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10 Budgeting Tips from Northway

 
     
 

1. Know where you’re spending your money.

Establishing a budget and sticking to it is the key to getting ahead financially. The first step is to get a handle on where you spend your money, set limits and stick to them. Using Dave Ramsey’s free online budgeting tool can be an eye-opening exercise. Set aside time each month to review your budget and where you stand.


2. Fund an emergency savings account.


You need to be prepared for life’s unexpected curve balls. Having money set aside to cover those unexpected expenses will give you a much desired cushion.

 
 

3. Use Online Banking.

Using Online Banking can help you stay on top of your finances and gives you an easy way to view purchases and account activity. Using Online Bill Pay can also help you manage and pay your bills and set reminders and alerts for yourself.

4. Set achievable goals.

Looking to buy a vehicle? Save for your kid’s college? Maybe a remodel of your kitchen? It’s important to establish your goals and then set a realistic path to reach them. You can save for your goals automatically by setting up an automatic transfer from a checking account into a savings account. Or use our Smart Saver CD, which is specifically designed for a more disciplined savings approach.

 

5. Use a debit card.

Using a debit card is safer than carrying cash and gives you the conveniences of a credit card without the fees or finance charges. Plus, all your purchases show up on your statement and can easily be viewed through Online Banking.

6. Go Green.

It not only saves the environment, but also saves you some green too. Get a home energy audit with your power company every couple of years to find ways to cut costs. Cut down the paper clutter by signing up for e-statements with Northway and for your household bills. It’s also an excellent way to reduce the risk of identity theft and fraud.

 

7. Stop the holiday spending spree!

It’s hard to think about Christmas with the holidays barely finished for 2010. However, establishing a small automatic savings plan for Christmas gifts will really make a difference later in the year. A Northway Club Account is a great way to handle this.

 
 

8. Make it a point to review your long term savings plan at least annually.

A regular review with a qualified professional will help ensure you’re on track with your investments and your plan for the future. Northway has Infinex advisors* that are based in our banking centers with access to a wide range of investment and planning vehicles.

 
 

9. Plan for retirement.

Set up a traditional or Roth IRA CD account to build up your retirement savings. This is a great way to manage risk and return as you save for retirement.

 
 

10. Manage debt prudently.

Most debt other than a reasonable mortgage is a drain on your finances and is a hindrance to your financial success. Northway has lending experts that you can trust who will review your current situation and suggest solutions that may make better sense for you. If you would like to set up an appointment with a Northway advisor, call 800-442-6666 or click here.

 
 

*Securities offered through Infinex Investments, Inc. Member FINRA/SIPC. Not a deposit. Not FDIC insured. Not insured by any government agency. Not guaranteed by the bank. May go down in value.
 
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