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Create Your Financial To-Do List
As you look toward your financial future, what is it you want out of life? Whether you’re ready to pay off your student loan debt, or buy a new house, there are certain steps you can take to achieve your financial goals. Let’s take a look
- Know what you spend. Most people don’t know what they spend their paycheck on each month. Use our online/mobile banking app called My Spending to help you track where your money is going. Once you know what you spend regularly, you can make decisions as to where you can save money. Maybe you spend more than you thought on lunch every day and can save by bringing lunch to work a few more times a week. Or, maybe your commute is costing more than anticipated, so you can either carpool with a co-worker, or find other ways to cut spending to make up the difference.
- Get insurance. It’s critical to be prepared for the unexpected. Negotiate the best price you can for the insurance you need — renters or homeowners insurance, auto insurance, and health insurance. It’s important to note that if your job doesn’t offer health insurance, look to purchase individual insurance through the Healthcare Marketplace for the best plan possible.
- Build an emergency savings fund. Assess your living expenses for three months, and then use that amount as a goal for your emergency savings fund. If that amount is a little high to start, just shoot for $1,000. You can begin saving by automatically transferring $20 per paycheck to a savings account designed specifically for emergencies. As time progresses, your emergency fund will increase, giving you access to money needed to pay for unexpected things, such as medical bills or auto repairs. That way, you can pay with cash instead of credit — potentially saving money in interest and other fees in the long-run.
- Create a debt repayment plan. Debt is a killer when it comes to achieving financial goals. The more debt you have, the more difficult it will be to accomplish your financial goals. First, create a list of all your debt — from your student loan balance to every credit card you own. Then, start working to eliminate your balances one by one.
- Save for your retirement. The sooner you begin saving for your retirement, the more money you’ll have available when it’s your time to retire. Take advantage of retirement accounts where you work, such as a 401(k). If you work at a place where retirement options are not offered, you can open an Individual Retirement Account (or IRA) at WesBanco. Or, consider meeting with a financial adviser to create a retirement strategy to meet your goals and aspirations after you retire.
Following these five steps will start you along the path to achieving your financial goals. If you have any questions about the best options for your situation visit your local WesBanco Banking Center.
Content is for informational purposes only and is not intended to provide legal or financial advice. The views expressed are those of the author.