Shifting to New Phases

With the travel industry lifting restrictions, and businesses and schools beginning to open again, it creates a feeling of starting fresh and encourages us to set new goals. Setting new financial goals should be on the top of our lists. As you reflect on the past year, focus on your experiences – build on what worked and what didn’t – to shape this year’s money habits. Here are some ideas to consider as you set your financial goals:

New Savings Account.

Think about what you want to save for the coming year and commit to opening a savings account to reach that goal, whether it’s creating an emergency fund or setting money aside for your kids’ future college tuition. There are many types of savings accounts available to save for both short term and long term goals. Compare our savings account options at: easternsavingsbank.com/bank/savings.

Pay Down That Old Debt.

Confronting your debt and thinking about how to pay it off can be scary and overwhelming. Make a list of your debts, noting the monthly payment, current balance, and interest rate, and make a plan to start paying down the debts. Many experts recommend focusing on either debts with the highest interest rates or debts with the lowest balances to pay off. While you will likely save more money paying off debts with the highest interest rates, it may be faster to pay off the smallest balances first, and seeing this progress may help keep you motivated.

Protect Your Money.

With so many financial transactions occurring electronically, it’s important to proactively protect your personal information, including your credit card and bank account numbers. Take charge of protecting your money. Never provide your personal information in response to an unsolicited request, whether it is over the phone or over the Internet. Always track your bank and credit card statements and your credit reports for unusual activity. Catching abnormal transactions early will allow you to take steps to prevent more harm if your information has been stolen.

For more information and resources to help you get started on these goals, visit:
fdic.gov/resources/consumers/consumer-news/2021-05.html