Posted On: January 15, 2025 by Prevail Bank in: Banking
Calculate your Net Worth
Get comfortable with a warm cup of coffee or tea and crunch some numbers this winter. Knowing your net worth can be a first step in setting realistic financial goals from paying down debt to planning for retirement. Your net worth is the sum of all your assets minus the sum of all your liabilities. Assets are anything of value that you own – checking/savings account balances, real estate, or retirement accounts to name a few. Liabilities are your financial obligations, or debts – student loans, credit card debt, or a mortgage.
Monitoring your net worth will help you take control of your financial outlook and will help you make good personal financial decisions.
Review your HSA Contributions
While winter and the new year can be a time of reflection on your general physical health, don’t forget to check in on your health savings account too. Are you contributing the maximum allowable Health Saving Account (HSA) dollar amount to take full advantage of the tax benefits? (Visit irs.gov for the most up-to-date contribution limits.) Do you anticipate your income or health care needs changing soon? Ask yourself these questions and make any necessary adjustments.
Check your Credit Report
The smell of cinnamon and cocoa create a sense of warmth and rising temperatures. Another number that everyone likes to see rise is their credit score! Checking your credit report regularly is important for many reasons. Your credit score impacts almost all aspects of your life. From qualifying for a credit card, getting a lower rate on a loan, to finding a place to live. If your credit score looks like it’s dropping like the temperatures outside, now is the time to check out the many useful tools within Credit Sense. It’s FREE in the Prevail Bank mobile app and you’ll get valuable tips that can really help you make improvements to your score if you need them.
Set up Digital Reminders
Here’s an easy one. Take a few minutes to set up a digital reminder on your calendar or phone app to check in on all the progress you’ll make. Whether it’s monthly, quarterly or every six months, set an electronic reminder to look over your finances. Life can get busy and it’s easy to push this important task down the list of to-dos.
Automate Savings
When you’re staring at the snow-covered rooftops, are you dreaming of a new snowmobile, or a trip to someplace warm? Either way, take this time to set up automatic transfers to your savings account to build up your vacation or new toy fund. Reward yourself for your commitment to a successful financial year! The Prevail Bank Savings Makes Cents program lets you save while you make everyday purchases. Customers with a Prevail Bank Checking account, Savings account, and debit card can save money while making regular purchases. This program rounds up your purchase to the next whole dollar, and transfers the change to your Savings account. Stop in or call to enroll today.
Make a Summertime Spending Plan
Take your mind off the salt-covered driveway and plan for the upcoming seasons. Summer camps, trips to state parks or waterparks, and yard projects will be on your schedule before you know it. Take some time now to write down these expected expenses. That way, you’ll have time to either save or make necessary adjustments. Look for deals on waterpark passes now. Ask about early-bird camp registration to save money. Budgeting by season is one way to plan your financial goals.
Set up Autopay
Cozy up on the couch and dig into this financial tool that will free up some of your time in the future. Online Bill Pay keeps track of your payment history and due dates. Even if your payee doesn't accept electronic checks, our service will mail them paper checks.
These 7 to-dos are just a start to what you can accomplish if you set aside some time to focus on aligning the resources, accounts and tools that are available to you with your financial goals. Dig into our educational resources like the Personal Education Center for step-by-step tutorials on online and mobile banking features that are designed to save you time. Search the Prevail Today blog to read more about all things related to money matters. And most importantly, don’t hesitate to reach out to a Prevail team member if you have any questions. We’re here to help you prevail!
