Forward Bank
Improve Your Financial Health in 2021
January 4, 2021
Was 2020 the year you finally got fed up with how you thought about your money? Have you always felt like your money was controlling you instead of the other way around? Well, now is the time to make a change. Let’s make 2021 better together.
Do a Financial Check-in
- Look at all your accounts and itemize all your assets (what you own) and liabilities (what you owe).
- Identify areas of your budget where you could be more disciplined and spend less.
Start Saving
- Take advantage of 401k matches through your job or not saving for retirement.
- Start saving for bigger expenses like a house, car, or future college fund.
- Set up automatic transfers from your checking account to your savings account to make sure not one paycheck goes by without paying yourself first.
Build and Maintain Your Emergency Fund
- The general rule for your emergency savings is about three months of your regular pay.
- Having a nest egg will give you confidence when times are tough.
Pay Off Your Credit Card
- Pay off your credit card every month to avoid becoming overwhelmed with debt.
Keep Track of Your Credit
- Check your credit report to have an approximate idea of your credit score.
- Knowing this number can help you take strides in increasing your score, which is so important during this stage in your life.
If you’d like to discuss further, please feel free to contact an advisor at Forward Investment Services.
The content is developed from sources believed to be providing accurate information. The information in this material is not intended as tax or legal advice. It may not be used for the purpose of avoiding any federal tax penalties. Please consult legal or tax professionals for specific information regarding your individual situation. This material was developed and produced by FMG Suite to provide information on a topic that may be of interest. FMG Suite is not affiliated with the named broker-dealer, state- or SEC-registered investment advisory firm. The opinions expressed and material provided are for general information, and should not be considered a solicitation for the purchase or sale of any security. Copyright 2021 FMG Suite.