Start The Year Off Right

December 29, 2023

Now is a great time to conduct a financial checkup!  Here are some things to review to help you start the new year on the right foot.

Review Your Budget. Check-in with your budget to make sure it aligns with your saving and spending habits. Are your savings setting you up to hit your short and long-term goals? Were there any big life moments — like having a baby, moving, etc. — that happened that would warrant some likewise big changes to the budget? Consider using the Money Management tool within the German American Mobile Banking App to easily categorize and adjust budgets to your needs! 

Check on Your Investments. Ask yourself the following:

• How are you doing with your investments?
• Are you hitting the employee match on your 401(k)? If not, make it a New Year’s goal.
• What about your IRA contributions?
• Is there any way to max those out?

If you can’t contribute the max, consider increasing them every single year. Also, check in on your stocks and bonds. If you’re not happy with how you’re invested, make a change so that the year ahead is an improvement. 

Decide on Debt. The end of the year is a good time to make sure you have a solid strategy for paying down any debts, particularly high-rate ones. Review your loans and credit cards. Are you making inroads or just treading water? If you are struggling to make progress on your debts, consider trying something new, like a balance transfer credit card. Check your credit score and learn ways to raise it using Credit Score within German American Bank Online and Mobile Banking. 

Update Your Goals. Make sure your saving habits are aligned with your long-term goals. If things are off track, make this the year you get going in the right direction.

Do One Thing: Review your budget at the start of every year and after every major life event. No matter what your "next" is, German American is here to find what's right for you.  

^{Written by Chris O'Shea for SavvyMoney Daily}

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