1.    Define Your Goals

With life moving so fast, it is very easy to become so caught up in your present financial situation that you forget the future. Setting both short-term and long-term goals are essential in ensuring financial health. These goals will create a successful way to ensure that you’re on the right path each month and your money is working for you! Goals could include retirement, a down payment on a house, a wedding, or planning the dream location to visit.

2.    Track Expenses

Implementing this habit should be a priority in 2020. Money quickly adds up, and your daily $3.00 coffee could be costing you over a thousand dollars by December. Knowing how much you spend allows you to more effectively budget, save, and have disposable income. Multiple apps exist today that make tracking your expenses as easy as a login!

3.    Build an Emergency Fund

Unfortunately, emergencies happen to us all and rarely do the unexpected changes leave you feeling secure and at ease. Developing an emergency fund can be a lifesaver when life surprises you with an accident or job loss. An emergency fund should cover 3-6 months of fixed monthly expenses (rent, utilities, etc.) and provide a cash “cushion” for unexpected costs that may come up when you’re not working.

4.    Build Credit

Do not be afraid of credit cards. Be afraid of being irresponsible with your credit. If it’s 2020 and you haven’t yet established a credit history, now is the time! Not having credit could affect your ability to purchase a house, car, and many other items. Building credit can start with a small/limited balance credit card to be used for gas each week or a loan with a co-signer willing to help you. As you continue to develop a good credit record, you will be able to have more independent credit cards or financing options.

5.    Start Investing

Investing can take time to understand, but can be an effective way to build your financial wealth. Even beginning with the smallest amount to invest can lead to successful outcomes.  If you are feeling intimidated by all the investment options out there, there are many platforms or applications that can get you started. While it’s totally possible to invest both with and without the help of an advisor, a professional advisor could layout various options and recommendations to best fit your needs.

To learn more on how you can save, visit us at https://www.rhinebeckbank.com/personal/savings or to speak to a Bank representative, call our Customer Solutions Center at 845-454-8555, Option 3.


To speak with one of the Infinex Financial Advisors at Rhinebeck Asset Management, a division of Rhinebeck Bank, please contact them at (845) 567-3930 or visit them online at www.rhinebeckassetmanagement.com.  Investment and insurance products and services are offered through Infinex Investments, Inc.  Member FINRA/SIPC.  Infinex and Rhinebeck Bank are not affiliated.

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