted and affordable auto loan. Before you start roaming the car lots, glance at our easy auto check list to see what type of vehicle both you and your budget are searching for.

Determine if you want a new or used vehicle.

Many auto dealers today offer both new and used. While new can offer updated technology and the assurance of no prior owners, choosing a used vehicle can drastically diminish cost and offers a comparable quality with moderate mileage.

Decide on a budget and a timeline.

When choosing the right vehicle to purchase, there are many questions to help you research which option may be best on your pocket book in the long run.

-How long do you want to drive this vehicle?

-What does your budget allow you to spend for the down payment and installments?

-When do you need your vehicle by?

-What type of MPG do you need to keep gas costs within your overall budget?

-How long do you want to be paying the loan off? (0-5 years)

With these questions in mind you can better view the credentials needed in the ideal vehicle for you and your family.

Save your down payment.

Speak with one of our experienced lenders to discuss your auto financing needs. It’s great to start saving now, to help secure some money down for your new purchase. When estimating the total cost of your new vehicle be sure to include any maintenance work, tires, or other repairs a car may need.

Talk to us!

If you have any questions or want to begin the process of auto financing, call Heartland Bank at (515) 352-3181 or stop by today. We’re happy to help, and look forward to making your next auto buying dream a reality.

Accomplishing Your Financial Goals

Accomplishing your financial goals all starts with creating a monthly budget and sticking to it.

Whether your financial goals are focused on saving for retirement, paying off student loans or having enough money to eat dinner next week, creating a monthly budget is the first step to financial success. Continue reading →