Do your savings goals make you feel defeated? Get in the game this year, and let Northeast Security Bank help you win your personal financial strategy. We’ll show you how to keep rushing forward with these proven football tactics:
Look for the pass.
One of the first and most important ways to save is to keep your eyes open! Whether it’s taking advantage of grocery store specials, buying household items in bulk, or cutting spending from your monthly budget, the biggest opportunity you have is continually searching for new ways to save.
Become a playmaker.
Before you start saving for the short-term items, be sure you have the long-term set in place. Just as in football, there are multiple things you need to have in order to make the best play of the day. Start by setting up an emergency savings account, to help guard your savings. Follow up by opening a personal retirement account such as an IRA, to continually run those dollars. For the last maneuver of the play, we suggest creating a 529 or Coverdell account to help make the touchdown for your child’s future education.
Protect your blindside.
Keep your personal finances secure by pushing your debt beyond the line of scrimmage. By aggressively paying off your outstanding debt, you can then make additional funds available to further support your monthly savings. We recommend covering the minimum payment for each loan and then using any surplus funds to add extra installments to ensure you don’t go into overtime.
Call an audible.
While working on your savings goals, see how you can change up your monthly spending to maximize your overall budgeting game plan. Work through your spending playbook to identify the common costs you can cut to make your expense lineup as lean as possible. You may find that each month has a slightly different strategy which may need some last minute adjustments. To get the big picture, we recommend working with one of these innovative apps to help visualize your next steps.
Throw a Hail Mary.
Did you get a raise, bonus, or other unexpected income? Instead of tossing those funds at a new expense, throw it into your structured retirement savings account. While adding unexpected funds here and there won’t take the place of your overall game plan, it can help add a few more points to the scoreboard!
Sack additional fees.
Whether it’s big banks searching for unnecessary add-ons, or potential financial advisers looking for a percentage of earnings, don’t be afraid to send excessive fees to the bench. You always want to make sure your financial line-up is offering you their best plays, otherwise, it may be time for a new round of tryouts!
With our affordable deposit accounts and expert financial coaching, we look forward to helping you score your next financial touchdown! Stop by your nearest branch and meet our dedicated team today!