National Financial Awareness Day is August 14 – a designated day to review your financial planning.  Take steps towards improving your financial literacy, which includes knowing how to save, invest, spend, and budget your money. You want to be smart when it comes to controlling your finances so you can make good decisions, plan for retirement, prepare for a financial emergency, and save for things such as a vacation or a child’s college tuition.

In recognition of National Financial Awareness Day, take a moment to ask yourself the following questions to help assess your personal finances. There may be more you could be doing!

Spending

• Are you living within your means? Generally, you want to maintain an 80-20 budget. That means you spend 80% of your income on fixed and variable expenses and you put 20% into savings.
• Are you just paying the minimum on credit card bills? If so, that may be an indicator that you are spending too much.

Saving

• Are there things that you could live without? Eliminate those expenses and put that money into a savings account.
• Are you taking advantage of automatic deposits? For instance, if you have trouble saving money, set a specific amount to transfer into your savings account each month.

Preparing

• Do you have an emergency fund? Read our blog post emergency funds and why it’s important to have one.
• Have you reviewed your insurance policies recently? A review could result in a rate reduction, or you may discover that you’re eligible for discounts. Big changes in your life or income may also affect your coverage (i.e. marriage, new baby, divorce).

Investing

• Does your company offer a 401(k) match, and are you taking full advantage of it? Don’t leave free money on the table.
• Have you set financial goals? This helps determine what kind of investments will help you achieve your goals.

Please feel free to talk to one of our bankers by contacting your local branch.

Since 1883, Waypoint Bank has been providing superior financial solutions that promote the small-town approach of putting relationships first. For 140 years, we’ve been earning your trust in the most friendly and professional manner possible while guiding your success.