Tag Archives: new year

10 Saving Resolutions to Make This Year

Start the year out strong so you can finish the end of the year with a bang! These are some of our favorite savings resolutions that are great for novice savers or experts!

1. Start with an emergency fund.

The first step you should take this year is to make steps to build up an emergency fund. Don’t let the unexpected set you painfully back in your budget and even from your ability to pay bills. Seventy eight percent of Americans live paycheck to paycheck and cannot afford to have a setback. Start saving for the unexpected now.

2. Pay a little extra on your mortgage.

Paying even one additional month’s payment on a mortgage can make a great difference in the long run. You may be able to cut years off the mortgage by doing so.

3. Say no to every splurge.

Those impulse purchases are good for no one except the store. Imagine if you hadn’t gone to the store that day or walked down an aisle with different items. You wouldn’t have thought you needed it or spent the money. You would have carried on with your life just fine. If it’s something you really want, work it into next month’s budget.

4. Skip the gym membership.

With the online workout community easily accessible, there’s not a strong reason for a gym membership unless you’re a heavy weightlifter. Find helpful videos to follow online or take a walk outside.

5. Stop the phone surfing.

We’ve all succumbed to the trap of online shopping. This is another way of splurging. If there are certain websites or social platforms that leave you feeling with the urge to spend, cut them out of your life until you feel you won’t be tempted.

6. Revamp your closet.

Ditch the clothes that you never wear and have your closet filled with the items you love. Keep neutral items that can be made into many different outfits. It will keep your wardrobe feeling fresh and new without the need to add new items to the collection.

7. Click unsubscribe.

Those spam emails can be annoying, but ones from your favorite retailer can often cause you to have a second look at the latest sale going on. This is another way of tempting you to buy something you don’t actually need, AKA a splurge. If this is a tempting area for you, go ahead and unsubscribe from the retailer’s email list.

8. Eat in.

Dining out is never the most cost-effective choice. Eating in doesn’t have to be boring. Learn some new recipes or even look up some copycat ones from your favorite restaurant. Invite some guests over to share with you. Saying no to dining out doesn’t mean you can’t have a social life.

9. Buy second hand.

While it may sound extreme, perhaps you can designate a certain area of spending to only be for thrift shops. Maybe it’s clothes, home decor or movies. Whatever it is, you can likely find it second hand.

10. Commit to your retirement account.

You are one year closer to retirement than you were last year. Even if you aren’t able to put a lot towards retirement this year, starting the habit of saving each month will set you up for future success and relief.

We hope that you are able to find these resolutions helpful and pick one for yourself to stick with for the year. To learn more about retirement and savings accounts, contact us at Heartland Bank.

Kick Off The New Year With These Savings Tips

Wow – we can’t believe it’s already 2020! The new year will bring children, weddings, new business opportunities and more. With that being said, we want to make sure you can continue to prosper financially. Here are our favorite savings tips to help you kick off the new year!

Start saving for retirement.

Yes, it’s far away and you can’t really see the benefits right now, however, starting to save for retirement now will be crucial in how much money you’re able to spend in the following years. The closer you get to retirement, the more you’ll have to put away if you haven’t started saving in earlier years. Making sure you find other ways to help your retirement fund grow will also be in your best interest. If your employer will match up to 3% of your 401(k) contributions, be sure to take advantage of that! If there is an opportunity to get good interest rates on a savings or checking account, stash some money there as well as in a CD or IRA.

Make a plan to pay off your debt.

Having an accumulation of different debts can become overwhelming and stressful. For the new year, think of a game plan to break down those debts and start to pay them off. Whether its credit card debt or student loans, there are always ways to come up with a doable plan to implement over the next few years. Start budgeting and begin to pay off debts in order from smallest to largest.

Start an emergency fund.

We understand that you may have some money built up in a savings or checking account, but when an emergency hits, you don’t want to have to take money out of those accounts. By having your own account for a rainy day, you will know exactly how much money you have saved up for potential expenditures.

Really start to budget.

It’s one thing to not drink a morning coffee from your favorite shop, but it’s another to actually have a list for a budget of all the things you need to stick to. It’s really easy to get off track and start eating out a few more times during the month or pay for something you really don’t need. Making a real budget and sticking to it will be the #1 thing that brings you financial success this year!

We hope you decide to implement all 4 of these savings tips into your new year. By starting to save for retirement, pay off debt, build an emergency fund and budget, your financial finesse is sure to flourish! Store your newly saved cash in a savings or checking account with us today!

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.