Ways To Set Yourself Up For Success In 2017

2016 is drawing to a close. It’s been a good year filled with successes, learning opportunities, and things we can use to grow and improve as we move forward into 2017. The New Year holds a lot of great potential, and the team at First Bank of the Lake wishes you nothing but success in 2017. With New Year’s Day literally right around the corner, we want to take this opportunity to share with you some strategies to set yourself up for financial success in 2017. We hope you find your suggestions helpful!

Prioritize Paying Off One Debt At A Time

Getting out from underneath a pile of debt often seems like an insurmountable task, but it can be possible if you create a strategy and stick to it. In addition to making the required payments on all of your debts, we recommend choosing a certain one (either the one with the highest interest rate or the one with the lowest principal balance) to devote extra attention to. Pay a little bit extra towards the principal every month – even as little as $25 or $50 will make a big difference! Once you have paid it off, take the amount you were paying towards it every month and add it to payments on the next loan of your choice.

Go On A “Spending Strike”

In her book “The Spending Strike,” Sarah R. Baker suggests a unique strategy of going on a spending strike for a month – that is, not spending any money for an entire 30- or 31-day period. This may seem a bit extreme (and unattainable), but the point is a good one. Why not shrink it down to make it a bit more doable? Pick a two-week period and vow not to spend any money during that time. Doing this a couple of times per year could be a great way to reduce some of your extra (and probably unnecessary) spending habits.

Don’t Spend Money You Don’t Have

This may seem like an obvious suggestion, but an alarming number of people routinely spend hundreds of dollars they don’t have. Credit cards are all too easy (and often extremely tempting) to swipe, especially when they allow us to purchase something that we would otherwise not be able to afford. Credit card interest and fees rack up quickly, however, and the reality is that by charging extra expenses to your credit card, they will ultimately end up costing far more than the sticker price. A good rule of thumb is to only use credit cards for purchases you would just as easily be able to afford with your debit card or cash.

Build A Budget (And Stick To It)

We’ve said it before and we’ll say it again: sticking to a budget is the single most effective way to improve your financial standing. In its most basic sense, a budget is simply a plan outlining your total income and your total expenses. You can make it as elaborate and as detailed as you want it to be, but your goal should always be to make your total expenses less – ideally MUCH less – than your total income.

Remember First Bank Of The Lake As Your Financial Resource

Our local bank at the Lake of the Ozarks is here to help you move forward into a financially successful, stable New Year. We offer competitive interest rates on personal loans, CDs, and interest-bearing checking accounts. We also offer free checking and savings accounts to help you and your family with your everyday financial needs. For more information about our bank in Osage Beach MO, visit our website: www.FirstBankLake.com

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4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065

(573) 348-2265