Summertime Financial Check-Up
How are you doing halfway through the year?
Summer and relaxation go hand in hand, but it’s important that you don’t relax your focus on your financial goals. June marks the halfway point already for 2023! Now’s a great time to do a quick check-up on your budget, your savings and your organization so you’re not overwhelmed at the end of the year.
Your Budget
Did you create a budget as one of your new year’s resolutions? Have you stuck to it? If you haven’t, now is a great time to look at your spending year to date and determine if you need to make a course correction in spending less in certain categories. Or, maybe you were able to pay down some debt early in the year and now have some extra cash you can allocate toward savings or even a vacation. Check out How to Build a Budget on our website!
Your Savings
Do you have a plan in place for saving a percentage of your earnings every paycheck? Consider opening a Goal-Based Savings Account through CNB to allocate specific amounts of money towards individual goals so you can keep your emergency savings separate from your specific savings goals, such as a new car or paying for a wedding. Savings tend to add up more quickly when you have direct deposit or automatic transfers set up so you don’t have to think about moving your money.
Your Organization
Review your bills and see if you can enroll in automatic payments or e-bills to simplify your life. This can easily be done through CNB’s Online Bill Payment. File any receipts, credit cards statements, etc… that you’ll need for completing your tax returns at the end of the year so you know where they are. Likewise, if you have items that can be discarded, make sure they’re safely shredded to avoid any concern about identity theft.
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