The new year is an opportunity to start fresh, invest in yourself, and work toward your goals. If your finances have become overwhelming or your savings account isn’t where you want it to be, now is the perfect time to get back on track and start building for the future. Below are a few New Year’s resolutions that can help you get closer to financial security.

How to Get Your Finances on Track This Year

1. Define Your Goals

The key to cutting spending and building savings is having clearly defined goals to motivate you. Maybe you’d like to have enough in your savings account to cover a few months’ living expenses, or perhaps you’d like to be debt-free by the end of the year. Knowing what your goals are is instrumental in developing a plan and setting benchmarks to monitor your progress.

2. Target Your High-Interest Debts

Make a list of all your debts, organized by interest rate. Since any money you spend on interest is essentially wasted, start paying down high-interest debt first. Eliminating those payments will give you more to put toward paying off your other debts, which is an effect that will quickly snowball in your favor.

3. Automate Your Savings

The financial pressures of everyday life can make it easy to put off saving, which eventually becomes a bad habit. Setting up automatic transfers to your savings account is the most effective way to build up your savings, as you’ll never be tempted to spend the money that should be stocked away. You might even decide to transfer money to several savings accounts if you’re working on multiple goals at once.

Whatever your financial goals are, The Missouri Bank offers the personal service and financial tools to help you achieve them. They’ve been serving families throughout Warren, St. Charles, and Gasconade counties since 1939, becoming a pillar of the community. Visit their website for a look at their savings accounts and other investment vehicles, get more financial tips and advice on Facebook, or call (636) 327-4900 to reach their branch in Wentzville.