In partnership with GreenPath Financial

At the start of the new year, many of us set resolutions in order to transform our lives for the better. If your goal is to kickstart your journey toward financial stability, read on for our suggestions on how you can get a jumpstart on your money resolutions:

  1. Automate Your Personal Savings

Personal savings are a necessity. Building your personal savings is the most effective way to afford special experiences like vacations or milestone purchases like a new car. Plus, it’s the first step toward building an emergency fund—a.k.a. your financial safety net.

Fortunately, there are many ways to save. We offer various personal savings account options to meet your budget goals. With a Spring Bank personal checking account, you can set up automatic direct deposits that funnel a percentage of your paycheck into your personal savings account.

For our consumer loans we make it simple to add a small amount to loans payments each month and build savings for the next time something unexpected pops up.

No matter how small your budget may seem, every dollar counts. Healthy money habits add up over time. Be realistic about what you can save, then set it and forget it.

  1. Start Saving for Retirement

The sooner you can begin growing your retirement savings, the better. If you earn income but don’t receive employer benefits such as a 401k, you can open a Traditional or Roth IRA as an alternative. We offer an IRA Savings account that can help you save for your golden years.

  1. Trim Subscriptions

In 2022, the average American underestimated their monthly subscription costs by $133. Most people thought they spent about $86 per month, when they were actually spending closer to $219. The new year is an excellent time to take inventory of your subscriptions. Look for streaming networks, music subscriptions, smartphone apps, wine club memberships, or any other miscellaneous expenses that might be drawing away from your overall personal savings goals.

  1. Check Your Credit Report

Having good credit is essential to your financial health. You can get a free report once a year from each of the three major consumer reporting companies: Equifax, Experian, and TransUnion. This allows you to resolve errors, make disputes to reduce charges or even uncover instances of identity theft. It’s crucial to understand the factors that affect your credit score, as well as how you can boost it.

Having a healthy credit score increases your ability to apply for personal loan to purchase a home or start a business, gives you more purchasing power on your credit card, and opens the door for many other financial opportunities in the future.

If you need a little help keeping your financial resolutions, check out our partners at GreenPath Financial. Their financial experts can help you start your year strong: get one-on-one training and customized budget plans to help you pay off debt, improve your credit, build a savings plan, and more.

Ready to build financial security for years to come? We’re here to help: