The end of the year is around the corner – are you where you want to be financially for the year? If you will be buying presents for the holidays, hosting a party or traveling, will you have the funds available? These questions need answers if you are going to stay on track to meet your goals, and Heartland Bank is a good place to start when looking for ways to allocate your earnings to meet your needs.
If you don’t already have one, consider opening a savings account for the holidays. Challenge yourself to skip two of those fancy coffees or downsize a few lunches and put that extra cash into your holiday/extras account. Use it to shop throughout the year when you are not time crunched. Spur-of-the-moment decisions during the holiday rush are not always the best bargains and may not be quality products. A little preplanning can go a long way!
Another savings opportunity is a Certificate of Deposit, often called a CD. With a few limitations, these products earn a higher interest rate and are usually available with options and various terms. You can take advantage of the interest earned for holiday shopping, travel or that party you’ve been wanting to plan.
An option for those that have trouble saving or putting extra dollars away for future wants/needs is direct deposit into a savings account or a holiday/extras account. Commit to reviewing your banking balances often – either online or stopping by your branch. This allows you to visualize the difference your direct deposits are making in your balances and boosts your commitment to keep your good work going.
In addition, as banks and individuals combat fraud with accounts and identity, watch your credit card activity online closely as your shopping increases and consider using as many alerts as possible to prevent fraudulent activity. It’s hard to know exactly when your information is compromised, but you just may catch fraudulent transactions before they have had a chance to post to your account.
Even if you are not spending extra money for the holiday season, this is a good time to evaluate your debts and income. Have you paid your debts down considerably, or could you have put more toward a particularly high-interest credit card or vehicle loan? What you need to realize is that debt costs you…you’re paying interest on credit cards, school loans, mortgages and vehicle loans. Paying those balances down, or preferably paying them off, will decrease the amount of interest you pay each month just to be lucky enough to have debt – do you really feel lucky with all those bills?
If you’d like to increase the available funds within your budget, you could consider taking on a part-time position to earn extra cash or even agree to overtime if available. Do you have items that could be placed in a consignment shop or online thrift store? Is a yard/garage sale possible in your area? There really are many ways to earn extra dollars from a side position to a hobby turned money-maker…you have to start somewhere, and your options are endless!
If you’d like to explore your financial options in detail with banking professionals, visit one of Heartland’s 20 community bank branches today and speak with the bankers that can make a difference. You’ll be glad you came on over to Heartland!