It’s the new year, and almost everybody is trying a new diet plan or gym membership. While getting slimmer and fitter is never a bad idea, it’s also a great time to whip your money into shape.
Just like any new exercise program, fiscal fitness takes hard work and discipline. The first few weeks or months will prove the toughest. But with a whole new financial you around the corner, isn’t it worth the effort?
If you’re ready to slim down on debt and bulk up savings and investments, you’ve come to the right place. Here are ideas to consider when making 2025 pay off for you.
The Starting Blocks
The hardest part of any fitness routine? Stepping onto that bathroom scale for the very first time. Likewise, having a clear picture of your finances is a crucial first step. What’s your income? How are your savings? And what are your expenses and debts?
With Regions’ net worth calculator, get a quick snapshot of your fiscal picture. That way, you’ll know your starting point. And what you need to do next.
Map Out Your Routine
Don’t have a household budget? Now is a really good time to start.
Fortunately, Regions’ budget planner makes it easy to put one together. With a few quick entries, learn how your income stacks up against expenses. That in turn helps you create a realistic plan when it comes to paying off debt.
Good Habits Take Time
It’s an oft-told tale. People start fitness programs on Jan. 1, only for gym memberships to go unused by February.
When it comes to financial habits, however, you have pretty good tools to keep up the momentum. The Regions mobile app and Regions online banking are designed to help keep a tight rein on your spending. And the better you keep tabs on your money, the more is left over at the end of each month.
Keep Goals Realistic
No one starts at square one and runs a marathon the next month. Smaller, more attainable goals are key.
Maybe it’s telling yourself, “I’ll save $500 this month,” or “Let’s pay off that credit card by April.” It’s better to sail past small mileposts along the way, rather than never reaching a vague, audacious goal somewhere off in the distance.
Everybody Could Use a Trainer
Hit the gym and, chances are, you’ll find someone there to give you advice. Shouldn’t the same be true of your money?
If you have ideas about improving your finances, yet lack a clear picture how to reach your goals, schedule a Regions Greenprint® appointment with a Regions expert to come up with a solid plan. Think of Regions as your savvy workout buddy to help you get into peak condition.
Or, if you want to do your own research, Regions has Personal Insights, part of Regions.com, or the financial education resources of NextStep. These are brimming with smart financial advice for almost any question you might have.
Go On an Interest Diet
The right equipment in a workout gets you the best results. Likewise, the right financial tools can help you shed interest payments at a much faster rate.
With credit cards, transferring your balance to a credit card with a lower rate can really help. Even better, many credit cards have introductory periods where interest rates are incredibly low. That could give you the breathing room you need to pay down balances. Use Regions’ balance transfer calculator to see if it’s the right move for you.
Another option? If you have equity in your home, a home equity loan for debt consolidation can slash high credit card interest payments. Regions home equity loans, which are a good place to start, allow you to pay off credit card debt at a much lower interest rate.
Power Lift Your Savings
Life happens, no matter how well you plan. It should be a priority to build an emergency fund in a savings account separate from your checking account. Fortunately, it’s not that daunting.
Regions can show you how to create a savings plan that puts financial security within easier reach over time.
Small Habits = Big Difference
As Ben Franklin said, watch the pennies and the dollars take care of themselves.
The little things, such as not spending an unexpected bit of cash or banking the contents of your change jar, might not seem like much in isolation. But make it a daily habit to put money aside or reduce spending, and it could have quite the impact on your money picture.
Exercise Caution
One of the smartest money moves you can make? Pause before clicking links on your mobile phone or in emails.
Fraudsters are counting on you to be distracted, using that as an entry point for scams. You might be the target of a fake delivery text or phishing message. Before clicking that link, give it a second look. And if it doesn’t feel right then stop, call, and confirm.
Taking that extra few seconds to verify the source could save you a lot of headaches later.
Future Dreams? Get Started Today
You’ve tamed your debt and have enough set aside for the unexpected. Now it’s time to really build for the future.
Creating an investment plan with clear future goals such as retirement doesn’t need to be intimidating. Instead, it’s a step-by-step, month-after-month enterprise. Stick with it, and you’ll be amazed at how much your nest egg grows over time.
It’s not rocket science. It just requires a little guidance. To learn more about ways to improve your money picture in the year ahead, contact a Regions banker today. And end 2025 in the kind of financial shape you didn’t think possible.
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