New Year’s money resolutions: Tools to stay on track
Is getting control of your finances part of your New Year’s resolution? Being aware of your finances and staying on budget are easy resolutions to adopt. Sticking with them through 365 days is much harder.
Luckily, using technology can help you and can go a long way toward putting you on the path to improving your finances.
“Simply making these resolutions and hoping for the best is likely not going to get you past January. That’s why there is absolutely no shame in taking advantage of any tools and resources available,” said Ben Branson, president of Peoples Bank & Trust in Edmond. “There are many financial programs, smartphone apps and other tech tools out there to help you with budgeting, planning and spending, turning those resolutions into worthwhile, sustainable habits.”
Tools can make money management easier.
“At a click of a mouse or swipe on your cell phone, you can have a comprehensive financial software tool we use to track our budget, income, spending, accounts, and net worth,” he said. “It’s your home base to monitor our financial accounts.”
There are paid and free options on the market.
“There are robust free tools, but check your banks money management system to make sure they fit your need. They are usually excellent and very secure,” he added.
Peoples Bank & Trust Co. offers a tool that puts all your information in one place. Their personal financial manager (PFM) is part of their online banking system available for customers at www. PeoplesBankUSA.com.
“This system allows you to view all of your accounts in a single platform so you get a comprehensive view of your activity updated every day for credit card transactions, loan activity, 401k values, investment accounts, transactions from other institutions and so forth,” Branson said.
Not only does it give you a broad view of what is going on, it can also assist in account security by being able to log in to one site and monitor all your accounts for unusual activity.
“The system also allows you to budget and set spending goals and track your progress. You can categorize your transactions and download information for various functions as well,” he added.
The PFM provides tools to get out of debt faster by providing calculations on the effect of snowballing payments using various options such as paying off higher interest debt first versus lower balances and the like.
“It is an excellent tool for putting together an interim financial statement or as a starting point to discussing your financial situation with an advisor,” Branson said.
However, purposeful financial planning and saving must be the base of any new year’s resolution.
“The best tools can’t help if you don’t have a strategy to financial health. For some people that means getting out of debt or saving up enough to have an emergency fund. For others that means investing their money to grow either their personal wealth or their business,” Branson said.
The lending staff at Peoples Bank & Trust Co. is always happy to discuss ways to consolidate debt, refinance for lower interest, or extend terms to provide opportunities to improve your cash flow, he added.
The PFM can be an excellent starting point to discuss your situation with a loan officer without having to gather information from separate systems.
If you have equity in your home, the bank’s Home Equity Line of Credit (HELOC) product allows you to setup a line of credit now that is available as needed to help better manage your cash flow, he added. In addition, Peoples Bank & Trust Co. offers a full range of loan products from small business and self- employed individuals to a full line of mortgage products from 30 year mortgages to reverse mortgages and any other services you would expect from a bank.
In 2017, Peoples Bank & Trust Co. originated more than one billion in mortgage loans and was in the top ten for Small Business Association funding in the state of Oklahoma. In addition to a full range of mortgage products, the bank is an SBA Preferred Lender and an SBA Express approved lender. The bank is also locally owned and operated and able to customize services and make personalized decisions on behalf of its customers in a timely and efficient manner.
To help maximize your savings, Peoples Bank & Trust Co. is also offering some specials on Certificates of Deposit (CDs) and IRA accounts. Keep in mind that you can claim the IRA deduction on your 2017 tax return and still have until April 16 to make the contribution, potentially allowing you to use your tax refund or savings to help fund the deposit.
“You know how it is much easier to stick to an exercise schedule if you have a workout buddy? Think of your bank as your financial workout buddy – keeping you on track with your financial new year’s resolutions,” Branson said.
For more information, call 405-5319420, visit Peoples Bank at 2400 NW 178th St. in Edmond, or go to www.PeoplesBankUSA.com.