Halfway There

By Avery Mills | Jul 1, 2016 11:31:27 AM

Halfway ThereIt’s hard to believe, but 2016 is already halfway over. If you set financial goals at the beginning of the year, now is a great time to examine those and see how you are doing. If not, it’s not too late to make some positive changes to your spending habits.

REVISIT BUDGET

Take a look at the budget you created at the beginning of the year and see how you’re doing. Budgets aren’t meant to be stagnant; they should evolve as your financial situation changes, so it’s important to regularly examine your budget to make sure it’s working for you. If you’ve never created a budget before, it may sound intimidating or restricting, but all it does is help you manage your money and reduce stress. By tracking your spending, you can see exactly where your money is going and identify where you can save money, enabling you to channel your money towards what is important to you.

EXAMINE DEBT

Are you dealing with several high-interest rate loan payments at once? Do you carry a balance on 3 or more credit cards? Does your debt stem from necessary items or are there places where you can cut spending? These are just some of the important factors to take into consideration when looking at your debt. If you are struggling to make payments, there are some other routes you can take. Consolidate your debt into one low-rate payment a month through Cyprus

START GETTING READY FOR CHRISTMAS

It’s tough to think about Christmas when it’s over 100 degrees outside and summer break is in full swing, but it’ll be here before you know it. Start setting money aside now to prevent going into debt when you start shopping. Plan how much you will be spending per person and stick to it once the frenzy of holiday shopping begins.

START SAVING

If you are thinking about buying a new car, home, or taking that dream vacation, start saving right away. The more you are able to put down, the less you'll have to pay in interest fees over time. Cyprus has types of savings accounts with different rates to fit your needs. If you have any questions or concerns about your finances or need some help to get started, feel free to stop by any of our branch locations or call (801) 260-7600.

Topics: advice, budget, budgeting, Debt, prepare, Saving, Blog

Author: Avery Mills