New Year, New Finances

Looking forward to hitting the reset button in 2021? As the new year begins, you have the power to improve your financial situation. Now is the time to focus on creating a financial plan so you’re prepared for whatever the future may hold. Here are some ideas to help you get a fresh start financially:

Track your expenses. Review your spending in various categories and take note of any trends. Maybe you’ve had some higher-than-usual technology expenses, food delivery fees or TV streaming costs. Use expense tracking tools to identify spending leaks and make adjustments to your spending habits going forward.

Build an emergency fund. If you don’t have an emergency fund, get one started. Many financial experts recommend having three to six months’ worth of living expenses in a liquid savings account. Set up automatic transfers to your Amegy Bank savings account to help make saving easy, as well as easy to access.

Reduce your debt. Review all of your debts and check the interest rates you pay on each credit card or loan. Make a plan to pay off any high-interest-rate loans first. If “pay off” seems too lofty, focus on whittling down debt by paying more than the required minimum amount. Refinancing to a lower interest rate (such as for a personal or car loan) may also help you pay down debt faster.

Save for retirement. Making regular contributions to an employer-sponsored retirement plan or an individual retirement account (IRA) can make a big difference when you reach your retirement years. Automatic paycheck transfers, if available, can help you stick to this resolution with ease.

Review your investments. If you haven’t talked with your Wealth Management Advisor* recently, don’t delay. As the stock market shifts this way and that so does the amount of money you have allocated in different sectors. Review your portfolio with a  Wealth Management Advisor to make sure your money is working for you.

Work on your estate planning. Writing a will, establishing a trust and having a life insurance policy can help protect your family’s future. Make it a goal to talk about estate planning with aging parents and/or your spouse to help you make decisions and form a plan. Read more about planning for the ‘what ifs’ in life.

Need Some Guidance?

At Amegy Bank, we’re here to help you reset your finances today so you can prepare to reach your long-term financial goals tomorrow. Make an appointment to meet with your Amegy team at one of our banking centers to learn more about ways we can help you get ahead financially. 

*Trust & fiduciary investment services are provided through Wealth & Fiduciary Services within Wealth Management, a division of Zions Bancorporation, N.A.  Amegy Bank, California Bank & Trust, The Commerce Bank of Oregon, The Commerce Bank of Washington, National Bank of Arizona, Nevada State Bank, Vectra Bank Colorado, Zions Bank are divisions of Zions Bancorporation, N.A.