Improve Your Financial Health by Answering These Questions | St. Johns Bank
Money can be a tricky subject, and for many of us, it’s hard to manage.
But money management doesn’t have to be scary. In fact, you can take simple steps to improve your financial health and find yourself on solid footing.
Our team at St. Johns Bank wants to share a few questions to ask yourself about where you stand—and where you’re headed.
Money Basics 101
Before you start any financial journey, you need to know where you currently stand financially. Ask yourself these questions:
- How much money am I making on a monthly/yearly basis?
- What’s my credit score?
- What’s my debt-to-income ratio?
Before you know where you can go, you need to know where you are starting from.
Next up, what’s your financial goal? Do you want to:
- Get out of debt?
- Save for a down payment on a new home?
- Buy a new car?
- Establish an emergency fund?
Now that you have a goal in mind, it’s time to set actionable goals to make it happen! Ask yourself these questions:
- Do I have a working budget?
- How much am I able to save?
- Can I increase the amount I’m saving?
- Can I take advantage of incentives from my employer to save more for retirement?
The amount of money you should be saving varies greatly depending on your family’s financial situation and your goals.
If you have debt, you may only be able to save a minimal amount of money while you’re paying off your debts. But once you begin to pay off your accounts, then you can start putting that extra money into savings, whether a savings account or a retirement fund.
If you’re unsure about what type of savings plan you need, our professionals are here to help you make the best financial decisions for your family.
Are you ready to start making better financial decisions? Contact a team member at St. Johns Bank today to learn how we can help.