January is a good time to take stock of your personal finances. You can make positive changes to your spending and saving habits, whether it’s making a New Year’s resolution to get spending under control, figuring out how to save for a down payment on a house, or analyzing your investment portfolio. Many people, however, don’t know where to start.
Where are you now?
Start with a personal assessment. Ask yourself: Do you track where your money goes? Have you identified your spending leaks? Do you have a written spending plan? Do you have an emergency or rainy-day fund? Do you live within your means? Do you have written financial goals?
Know the difference
Many people think that if they don’t overdraw their financial accounts, they’re doing just fine. But that’s not the whole story. Not even close.
Having a plan for different aspects of your life is essential. Consider a plan where you:
* Budget … for short-term goals.
* Save … for medium-term goals.
* Invest … for long-term goals.
Ask for help
Budgeting, saving, and investing are essential components of financial well-being, and they require different strategies. Your friends at Heritage Valley FCU can help you get started. Call us today at 717-840-4981 to help you start the New Year on the right financial footing.