Tag Archives: financial goals

New Season. New You. New Financial Goals.

It’s a new season and a new month, making it the perfect time to set new financial goals! While money management may not be your strongest asset, we believe with a little goal setting, a little discipline and a little help from Milledgeville State Bank, you can end up surprising yourself how much of a financial all-star you really are! Start with these quick tips and watch your money grow.
Create a budget and stick to it – Budgets don’t have to be hard. Write down your outgoing expenses and any incoming money. If you’re spending more than taking in, it’s time to eliminate some costs. If you need help with monitoring your spending, we can help you get on track.
The importance and purpose of a budget is to help you spend less than you earn so you can save money. So by not sticking with the budget, what’s the point of having one? Create it, use it, and stick to it.

Eliminate Wasteful Spending– Next round of bills you receive look at them closely. Do you need every service you’re paying for? Are you being charged unknown fees? Go through your bills with a fine tooth comb and raise any flags so you’re not nickel and dimed.

We live in a time of instant gratification, but that often leads to financial consequences. Before every purchase, ask yourself “Do I really need this?” If you find the answer is no, leave it behind and move forward.

Build Your Savings – Every time you’re paid, the first deposit should be into your savings account. Essentially, you’re paying your future self for emergencies and retirement.
If you haven’t done so already, now is the perfect time to set up your 401k or 403(b). Generally, companies match their employees to a certain percentage and that’s free money you should be taking advantage of today.

Leave money you’re saving alone. There are penalties for withdrawing money early from certain accounts. Why pay a penalty for money you worked hard to put in there? Let it sit tight and watch it grow!

We hope these tips help you work to your financial goals this month or season. We are available to help you with your financial management if you need it. Just call or stop by to get your goals underway.

Financial Rules for Your Twenties

Your twenties are an exciting time. But it is also the time to make wise financial decisions that will establish spending and saving habits for the future.

When you are in your twenties, managing your finances is overwhelming. Between heavy debts, daily expenses and long term goals, it can be hard to make a feasible financial plan. But the sooner you start building good habits, the better your long-term success. Milledgeville State Bank has a few rules you should follow throughout your twenties to take control of your finances.

Establish your budget – when you start a new job, likely with a new salary, you need to decide how to wisely divide your income. If you don’t set up a budget, you are more likely to overspend on unnecessary things while undercutting your savings. Differentiating between needs and wants is a good place to start.

Make a plan – Debt is common for young adults. But letting that debt hang over your head for too long can set you back for years to come. Skimping on loan payments can haunt you in the form of higher interest payments and lower credit scores in the future.

Start an emergency fund – Stash away enough to pay three to six months of expenses as a precaution. Insurance alone won’t cover every unforeseen problem in your future. Try to contribute 10 percent of each paycheck to your emergency fund until you reach your goal.

Leave the Mom and Dad Bank – The goal of your twenties is to become self-sufficient. Financial independence starts with a job which will lead to a separate car, phone plan, home, insurance, etc. This is easier said than done! If you need financial help from your parents, approach them maturely and responsibly.

Picking up good financial habits in your twenties is a good first step towards your long-term goals. If you are embarking on a new phase of life, talk to the experts at Milledgeville State Bank. We can help you figure out how to budget and save to pay off debt, start saving and more. Stop by today!

Dating on your Dime

Love doesn’t have to come with a big price tag. There are plenty of unique date ideas that work for any budget.

Did you find someone under the mistletoe this year? If so, your budget might need to be adjusted a little bit in the coming year. Dating can be expensive, especially for men. It may seem old fashioned, but a NerdWallet survey found that 77 percent of people believe men should pick up the tab on a first date. As a relationship develops, the costs generally split more evenly. Check out some of these ideas to keep the cost of romance low.

Skip the dinner and movie date

Although a dinner followed by a movie is a traditional first date idea, there are more creative options that are easier on your wallet. There are other ways to get to know someone such as an outdoor concert, community event, or free museum trip. Check out the local paper to find some new ideas!

Stay in

While this may not be appropriate for the first date, staying home to cook together is a nice way to spend time together and get to know each other better in a natural setting. Staying in and renting a movie rather than going on the traditional restaurant and movie date will save your wallet.

Get Active

One of the best dates to get to know someone can cost as little as $5. Take a walk around a local fair or scenic part of town with coffee or juice. This allows you to have uninterrupted conversation to get to know each other while getting some exercise. If you head to a park, you can pack a picnic lunch as well!

If you have found someone you care for, it is important to keep talking after you get past those initial few dates. Spending, saving and long-term financial goals often cause turmoil in otherwise happy relationships. Having an open dialogue about these issues is important to make sure you stay on the same page.

Dating isn’t always cheap, but it can be! While we may not be able to offer much love advice, Milledgeville State Bank can help you find ways to save. Stop by our office or contact us online today!