Four habits your finances will love

This is a powerful habit. Review your expenses to identify your priorities and areas you can cut back on.

There are areas in day-to-day life that a change can save you big money each year – subscriptions, insurance, and food.

• Did you know paying annually for your auto insurance can sometimes save you a whole monthly payment? Contact your agent to see how much paying annually versus monthly could change your premium. 
• Subscriptions… Many subscriptions went up over the past year. Do a quick review and add up how much you’re paying for subscriptions each month. You can save $50+ per month by cancelling a subscription or two. When it comes to streaming services, consider dropping one for a few months. Some subscriptions even give you the option to “pause” for a short time. You may come to find you never even missed it!
• Cooking at home has the potential to rack up the monthly savings. And don’t forget leftovers. They are the gift that keeps on giving and saves you from grabbing expensive takeout in a pinch.

  
  

  Life Tip: Food can be fun!

  • Make a date night around cooking a meal.
  • Have a fun family challenge to see who created the best meal using leftovers or groceries on hand.

If you’ve been paying minimum payments on your loans and credit cards, make an effort to pay extra to principal – even if it’s a small amount. By paying down your principal owed, you’ll pay off your balance quicker and save yourself interest in the process. For an extra bonus, once you pay off a debt, start doubling up payments on another to get it paid off even faster. If this idea intrigues you, there are some payoff strategies to look into and consider.

Whether you intend to retire early or not, being prepared for an early retirement can be liberating. The earlier you start investing in your retirement, the better. You’ll be especially thankful you prepared if early retirement becomes a necessity due to health or other unforeseen circumstances. Talk to your financial advisor to make sure you’re on the right track.

If you need a Financial Advisor, check out our SMB Investment Services.

Some of the most popular questions we get asked are about credit scores – what they mean and how to improve them. With so many things depending on your credit score, now’s the time to ensure you make your payments on time, pay down your credit card balances and keep them low.