New Year’s resolutions tend to be broken after a month or two, but making a resolution to save money is something you should consider keeping. Traditions First Bank has some tips for keeping that financial resolution all year.



What is your Net Worth?

The new year is an excellent time to find out your net worth. Your new worth is the value of your assets minus the liabilities you owe. Here’s how to calculate your net worth.

Start small

Don’t set lofty goals that might not be obtainable. Start with one goal, like setting up an automatic contribution from your paycheck to a 401(k).

What’s your motivation?

Are you planning for a new house? Are you planning a vacation? Retirement plan? Want to pay down your debts?

Make a plan

Set a new savings goal. Add more to your retirement plan? Pay down your debts? Pay extra principal toward your mortgage payments each month? Pay down your credit cards.

Be good to yourself

When putting yourself on a budget, treat yourself occasionally, but don’t go overboard. Don’t cut out all the fun. If you get off track in budgeting, don’t get upset. Just keep at it and try again.

50-20-30 budget rule

This is a simple guideline for people to reach their financial goals. 50% of your income goes to essentials like mortgage payments. 20% should be deposited into your savings account. 30% is for the non-essential (or fun stuff)! 

If you have any questions or need help with budgeting, we are here to help. Traditions First Bank’s mission is to provide banking services to clients based on our highest values while investing in our community. Contact Traditions First Bank today.