Get Financially Fit in 2016

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What should consumers focus on each month throughout the year?

To ensure your resolutions are successful, Busey suggests tips or topics to focus on throughout the year. 

  • January: Don’t miss out on FREE money… 
  • Contribute to your employer’s 401(k) plan, setting aside enough funds to qualify for the maximum company match.
  • If no 401(k) is offered, stash your retirement savings in another account (i.e. Traditional IRA or Roth IRA)
  • The new year is the perfect time to plan financially for the holidays. 
  • With a Holiday Club Account, set money aside now in an interest bearing account to help make the holiday season a little less painful for your wallet. 
  • With BIG CHANGE, every time you use your debit card, the transaction is rounded up to the next nearest dollar. The total amount from all your transactions is automatically transferred to your savings or money market account. 
  • February: File your taxes now.
    • Reap the reward of receiving your refund sooner or plan to save if you still owe.
    • Make adjustments to your filings for the next tax year. 
  • March: Spring clean your finances.
    • Toss bills after 12 months, unless you plan to take a tax deduction for a home office; pay down debt; review your budget; and consolidate your financial accounts. 
  • April: Boost your retirement savings with your tax refund.
    • Enhance the diversification of your existing retirement portfolio or build your retirement savings with a Traditional IRA or Roth IRA. 
  • May: Review your insurance coverage.
    • An alarming 40% surveyed are ‘not confident’ or only ‘somewhat confident’ they have adequate and appropriate insurance coverage for their needs (Source: Independent Insurance Agents & Brokers of America) 
  • June: It’s graduation and wedding season. Celebrate smart.
    • Before you purchase presents, ensure you stay within your budget. A thoughtful or meaningful gift can be more impactful than just the price tag. 
  • July: Put your estate plan in place.
    • You will need these four documents:
    1. durable power of attorney,  
    2. advanced medical directives,
    3. a will
    4. and a letter of instruction. 
  • August: Turn back to school shopping into a learning opportunity.
    • Create a shopping list together, share your budget and ask them to find bargains and help them understand the difference between wants and needs. 
  • September: Review your credit report.
    • Protect your good name and check your credit report from each of the three bureaus annually. 
  • October: Observe National Cyber Security Awareness Month. \
    • Shred, lock, secure, monitor & detect. 
      • Shred and lock your person information, secure your financial accounts, monitor your credit report and accounts, and detect criminals with antivirus software. 
  • November: Evaluate your benefits package.
    • Review your current health coverage and shop around. Consider reducing your premiums by signing up for a high-deductible plan and investing in a health savings account. 
  • December: Spend smart over the holidays.
    • Know your budget and stick to it. Use debit instead of credit and pre-shop online to find the best deals.
    • Reassess your holiday savings goals for next year and adjust if necessary.

If you have more questions please visit any Busey location, call 800-67Busey or visit busey.com

Copyright 2020 Nexstar Broadcasting, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

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