Wednesday, August 10, 2016

Next 4 Things You Can Do For Financial Success

At First Bank of the Lake, we are dedicated to helping our clients achieve financial success in their personal and business lives. We make it a point to share relevant, interesting content designed to help people navigate the various situations they may face in their day-to-day lives. This week, we're continuing that tradition by offering some helpful suggestions for achieving financial success in all stages of life.

Whether you are a young adult just beginning your professional career, a middle-aged adult preparing for retirement, a single working professional, or a stay-at-home parent, there are certain things you should be doing to better position yourself financially. Here are a few steps you should take to improve your financial situation.

1. Build A Budget
First and foremost, you should put together a budget to keep track of your monthly expenses. There are countless different budgeting strategies you can use:
  • You can build a spreadsheet and plug all of your income/expenses in at the end of the month.
  • You can use a free budgeting app to track your income/expenses on your smartphone as you go.
  • You can make a cash withdrawal after every paycheck and divide the cash up into envelopes, each with a specific purpose.

No one strategy is better than the other; it's up to you to choose which one fits your needs and lifestyle best. What's important is that you stick with the budgeting strategy you choose so that you can continue to track your finances month after month.

2. Save For Retirement
Practically every working professional hopes to retire someday. The age at which people retire varies greatly from person to person, but the ultimate requirement is the same. In order for people to retire, they have to have enough money saved up to support them for the rest of their lives. The younger you are when you retire, then, the more money you will have to have saved up. No matter what stage of your career you are currently in, we strongly encourage you to begin saving for retirement at the Lake of the Ozarks. The sooner you start, the more you can save in the long run.

3. Set Aside An Emergency Fund
Life is impossible to predict, and even our best laid plans can (and often do) go awry. If unforeseen undesirable circumstances arise, it is important that you have the funds set aside to weather the storms. Most financial experts recommend having enough money in your savings account to cover at least 3-6 months of your living expenses without any additional money coming in. If you do not have the funds sitting around to currently designate as an emergency fund, build up to it by setting aside one hundred dollars every month.

4. Spend Less Than You Earn
This principle sounds obvious, but you might be surprised how many individuals often have trouble following this simple maxim. Spending more than you earn in any given month may not be terribly detrimental to your overall financial situation, but if it becomes a consistent pattern, it can become a major problem very quickly. It is important that you become brutally honest with yourself regarding how much you earn on a monthly basis and how much you can afford to spend. (Maintaining a budget can help you keep track of this.)

Let Us Know If We Can Help!
If there is any way we can help you on your road to financial success, don't be afraid to reach out! We offer retirement accounts, savings accounts, and personal checking accounts at the Lake of the Ozarks. If you are interested in setting up a new bank account, we would love to talk to you. Visit our website to learn more about our financial services:

First Bank of the Lake - Striving For Excellence
Member FDIC. Equal Housing Lender.

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265

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