Financial resolutions for 2017

DEWITT>> As 2017 gets into full swing, many people are focusing on their financial wellness, wanting to start the new year with good money practices. However, many times New Year’s resolutions fall by the wayside before the calendar hits Feb. 1.

Below are some of Community Bank N. A.’s top tips and hints for starting and keeping your financial resolutions for 2017:

1) Be realistic: When setting your financial resolution, it’s important to first evaluate what you can afford to save. An effective way to budget stress-free is the 50/20/30 approach: allocate 50 percent of your income for necessities, 20 percent for long-term savings and 30 percent for entertainment.

2) Break it down: Sometimes savings goals can seem unrealistic in large amounts. If you want to save $10,000 this year, figure out what you will have to save monthly and stick to it. This will make your end goal seem much more attainable.

3) Make saving auto- matic: Put your savings goal on auto-pilot by setting up part of your paycheck to be automatically deposited into your savings account. This puts the “out of sight, out of mind” mentality to use, giving you no choice but to follow a regular savings plan.

4) Cut appropriate costs: Cutting costs doesn’t have to mean eliminating what you love. Instead, take a look all your services. Can you find a cheaper cable or cell phone plan? Have you compared car insurance recently? Even a few dollars a month adds up.

5) Meet with a financial consultant: One size doesn’t fit all New Year’s resolutions. Schedule a financial review and meet with a consultant who can help you track expenses, plan for retirement, save for college.

Community Bank System Inc. operates more than 190 customer facilities across Upstate New York and Northeastern Pennsylvania through its banking subsidiary, Community Bank N.A.