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”
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.comWant More Awesome Finance Tips? Sign Up For Our Newsletter!
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
4558 Osage Beach Parkway
Suite 100
Osage Beach, MO 65065
(573) 348-2265
