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Shape Up Your Finances

As the sun rises on January 1, many people will start their NEW YEAR fitness plans.  What about SHAPING up your FINANCES?!?!

Let our Legence Bank team create a financial fitness plan that works for YOU!  We can help you set attainable goals, taking small steps in the right direction to money management.  If you are planning to get in FINANCIAL SHAPE for the new year, check out our financial tips to get you FIT for 2023!

Making the decision to change your financial habits in the New Year is a smart, healthy move, but attempting to tackle it all isn’t the best plan.  Focus on the things you can easily and quickly change and prioritize your Financial Fitness Plan based on what you want to see for yourself in the future.

New Year’s resolutions are not for everyone, but setting financial goals for yourself, your family and your business is an essential part of leading a healthy life.  Think about your priorities when it comes to your money and then implement the strategies listed above.   Taking one small step toward a healthy financial life can make a huge difference for the next year and beyond.

Weekly Financial Tips

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Financial Tip #1- WORK ON YOUR BUDGET

In January, many people will start their NEW YEAR fitness plans.  What about SHAPING up your FINANCES?!?!

Let our Legence Bank team create a financial fitness plan that works for YOU!  We can help you set attainable goals, taking small steps in the right direction to money management.  If you are planning to get in FINANCIAL SHAPE for the new year, check out our financial tips to get you FIT for 2023!

One of the most important financial moves you can make in 2023 is committing to your budget.  Figuring out what money is coming in and where it is going every month can be an eye opener!  If you notice you don’t have as much as you would like to set aside for retirement, investments, or savings, looking at your budget can reveal where you may be able to cut back or reallocate some of your spending. 

We have a great TOOL in our FREE Legence Bank App and Online Banking called Go!Focus.  This amazing money management/budgeting tool helps you set budgets, and manage all your finances in one location!  Our team is ready to show you how to get a jump start with your financial fitness plan.

Financial Tip #2 - EVALUATE YOUR DEBT

As some of you continue on with your NEW YEAR fitness plans. We are here to help you SHAPE up your FINANCES!!!

Let our Legence Bank team create a financial fitness plan that works for YOU! We can help you set attainable goals, taking small steps in the right direction to money management. If you are planning to get in FINANCIAL SHAPE for the new year, check out our financial tips to get you FIT for 2023!

Another important financial move you can make in 2023 is to evaluate your debt. First things first – make a list of all your outstanding debts, determine which ones are causing you the most financial pain. Work toward paying down what you currently owe before adding any new debt. Avoid any unnecessary purchases. Adding more debt by making unnecessary purchases when you still have debt to repay will make managing your debt more difficult. Pay your bills on time, check your bills to make sure everything is accurate, know your debt -to-income ratio and look for opportunities to consolidate your debt.

If you have multiple loans and multiple credit cards, a PERSONAL LOAN can help YOU! Our team can help you consolidate your debt into one loan at Legence Bank. Rolling your monthly bills into a single payment with a PERSONAL LOAN for debt consolidation can be a good way to simplify your financial life, keep your credit strong and make it easier to repay what you owe each month.

Our team is ready to show you how to get a jump start with your financial fitness plan.

Financial Tip #3 - BOOST YOUR CREDIT SCORE

Let’s continue to SHAPE up your FINANCES!!!  It’s week 3 with tips for your financial fitness plan!

Boosting your credit score is another important financial move you can make this year. Building good credit is like building a house.  You start with a foundation – which is your current credit score – and build from there.  It is all about how you spend the money you earn and how much debt you incur. 

The better your credit score, the more likely a creditor will trust that you will pay them back. Your credit score can affect where you qualify for a loan, as well as the type of loan and loan terms.  A higher score can help you unlock savings and benefits through better interest rates and more favorable loan terms.

As you set your foundation for building good credit, know it may take time, but it’s never too late to start.  You can start building your credit by setting small, achievable goals.  One way to do this is by applying for a Personal Loan at Legence Bank.  Use your credit cards in moderation and make payments on time.  Showing consistent on time payments will help you establish your credit history, strengthen your score, and achieve your financial goals.

To help build and maintain good credit, you should set a budget.  Track your spending by using Legence Bank’s FREE Go!Focus Budget Management Tool in our mobile app and online banking.  Set a plan to pay off existing debt.  One way to help is consolidating debt and our team at Legence Bank can help you!   A personal loan can serve as a great option to consolidate debt and help build your credit.

TIPS TO IMPROVE YOUR SCORE:

  1. Lower credit card balances
  2. Pay your bills on time
  3. Open a savings or checking account
  4. Keep the number of credit cards to a minimum
  5. Try not to cancel or close your credit cards as that could impact the total amount of credit you have available and how much you have used.

Your credit report includes items such as: payment history, amount owed to creditors, available credit, types of accounts, and how long the accounts have been open. You can request these reports from each of the three primary credit reporting bureaus every 12 months for no charge as a way to track your score.

If you want to rebuild your credit and get on a healthy financial track, consider a Personal Loan with Legence Bank and our Budget Management Tool.

Our team is ready to help with your financial fitness plan.

Financial Tip #4 - INCREASE YOUR SAVINGS

Let’s continue to SHAPE up your FINANCES!!! 

Increase your savings and reach your targets without breaking a sweat. Saving and budgeting can seem stressful at first, but having a fixed goal can actually be a source of calm. It can help you visualize an exciting future in which you’ve bought your first house, started a family or even just splurged on something nice for yourself.

So, if you’re wondering how to save money here are a few suggestions on how to boost your bank balance.

  1. The most important tip for saving money is simple - Learn to Budget and understand your finances.  If you are in control of your budget, you are in control of your finances.
  2. Before you can start saving each month, you need to come to grips with your cash flow.  This means understanding ALL of your incoming and outgoing revenue streams, including any debt repayments, monthly bills and savings contributions.
  3. Before you can start saving, you need to pay down your debt – consider the budgeting method such as the 50/30/20 budget.
    1. Use 50% of your income on your needs, i.e. your fixed costs such as rent and utility bills.
    2. Use 30% of your income on your wants, i.e. your variable costs such as dining out and subscription services.
    3. Save 20% of your income. So, if you make $2500 a month after taxes, this would mean you can put aside $500 a month. In just a year, you could have paid off $6000 worth of debt.
  4. Create a designated Savings Account – this helps separate the money you spend on daily needs from the money you to intend to save.
  5. Automate your savings – if you have a fixed monthly income, consider automating your savings contributions each month.  Our team at Legence Bank can help you set up an automated transfer from your checking account to your savings account each month.
  6. Automate your bills – BILL PAY is a great took we provide FREE at Legence Bank within your online banking and mobile app.  You can help alleviate late fees by paying bills prior to your due date with Bill Pay.
  7. Track your spending by using Legence Bank’s FREE Go!Focus Budget Management Tool in our mobile app and online banking.  This tool provides alerts, let’s you pull ALL accounts into ONE location.  This is a great resource to help you get on a healthy financial track, consider one of our SAVINGS ACCOUNTS with Legence Bank and our Budget Management Tool.

Our team is ready to help with your financial fitness plan.

Financial Tip #5 - BUILD AN EMERGENCY FUND

Let’s continue to SHAPE up your FINANCES!!! 

 

BUILDING AN EMERGENCY FUND is essential to your financial fitness plan!  An emergency fund is a cash reserve that is specifically set aside for unplanned expenses or financial emergencies, such as car repairs, home repairs, medical bills, or a loss of income. This fund is not part of your routine monthly expenses or spending. This fund should typically cover three – six months’ worth of expenses, but saving that amount takes time and you can set small goals to make it happen.

Setting up a dedicated savings account for your emergency fund is one essential way to protect yourself, and it is a great first step you can take to start saving.  There are different strategies to start building your emergency fund and start saving.  We are slowly approaching tax season, if you receive a tax refund, you can set aside a portion into savings to start building your fund.  Even the smallest amount each week or month will help you start to grow your savings.

CREATE A SAVINGS HABIT:

  • Set a Goal. This will help you stay motivated to build your emergency fund.  You can use our FREE Go!Focus Money Management Tool at Legence Bank to help track your savings.
  • Create a system for making consistent contributions.  Our team can help you set up automatic savings transfers for a specific amount each week or each pay period. Aim to make it something you can afford and watch your savings GROW!
  • Regularly monitor your progress. Our Legence Bank Mobile App makes it easy to monitor your savings anytime, anywhere!
  • Celebrate your successes. If you are sticking with your savings habit, recognize your accomplishments and treat yourself!

If you are ready to begin building your emergency fund – let our team at Legence Bank help YOU with one more step in your financial fitness plan.

Financial Tip #6 - SET BILL PAYMENTS TO AUTOPAY

Financial Tip #7 - MAXIMIZE YOUR REWARDS & Cash Flow

Financial Tip #8 - USE S.M.A.R.T GOALS

Financial Tip #9 - WORK TOGETHER & YOUR FINANCIAL PARTNER

Financial Tip #10 - PROTECT YOURSELF FROM FRAUD

Financial Tip #11 - MAKE YOUR MONEY WORK FOR YOU

Financial Tip #12 - INVEST, INVEST, INVEST

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SCHEDULE YOUR FINANCIAL FITNESS PLAN TOAY!

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