Financial Fresh Start: Smart Banking Resolutions

By: techdev | 15 Feb 2024

The New Year marks a clean slate. It gives you the chance to leave your old banking habits in the past, allowing you to focus on growth in the New Year. There’s no one-size-fits-all when it comes to setting your banking resolutions; however, we can help you get started. In this article, we’ll cover four different ways you can craft smart banking resolutions for the New Year. Are you ready for your financial fresh start?

Reduce Your Debt

At the top of most Americans’ banking resolutions is lowering their debt. Reducing your debt can be done in many ways, from credit card consolidation to making extra principal payments. Whatever your specific goals are, it’s important that you fully understand your situation to be successful in your financial fresh start. Make a list of your debt. Include your mortgage, credit cards, personal loans, vehicle loans, student loans, and any other amount you need to repay. Now, create a game plan. Can you refinance your mortgage with Texas Republic Bank to lower your monthly payment? How about paying an extra $100 toward each debt? Find strategies that work for your situation and stick to them.

Take Advantage of High Interest Rates

Interest rates on savings accounts can help you generate extra income on money sitting in your account. If you don’t already have a high-yield savings account, now is the time to open one. Many institutions are paying rates upwards of 4%. Don’t lose your money to inflation; let it work for you! High-yield accounts can also be used to build your emergency fund quickly. As a good rule of thumb, you should have six months’ worth of operating expenses set aside in an emergency fund. If you find that your savings fall short, make one of your banking resolutions to build your fund.

Open an Investment Account

Investing is another smart banking resolution to make going into the New Year. Investment accounts can help your money outpace inflation. There are different types of investment accounts, like general trading and retirement accounts. Could you free up an extra $100 to put into a Roth IRA? How about finding $50 to transfer to an investment account each month? Every dollar matters when it comes to investing. Just because you don’t have thousands of dollars to invest doesn’t mean you can’t get started.

Prioritize Transparency

Transparency is indispensable in banking. The New Year might be the perfect time to revisit your existing banking relationships. Are you happy with your current institution? Is it time to switch to an organization that provides more transparency? Whether you are looking to open a new account or switch institutions altogether, check out our extensive list of products and services at Texas Republic Bank. We want to help you own your money.

Getting Started

What are your smart banking resolutions going into the New Year? Regardless of where your priorities fall, it’s important to have a trusted partner working behind the scenes. Reach out to a team member at Texas Republic Bank to go over how we can help you reach your banking resolutions.

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