We say it every year: New year, new me. What does that mean for you this year? Perhaps the new you has committed to a few financial New Year’s resolutions that you’re determined to stick to. You’re right on track if you’ve made the first step to get your finances organized. If you’re not sure where to start, rest assured – we got you covered. Here’s a list of helpful money habits to kick off January with.
Revisit (and tighten) your budget. The new year is always a great time to re-evaluate things – and your budget is no exception. Not only should you review last year’s monthly spending, but you should also then divide your expenses into discretionary (wants) and non-discretionary spending (needs, such as food utilities, etc.) categories. Once you have a feel for these totals, you can begin setting your new budget based on your financial goals (getting out of debt, saving more, etc.)
Take advantage of our Financial Wellness Program. Need help starting a budget or creating an action plan to tackle debt? Take advantage of our Building Financial Capability module. These quick and informative courses cover a wide range of topics from budgeting for your family to managing taxes, and even protecting your identity and personal information.
Automate your savings. No matter your savings goals, it’s important to be consistent. Stay on track by setting up an automatic transfer to your savings account with every paycheck you receive. Monitor your savings and make transfers between your accounts through Online and Mobile Banking. Even a little bit each month can go a long way by the end of the year.
Set it and forget it by investing in a certificate of deposit. If you’ve ever wanted to invest in yourself, here’s your chance! Certificates of Deposits (or CDs) allow you to put aside money and watch it grow over a 13-month period.
Before the big day, sit down with your partner and talk finances. Some of these to-dos have a time limit—sometimes as short as two weeks after your wedding! Don’t miss out on money-saving adjustments by waiting too long after the big day.
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New Mexico is now the 17th state to legalize recreational adult cannabis use and sales. But federal banking laws still make it hard to offer the banking services legitimate businesses, like New Mexico’s cannabis businesses, need. We want you to be able to focus on your business, not banking.
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