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Was Your New Year’s Resolution to Save Money this Year?

Legend's Banks - New Years Resolution to Save Money

Legends Bank has a few tips to keep you on track for saving and managing money for 2020

The key to resolutions is not making a list; it’s sticking to it. Here are some recommendations for managing your money this year.

Budget.

  • Create a budget with these 3 things:
    • How much you’re taking in.
    • How much you’re spending
    • How much you’re saving.

If you’re not sure where your money is going, track your spending using a spreadsheet or an online budgeting tool.

  • Determine how much you need to cover:
    • fixed monthly expenses like mortgage and other living expenses.
  • Determine how much you need to save for retirement:
    • The rule of thumb is to save 10 – 15% of pre-tax income.

Personal new worth.

  • It would help if you were doing this annually.
    • Make a list of your assets (what you own) then subtract your liabilities (what you owe). This determines your net worth.

Project the cost of big-ticket items.

  • These items can include upcoming college tuition for your children or major repairs to your home.
    • If you know you’ll need the money in a few years, investments like short-term certificates of deposit (CD’s) are relatively safe.

Prepare for emergencies.

  • If you are not yet retired, think about creating an emergency fund with three to six months’ worth of essential expenses, set aside in a saving account. This could help greatly if you suddenly lose your job or have a medical emergency that could keep you off your job for a while.

These are just a few tips to think about for your new year. If you need more in-depth information, we have a team of professionals available to you for any financial guidance you might need.

We’re Legends Bank.…professionals who know what you want and need most. And a homegrown, financial institution that’s here to stay.

Contact Us Phone (Regular Business Hours): 1-866-391-1925 Or email us at customerservice@legendsbank.com.

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