Author: Deb Cone, VP/Senior Credit Analyst

What are my financial goals this year? What do I want to accomplish? Am I going to buy a home or save for retirement? Do I want to start a business or start a family? These are important questions to ask yourself to ensure you are on the right financial path. The start of a new year is a perfect opportunity to get organized and set meaningful financial goals.

Begin by following the action steps below.

Identify your income and expenses and create a personal budget:

• Monthly income
• Debt payments
• Expenses (gifts, clothes, food)
• Emergency Fund

The Federal Trade Commission has helpful resources to help consumers create their own budget. Visit consumer.gov for tips on how to budget, and click here for their Budget Worksheet.

Next, define your short-term and long-term goals:

• Increase your emergency fund
• Pay down debt (hint: reduce high-interest debt!)
• Buy a house
• Plan for retirement

Finally, set S.M.A.R.T. financial goals:

• Specific – What exactly?
• Measurable – How much?
• Achievable – Realistic?
• Relevant – Why do you want it?
• Time-bound – By when?

Once your goals are identified, build a budget you can comfortably stick to. The most effective budgets are simple: separate needs from wants, look for small areas to cut back, and set up automated transfers to savings so you make progress without thinking about it. An emergency fund should also be part of the plan. Aim for three to six months of essential expenses, and remember that even small, consistent contributions add up overtime.

Don’t overlook long-term goals. Increasing your retirement contributions by even one percent, taking advantage of employer matches, or setting up automatic investment contributions can make a significant difference over the years.

Finally, revisit your goals regularly. Life changes, and your financial plan should adapt along with it. Check your progress every few months, make adjustments as needed, and celebrate the milestones you achieve along the way.

By setting clear goals and taking small, consistent steps, you can build a stronger financial foundation. And don’t forget that PremierBank is here to support you as you work toward a confident and successful financial future.

PremierBank offers a wide variety of savings options to help you reach your financial goals and achieve your dreams. From basic savings accounts to tax-advantaged Health Savings Accounts and high-interest money market accounts, we have the savings solutions to fit your needs. Our modern digital services also make it easy to set up automatic deposits, helping you stay proactive on your financial journey.

To learn more about our personal savings options, click here, stop by to speak with a personal banker, or give us a call at 920-563-6616.