Are You Breaking All the Financial Rules? | St. Johns Bank

You’ve probably heard the phrase, “Rules were made to be broken.” But sometimes rules are there for a reason—to help us succeed.

The team at St. Johns Bank wants you to take a step back before the new year and take a look at whether you’re following the financial rules for success.

The Golden Rules of Finance

If you want to make 2018 the year where you finally start turning your financial life around, there are some financial rules you’re going to need to follow. Let’s take a look at three key rules.

Rule No. 1: Stop Spending More Than You Earn

If you have a difficult time with this one, you aren’t alone. In fact, approximately 73 percent of consumers passed away while still having an outstanding amount of debt, according to December 2016 data.

Many of us still live paycheck-to-paycheck. But if you do that, you’re never going to get ahead. Start saving money where you can. Stop by St. Johns Bank and open a savings account where you can put money aside for a rainy day.

Look over your budget and see where cuts can be made. Are you spending too much eating out? What about your monthly cable bill—would going a different route save you money? By reducing your spending habits, you’ll be able to live more comfortably within your means while also saving for the future.

Unfortunately, it’s impossible to ever get ahead if you’re spending as much—or more—than you’re bringing in. To be able to save, you must have money left at the end of the month. That means you need to either increase your income or reduce your spending.

Rule No. 2: Think Before You Buy

Yes, you might want a new car, but do you need a new car? If you do need a new car, does it have to be a top-of-the-line vehicle, or can you can find just as great of a car at a reasonable price?

Before purchasing anything over a certain amount (say around $200), sit back and think about if that purchase is really needed—or if it is more of a want. It’s OK to want to keep up with the Joneses, as long as that family is one that budgets, saves and lives within their means.

Rule No. 3: Make Your Retirement Fund a Priority

According to TIME magazine, one in three Americans actually have no money in their retirement account.

You want to retire in the future. To do so, you need to prepare today. Follow rules Nos. 1 and 2, and you’ll have extra money you can shift into retirement savings. When it comes to retirement, time is money—literally. The earlier you start saving for retirement, the better the return on your investment is in the future. Make putting money aside in a 401(k) or IRA a priority today.

Stop breaking the financial rules and start going down the right money road! Visit the St. Johns Bank website today to learn how our personal, business and savings accounts can get you back on the right path.