How to help you make 2020 your best financial year yet!

Publish Date January 7, 2020

Aside from losing weight, improving your financial well-being is one of the most popular New Year’s resolutions!

We sat down with Fidelity Bank & Trust Trust Professional, Mark Platte, as he spilled his advice on how to help you make 2020 your best financial year yet!

Make A Budget

Setting a budget is essential to financial success, even if you’re living comfortably. When you set a budget for yourself, it allows you to exercise discipline when it comes to how much you’re spending on recreation, how much you need to allocate to necessities, and how much you’re putting into savings and investments.

Once you set your budget, and stick to it, you’ll have better control overreaching your 2020 financial goals.  

Financial Goals

Let’s talk goals. In order to achieve your 2020 financial goals, you have to take the first step of setting them. Whether your goal is to save an extra $100 a month or to start investing, you need to start by establishing your long-term goals.

“A good starting point in identifying your goals, especially if you are younger with a family, is protecting your family from loss of an income in the event of death or disability,” says Mark Platte, Trust Professional. “Additionally, it is important to fully understand your employer retirement plan in order to maximize any available matching contributions. A good financial professional will be able to talk you through both of these concepts as you embark on your path toward financial fitness.”

Once you have your goals established, this will give you a starting point to check, monitor and change accordingly to reflect your financial success.

Paying Off Credit Cards

It’s time to get your credit in check. To get a handle on your credit score, you must know the factors that are affecting it. To start, monitor your payment history, credit utilization, credit mix, hard inquiries, and negative information.

If you find that your credit score is lower than you’d like it to be, start by taking steps to improve it, such as paying off debts and keeping credit card balances low.

Fidelity Bank & Trust is here to help you simplify your life and your finances in 2020. Stop by a Fidelity Bank & Trust location to learn how to make banking, budgeting, and keeping life on track feel like second nature.