The start of a new year is the perfect time to set goals to improve your financial situation. Whether you want to pay down debt, build savings, or invest wisely, adopting well-defined financial resolutions can help you stay on track.
Here are some goals to consider, along with a few tools to help you along the way:
A budget is the foundation of financial health. If you don’t already have one, start by tracking your income and expenses to understand where your money goes. For those with an existing budget, review and adjust it to reflect any changes in your financial situation, such as new income streams or rising costs.
Use budgeting tools or apps to automate tracking and get a clearer picture of your finances. Our home budget calculator is a great place to start.
Life is unpredictable, and having an emergency fund can shield you from financial hardship. Aim to save three to six months’ worth of living expenses in a separate, easily accessible account. Start small if needed; even saving $10 a week can add up over time.
Check out our emergency savings calculator to help you determine how much in emergency funds you may need to save.
Whether it’s saving for a home, funding a child’s education, or taking a dream vacation, having specific goals can make saving and planning more purposeful. Break your goals into smaller, achievable milestones and track your progress regularly.
Our savings goals calculator can help get you started.
If you have excess savings beyond your emergency fund, consider investing to grow your wealth. Research various investment options, such as stocks, bonds, and mutual funds, or consult with a financial advisor to determine what aligns with your risk tolerance and goals.
Explore our CD ladder calculator to examine the benefits of investing in a series of certificates of deposit with different maturities.
Commit to learning more about personal finance this year. Read books, attend workshops, or follow trusted financial experts online to deepen your understanding of money management, investing, and tax planning.
The Union State Bank finance blog is a great place to start!
Conduct a financial audit to identify areas where you can cut costs. Cancel unused subscriptions, negotiate better rates for services, or switch to cost-effective alternatives. Redirect the savings toward your financial goals.
Our spend less calculator will let you see just how much your budget reductions may be worth.
Insurance and estate planning are essential components of financial health. Ensure you have adequate health, auto, home, and life insurance coverage. Additionally, update your will and designate beneficiaries for your accounts to protect your loved ones.
Our Health Savings Account (HSA) goals calculator is just one of several insurance related calculators you will find at MyUnionState.Bank.
Reaching financial goals, no matter how small, is an accomplishment. Celebrate these milestones to stay motivated and reinforce positive habits. Is your goal to be a millionaire?
The save a million calculator helps you see when you might hit that million dollar mark.
Accountability can significantly improve your chances of success. Share your resolutions with a trusted friend, family member, or financial advisor. Regularly review your progress and adjust your plans as necessary.
If you have questions along the way towards your financial goals, reach out through our contact us page. We’re here to help!
The new year offers a fresh start, embrace it as an opportunity to take control of your financial future. With discipline and consistency, you can make this year your best financial year yet.
About Union State Bank: Founded in 1908, Union State Bank has banking locations serving communities of Arkansas City, Newton, Udall, Winfield, and Wichita in Kansas and in Bartlesville and Edmond, Oklahoma. Union State Bank offers a full range of electronic, deposit and cash management services, as well as business and agriculture, commercial real estate, construction, mortgage, residential and consumer loans. Member FDIC. Equal Housing Lender, NMLS# 412388