Fresh Start Until 2022: How To Control Your Finances In The New Year Sponsored content






Now that your Christmas list is in the rearview mirror, it’s time to look ahead and bring your attention to this list of New Year’s resolutions for 2022. If you’re like a lot of people, you might decide to improve. your overall health through diet and exercise. . While you’re at it, why not resolve to improve your financial health as well?

Taking control of your finances means you’ll have more control over your life, whether it’s accomplishing goals and dreams or weathering unexpected storms.

Here are some financial resolutions to start the year off right:

Decide to track your spending

If you are on a diet, you can keep a food journal to track your calorie intake and find out where you can change your eating habits. The same goes for expenses. Making small changes in your spending habits can free up money to bolster an emergency fund, save for college, or pay off debt. It may seem overwhelming to keep track of every penny you spend, but it’s a great way to get a detailed picture of your financial habits – and it may surprise you. You might be wasting money every month on things you don’t use, like gym memberships or memberships. Or you might find that those daily lattes at your favorite cafe cost you not only a lot of extra calories, but also a good chunk of change over the course of a month or year. Tracking expenses can be as simple as keeping receipts in a filing cabinet and recording expenses with pencil and paper. You can also use a spreadsheet or an app on your phone. If you use credit or debit cards for most of your spending, you can access this information online.

Make the decision to use credit cards wisely

Credit cards make it easy to keep track of spending, but they can also make spending easier than you can afford. When you continue to have a balance on your card, especially with high interest rates, debt can snowball quickly until you end up owing hundreds or thousands of dollars more than you pay. you initially spent. The money you pay in interest is money you won’t have for some other financial need or purpose. Credit card debt can also hurt your credit score, which means you may have to pay a higher interest rate when you take out other types of loans. If you are going to use a credit card, don’t charge more than what you will be able to pay when the bill is due. Pay your bill on time and in full each month to avoid late fees and interest charges.

Solve to evaluate your investments

Investments can take many forms, from stocks and bonds to employer sponsored retirement plans. It’s a great way to grow your money while planning for your future needs. Determining how to invest your money depends on your goals, timing, and tolerance for risk. If you are younger, it may be wise to take more risks for a higher rate of return. As you get closer to the need for these investment funds, a more conservative approach may be warranted. The New Year is a good time to meet with a PeoplesWealth advisor to review your portfolio, goals and the current market to ensure your asset allocations match your needs.

Decide to have a plan

Managing your money is much easier when you aim for clear financial goals. The PeoplesBank Vision Board is a great way to emphasize these goals. The interactive experience allows you to create your personal vision for the future. It can be anything from deleveraging and buying a home, to building a business or having a dream vacation. PeoplesBank financial mentors will help you define your dreams and create a financial plan to make them come true. The Vision Board experience is available at all PeoplesBank locations, and you don’t have to be a customer to use it. Learn more at www.peoplesbanknet.com/vbx.


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