5 simple strategies for long-term success
1. Assess your current situation, create a budget and reach goals: Start by taking a close look at your current financial status. Identify your income, expenses, debts, and savings to understand where you stand. Our digital banking tools can give you a holistic view of all your accounts in one place. From there, you can create a budget and set clear short-term and long-term financial goals for any of your accounts.
2. Build an emergency fund: Set aside funds to cover unexpected expenses. Aim to save at least three to six months’ worth of living expenses in an easily accessible account. If you don’t have a savings account already, we encourage you to open an account today and start earning interest on your balances. Learn more: https://www.first-online.bank/personal-savings-accounts/
3. Reduce debt: Prioritize paying off high-interest debt to reduce financial stress and free up resources for savings and investments. You can consolidate debt by doing a credit card balance transfer, or combining your debt with one loan to make repayment easier.
4. Invest in your future: Consider investing in retirement accounts, such as a 401(k) or IRA, to secure your financial future. When you’re ready, you can schedule a free consultation with one of our financial advisors to come up with the right plan of action for you. Give us a call at 812-238-6257.
5. Stay informed: Continuously educate yourself about personal finance. There are a lot of great financial literacy resources out there so you can make informed decisions. Take a look at other articles on first-online.bank/financial-literacy to learn more about responsible credit, planning for home ownership and more.