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Attention: In observance of Presidents Day, all Fidelity Bank & Trust locations will be closed on Monday, February 18th, 2019.

Sticking to Financial Goals for 2019

Maintaining Your Finances and Goals

Keeping to your financial goals can be difficult throughout the year, but you need to stick with it to stay afloat. You need to have your goals prepared, put yourself first, take advantage of benefits from your employer, and continually pay off credit card debt each month. Finally prepare a monthly financial statement to review your progress, sometimes things become lost in the shuffle of life and it’s good to keep up if you are falling behind or making significant progress. Our own Steve Baumhover, Market President, is here with a few tips to stick with your goals and achieve your goals for 2019!

Prepare individual financial goals, Baumhover says, “these goals can be as simple as adding $50 to your savings account balance each month, or a more complicated goal of reaching a certain amount for college expenses or retirement”.

Small obtainable goals are key, they are much more achievable, and you can continue building off them. Always utilize benefits that your employer offers. Baumhover suggests, “If your employer has a 401-k program and offers a matching contribution up to 2% of your wages, contribute enough to take advantage of the company’s contribution,” which will pay off in the long run.

Putting away money for future use is just as important as continually paying off your unpaid balances. Often you charge things to your credit card and worry about it later. This can lead to your debt piling up which makes it difficult to pay it off. “Credit cards typically charge 18% to 22% on unpaid balances, so it is easy to have credit card debt accumulate, and much more difficult to pay off. If possible, pay off the balance each month,” says Baumhover. Keeping your debt low allows you the ability to save more.

Finally, preparing a financial statement periodically to review your progress. Keeping up to date with your finances as they can change month-to-month can help inhibit unnecessary spending. Baumhover suggests, “by listing your assets and subtracting your liabilities, you calculate your financial net worth. If your net worth is increasing, you are making progress so treat yourself and go out to dinner or a movie! If you are falling behind, take note that you are moving in the wrong direction, and take steps to improve your results.”

Financial goals can be difficult to maintain all year but with a strategic plan in place and continually putting money away you can end your year in the positive. Fidelity Bank & Trust can help you maintain your finances and prepare financial statements to assure you stay on track. Let us help you stick to your goals in 2019!