Friday, October 6, 2017

It's Financial Planning Month!

October is financial planning month! Take this opportunity to financially plan your savings. Put your money away for a rainy day! Your bank at the Lake of the Ozarks is here to give you 7 tips on how to financially plan your savings.

7 Financial Planning Tips

1. Keep a financial calendar

If you don't trust yourself to remember to pay your quarterly taxes or just regular bills, set appointment reminders and keep a financial calendar on your phone or on your laptop, the same way you would keep track of doctor or dentist appointments.

2. Check your interest rates

Here are a couple questions you should ask yourself regarding interest rates:

  • Q: Which loan should I pay off first?
  • A: The loan with the highest interest rate.
  • Q: Which savings account should I open?
  • A: The savings account with the best interest rate.

The point here is to pay attention to your interest rates. Paying attention to your interest rates can help inform you of which debt or savings commitments you should focus on.

3. Set a budget

Setting a budget is the true starting point to building your savings. Set a budget and stick to it.

4. Set at least 20% of your income aside for financial priorities

Financial priorities can include:

  • paying off your debt
  • building up your emergency savings
  • saving for your retirement

Allowing yourself to get into a routine of saving 20% of your income every month can improve your savings drastically.

5. Create a financial vision board

Making yourself a financial vision board can help you to stay on track with your financial goals. What better way is there to motivate yourself than to start adopting better money habits?

6. Set financial goals

Make your financial goals specific! Don't be afraid to use numbers and dates when describing what you want to accomplish financially. How MUCH debt do you want to pay off by WHEN? How MUCH do you want to save and by WHEN?

7.  Get rid of those negative money thoughts

Telling yourself things like, "I'll never pay off my debt" is counter-productive and won't help. Don't set yourself up to fail. Switch to saying more positive things, such as "I CAN pay off my debt, I just need to stick to my financial planning."

In Need of a Bank You Can Trust to Guide You in the Right Direction with Financial Planning?

At First Bank of the Lake, we don't try to sell you a loan or service you don't need. We make all of our decisions right here at home - we use judgment and compassion when evaluating customer requests. Our goal is to find the right product or service to meet your financial needs. We're sure we have the perfect account to meet your needs. Come into First Bank of the Lake and talk with our friendly account specialists today!

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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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