The Key to Effective Budgeting

Taking control of your finances is crucial at every stage of life. Whether you’re saving for a down payment, planning for retirement, or simply striving for greater financial peace of mind, understanding your spending habits, and creating a budget are essential steps.

  1. Understanding Your Spending

Before you can effectively manage your money, you need to understand where it’s going. This involves a thorough analysis of your spending patterns.

  • Track Every Dollar: Utilize your bank’s online and mobile banking tools. Analyze your transaction history carefully. Identify recurring expenses, impulse purchases, and any “money drains” – those sneaky expenses that consistently chip away at your budget.
  • Categorize Your Spending: Divide your expenses into specific categories like housing, transportation, food, entertainment, healthcare, education, childcare, savings, and debt repayment. This granular breakdown will reveal spending patterns you might not have noticed.
  • Identify Areas for Improvement: Analyze your spending patterns to identify areas where you can cut back. Can you reduce dining out expenses? Can you negotiate lower rates for your utilities? Can you explore more affordable entertainment options?
  • The “Needs vs. Wants” Analysis: Before making any purchase, ask yourself:
    • Do I need this? (Distinguish between essential needs and discretionary wants.)
    • Can I afford this? (Consider the impact on your overall budget and financial goals.)
    • Will this bring me long-term value? (Avoid impulsive purchases that offer little lasting benefit.)
  1. Building a Budget That Works for You

Creating a budget is a key step in taking control of your finances. A well-defined budget provides a framework for making conscious financial decisions and helps you stay on track towards your financial goals.

  • Calculate Your Net Income: Determine your net income (take-home pay) after taxes and other deductions.
  • Set Clear Financial Goals:
    • Define your long-term goals: Retirement, homeownership, travel, education – what matters most to you?
    • Set SMART goals:
      • Specific: “Save $20,000 for a down payment on a home.”
      • Measurable: “Contribute $500 per month to my retirement account.”
      • Achievable: Set realistic and attainable goals.
      • Relevant: Ensure your goals align with your values and aspirations.
      • Time-bound: Set deadlines for your savings goals (e.g., “Save $20,000 within the next two years”).
    • Create a Realistic Budget:
      • Explore Budgeting Methodologies:
        • The 50/30/20 Rule: A common guideline suggests allocating 50% of your income towards needs (housing, utilities, groceries, transportation), 30% towards wants (entertainment, dining out, hobbies, travel), and 20% towards savings and debt repayment. However, this is a guideline. Adjust it based on your individual needs and income.
        • The Zero-Based Budgeting Method: Allocate every dollar of your income to a specific category, ensuring that all income is accounted for.
      • Utilize Budgeting Tools:
        • Budgeting Apps: Explore user-friendly budgeting apps like Mint, Personal Capital, or YNAB (You Need A Budget) to track spending, create budgets, and set financial goals.
        • Spreadsheets: Utilize spreadsheets (like Excel or Google Sheets) to manually track your income and expenses, create custom budgets, and visualize your financial progress.
  1. Build an Emergency Fund

Building an Emergency Fund provides a safety net for unexpected expenses, such as medical bills, car repairs, or job loss.

  • Aim for 3-6 Months of Living Expenses: Ideally, your emergency fund should cover 3-6 months of living expenses.
  • Start Small and Gradually Increase: Begin with a small amount and gradually increase your contributions over time.
  • Utilize High-Yield Savings Accounts: Consider a high-yield savings account to maximize your returns on your emergency fund.
  • Treat Your Emergency Fund as Untouchable: Avoid dipping into your emergency fund for non-essential expenses.
  1. Maximizing Your Savings & Investments

Saving and investing are important for building long-term financial security.

  • Open a High-Yield Savings Account: Maximize your savings by choosing a high-yield savings account with competitive interest rates.
  • Explore Certificates of Deposit (CDs): Consider CDs for longer-term savings goals, as they typically offer higher interest rates than regular savings accounts.
  • Contribute to Retirement Accounts
  • Maximize 401(k) Contributions: Take full advantage of employer-sponsored 401(k) plans, including any employer match.
  • Consider an IRA: Open and contribute to a Traditional or Roth IRA to supplement your retirement savings.
  • Work with a Financial Advisor: Consult with a qualified financial advisor to develop a personalized investment strategy.
  1. Managing Debt Wisely

Managing debt effectively is essential for long-term financial well-being.

  • Prioritize High-Interest Debt: Aggressively pay down high-interest debt, such as credit card debt.
  • Explore Debt Consolidation Options: Consider consolidating high-interest debt into a lower-interest loan, such as a personal loan or balance transfer credit card.
  • Maintain a Good Credit Score: Your credit score plays a vital role in your financial health. Monitor your credit report regularly and take steps to improve your credit score.
  1. Utilize Your Bank’s Online and Mobile Banking Tools:

Your bank can be a valuable resource in your financial journey. Take advantage of your bank’s online and mobile banking tools to help you stay on track.

  • Online Bill Pay: Schedule and track bill payments online, saving time and reducing the risk of late fees.
  • Mobile Check Deposit: Deposit checks quickly and securely using your smartphone.
  • Budgeting Tools: Utilize built-in budgeting tools to track spending, set savings goals, and create spending limits.
  • Financial Calculators: Explore tools like retirement calculators, loan calculators, and savings calculators to help you make informed financial decisions.
  1. Building a Strong Financial Foundation

Building a strong financial foundation is an ongoing process.

  • Review and Adjust Regularly: Regularly review your budget and adjust as needed to reflect changes in your income, expenses, and financial goals.
  • Stay Informed: Stay updated on financial news and trends. Read articles, attend financial seminars, and utilize online resources.
  • Educate Yourself Continuously: Continuously learn about personal finance through books, articles, and online resources.

Building a strong financial foundation is an ongoing journey. By embracing these principles, you can budget effectively to gain control of your finances, achieve your financial goals, and build a secure future.

 

Bank Smarter with International City Bank’s Surcharge-Free ATM Network

 Bank Smarter with International City Bank’s Surcharge-Free ATM Network

Managing your money shouldn’t come with unnecessary costs or complications. That’s why International City Bank’s (ICB) surcharge-free ATM network is changing the game for personal and business banking customers. Whether withdrawing cash for everyday purchases or accessing funds for your business operations, you don’t have to worry about fees eating into your budget.

Ready to find out why you should utilize International City Bank’s Surcharge-Free ATM Network? Let’s dive into the benefits, features, and everything you need to know.

 

Why ATM Fees Are a Drain on Your Finances

ATM fees might seem small at first, but they add up quickly. If you’re constantly withdrawing cash from out-of-network ATMs, you could be losing hundreds of dollars every year—money that could be growing in your savings account or paying down your mortgage.

These fees can also impact small businesses eating into operational budgets and reducing profitability.

International City Bank’s surcharge-free ATM network helps you avoid these costs entirely, leaving more money for your goals, whether funding your next vacation or expanding your business.

 

What Sets International City Bank’s Surcharge-Free ATM Network Apart?

ICB’s surcharge-free ATM network is designed to offer unmatched convenience, transparency, and versatility for both personal and business banking needs.

  • Comprehensive Coverage Nationwide – International City Bank in Long Beach, CA partners with nationwide ATM networks to provide access to over 93,000 ATM locations nationwide. Whether you’re searching for an “ATM near me” or need one while traveling, you’ll find convenient, surcharge-free options.
  • Personal and Business-Friendly Services – We cater to everyone, from personal banking customers who need easy access to cash, to business banking customers with frequent withdrawals or other financial transactions.

 

How the Surcharge-Free ATM Network Benefits Your Personal Banking Needs

 International City Bank’s Surcharge-Free ATM network makes personal banking more affordable, convenient, and tailored to your lifestyle by saving on fees and offering easy access to your cash.

  • Save on Fees – Every dollar saved on ATM fees is another dollar you can put toward your goals, like building an emergency fund in your savings account or paying off your credit card faster.
  • Convenience at Your Fingertips – From everyday errands to weekend getaways, you can count on International City Bank’s ATM locator tool to find nearby surcharge-free ATMs wherever you go.
  • Banking for Every Lifestyle – Our surcharge-free ATM network fits seamlessly into your routine.

 

Digital Banking and Mobile App Integration

It is important to have tools to manage your finances easily and effectively. International City Bank’s mobile app pairs perfectly with the surcharge-free ATM network, offering features like:

  • ATM Locator Tool: Find surcharge-free ATMs near you with just a few taps.
  • Real-Time Notifications: Get instant alerts for withdrawals and account updates.
  • Card Management: Lock and unlock your card or set withdrawal limits for added security.
  • Account Insights: Track spending, monitor balances, and set savings goals from your phone.

 

 

Making the Switch to International City Bank

Switching to International City Bank in Long Beach, CA is a simple process that ensures a smarter banking experience. Whether you’re managing personal finances or running a business, the bank’s tailored solutions and surcharge-free ATM network make it easy to take control of your money in just a few steps.

  • Step 1: Open an Account – If you are looking for a savings account, a Certificate of Deposit (CD), a checking account, or a business banking solution, International City Bank has options tailored to your needs.
  • Step 2: Explore the ATM Network – With thousands of ATMs nationwide, accessing your cash is easier than ever. Use the mobile app or visit our website at icb.biz to locate the nearest machine.
  • Step 3: Take Control of Your Finances – Paying bills and withdrawing cash becomes smoother when ATM fees aren’t a concern.

 

Why Customers Choose International City Bank

Choosing the right bank is about trust, innovation, and a commitment to meeting your needs. International City Bank stands out by blending community values with comprehensive banking options and forward-thinking solutions, making it the go-to choice for customers who expect more from their financial institution.

  • Community-Driven Approach – As a local bank, International City Bank focuses on providing exceptional customer service and understanding the unique needs of its community.
  • Comprehensive Baking Options – From Certificates of Deposit to high-yield checking accounts, International City Bank offers a one-stop solution for all your banking needs.
  • Innovative Solutions – International City Bank bridges the gap between modern and classic banking methods by combining the reliability of a traditional local bank with the convenience of digital banking tools.

 

FAQs

  • How do I find an ATM? Use the ATM locator tool on the mobile app or visit icb.biz to find participating ATMs near you.
  • Are there any additional perks for mobile banking users? Absolutely! The mobile app offers real-time account updates, budget tracking, and secure card management features.

International City Bank’s surcharge-free ATM network isn’t just a feature—it’s a commitment to putting customers first.

Holiday Saving Tips for A Stress-Free Holiday Shopping Season

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The holidays are a time of joy, giving, and celebration. But let’s be honest—managing finances this season can be overwhelming. From buying gifts and hosting parties to traveling and preparing holiday meals, it’s easy for your budget to spiral out of control. But here’s the good news: with a little planning and the tools available from International City Bank, you can enjoy a festive, stress-free holiday season without breaking the bank.

Let’s explore practical tips for managing your finances while embracing the holidays’ magic.

Setting a Realistic Holiday Budget

A holiday budget is your foundation for financial success during this busy season. Without it, expenses can quickly pile up, leaving you feeling stressed and unprepared.

Identify All Income Sources and Fixed Expenses

Start by knowing exactly how much money you have to work with. Include your regular paycheck, seasonal bonuses, freelance gigs, and even side hustles. Every dollar counts! Don’t forget your monthly bills like rent, utilities, and insurance. Subtract these essentials from your total income to see how much is left for holiday expenses.

Allocate Funds for Holiday Costs

Set a specific amount for gifts, food, travel, and decorations. Remember, staying within your budget doesn’t mean cutting out the fun—it just means being intentional.

Pro Tip: Use our mobile app to track your spending in real-time. This ensures you stick to your budget while keeping the season enjoyable.

Crafting a Holiday Spending Plan

A well-thought-out plan goes hand in hand with your budget. Let’s break it down step by step:

 Create a Gift List with Spending Limits and Plan for Non-Gift Expenses

List everyone you plan to shop for and set a spending cap for each person. This ensures you avoid last-minute splurges. Holiday meals, travel, and decorations can add up. Budget for these extras to avoid surprises later.

 Consider DIY Gifts and Stay Committed to Your Plan

Handmade presents like baked goods, photo albums, or crafts can be incredibly meaningful and budget friendly. Once you’ve set your limits, stick to them. Challenge yourself to find creative ways to give within your means.

Smart Shopping Strategies

Savvy shopping can save you time, money, and stress during the holidays. Here’s how:

 Make a Detailed Shopping List and Shop for Deals

Impulse buying is one of the easiest ways to overspend.

  • Write down exactly what you need to buy and focus only on those items.
  • Take advantage of online comparison tools, flash sales, and exclusive discounts. Shopping from home can also help you avoid the temptation of in-store browsing.
  • Check out thrift stores, resale platforms, or post-holiday sales. You’d be surprised at the quality finds and savings available.

 Utilize Black Friday, Small Business Saturday, Cyber Monday and Pre-Holiday Sales

Plan your big-ticket purchases during major sale events. It’s one of the best ways to snag great deals.

Hosting Affordable Holiday Meals

Holiday feasts are a big part of the season, but they don’t have to break the bank. These tips can help you serve up festive meals without overspending.

Plan a Budget-Friendly Menu

Stick to seasonal ingredients like root vegetables or winter fruits—they’re often cheaper and just as delicious. Avoid splurging on expensive, out-of-season items.

Batch Cook and Shop in Bulk to Save Time and Money

Prepare dishes in large quantities and freeze portions for later. It reduces last-minute cooking stress and helps you stretch your budget. Buy ingredients in bulk to take advantage of lower prices. Look for sales at warehouse stores or your local grocery store.

Host a Potluck and Repurpose Leftovers

Invite guests to contribute a dish. Not only does it reduce your workload, but it also creates a shared experience everyone will enjoy. Get creative with leftovers by making soups, casseroles, or sandwiches. It’s an easy way to extend the life of your holiday feast.

Travel Tips to Save During the Holidays

Travel can be one of the biggest expenses of the season. Here’s how to keep costs down:

Book Early and Be Flexible with Dates

The sooner you lock in flights and hotel reservations, the better. Prices tend to climb as the holidays approach. Traveling midweek or during off-peak hours can significantly cut costs. Try adjusting your plans to save on flights or accommodations.

Pack Light and Consider Alternative Transportation

Avoid checked baggage fees by packing efficiently. A carry-on bag is often enough for short trips. For shorter distances, buses or trains are often more affordable and convenient than flying.

Maintaining Financial Wellness

Financial health is just as important as your holiday plans. Let’s explore ways to stay on top of your finances while enjoying the season.

Practice Self-Care and Set Limits

Don’t let holiday stress affect your well-being. Take breaks, stay active, and focus on the joy of the season. It’s okay to say no to extravagant events or gift exchanges if they strain your budget. Remember, the holidays are about connection, not competition.

Avoid Holiday Debt and Seek Financial Advice

Stick to cash or debit for purchases to avoid piling up credit card debt. If you do use a credit card, aim to pay off the balance in full each month. Ask yourself, “Do I really need this?” before making a purchase. Small moments of mindfulness can save you big in the long run.

The holidays should be a time for making memories, not stressing over finances. By creating a budget and shopping smartly, you can have a joyful, stress-free holiday season. Remember, it’s not about how much you spend—it’s about the love, laughter, and connections you share.

UNITED FIDELITY BANK ANNOUNCES APPOINTMENT OF NEEL TO VICE CHAIRMAN POST

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United Fidelity Bank has announced the appointment of Donald R. Neel to the post of Vice Chairman in conjunction with his plans to retire as President and CEO of United Fidelity Bank. Neel has held the position for the past 24 years. The announcement culminates a transition that has been in the works for several months. Neel, a significant player in Evansville’s public and business landscape since joining the Bank 31 years ago will retain a reduced portfolio of responsibilities while serving as Vice Chairman. The Bank is conducting a national search for a permanent President and CEO. Chief Credit Officer Daniel Lee will serve as Interim CEO.

Neel, an Evansville native, said “the 24 years at the helm of United Fidelity Bank (originally known as Evansville Federal Savings Bank), has been the honor of a lifetime. Together, we experienced some remarkable success beyond my wildest expectations. The Bank has grown from $120 million in total assets in 1993 to its current $6.4 billion, while increasing its number of locations from 4 to 23 during the same period. We executed 9 bank acquisitions or sale transactions and established 3 new branches over the past 10 years alone. Finally, the Bank and its subsidiaries have financed or developed countless affordable housing units across the country. These transactions changed the trajectory of the Bank and could not have been completed successfully without the great associates that I have had the honor of working with.”

Mr. Neel and his wife, Jamie, attend Christian Fellowship Church and are members of the Evansville Country Club. He is a former board President of the American Heart Association and has been active with the Deaconess Foundation’s HeartSavers program. He is also a member of the Evansville Sports Corporation, a member of the Board of Advisors for the Romain College of Business at the University of Southern Indiana and member of the USI Alumni Association. He eagerly anticipates traveling and spending more time with his wife Jamie. Don also looks forward to seeing more of sons Andrew, Adam, and Aidan, laughter-in-law Becca, and daughter-in-law to-be Sarah.

High-Yield Checking: What is it?

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What is a High-Yield Checking Account?

Similar to a standard interest-bearing checking account, a high yield checking account allows you to earn a higher annual percentage yield (APY) therefore, ensuring that you earn more interest on the money in your account. According to the Federal Deposit Insurance Corp. (FDIC), in November 2023 a standard checking account earned 0.07% APY on average, while a high-yield checking account can earn upwards of 3.00%.

The biggest difference between standard and high-yield checking accounts are the criteria needed to qualify. For example, you may need to meet a certain number of debit card transactions per month, enroll in e-statements, or maintain a certain balance. Once all the monthly criteria are met, you then receive the APY associated with your account.

How does my account earn interest?

A high-yield checking account earns interest each statement period. However, if you did not meet the criteria for the month, the percentage you receive may be different.

What makes Elevate Checking different from other high-yield accounts?

With most high-yield checking accounts, all of the requirements must be met before earning interest. However, with Elevate Checking there’s more than one way to qualify. Earn interest by making six debit card purchases per month. Boost your rate by meeting any of these additional monthly qualifications:  use online or mobile banking, receive eStatements, have monthly direct deposits of at least $500, maintain minimum daily balance of $1,000 in a International City Bank personal savings or money market account.

Each of our monthly qualifications is worth a certain percentage in interest. Therefore, the more criteria you meet, the more interest you earn, with potential to earn 4.00% [2.00%] APY.

Contact your local banker to learn more about our Elevate Checking Account today.

 

Annual Percentage Yield (APY) is accurate as of 08/01/2024. The APY range calculation is based on an assumed account balance cap of $30,000.  The APY decreases as your balance increases above $30,000. Must meet certain criteria to qualify. When the Elevate Checking eligibility requirement and additional options are met, the interest rate on your account and corresponding annual percentage yield (APY) will vary based on the current applicable rates and tiers. When the Elevate Checking eligibility requirement is not met, the account will not earn interest. To obtain 4.00% APY you must complete a minimum of six (6) posted and cleared debit card Point-of-Sale (POS) purchases, access online or mobile banking, enroll and receive eStatements, ACH Direct Deposit(s) of at least $500.00, maintain a minimum daily balance of $1,000.00 in an International City Bank personal savings or money market account. Eligibility requirements must be in place and activity requirements must post and clear the account each statement cycle to receive the interest rate and APY of applicable rate tier. Rates and APY for each tier may change at any time without notice after the account is opened. Fees or other conditions could reduce earnings on the account. Minimum of $25 to open an account.  Monthly service fee of $5 if balance drops below $500 any day during the statement cycle. Paper statement fee of $5 if eStatements are not utilized. Program rates, terms, and conditions are subject to change without notice.

A GUIDE TO AFFORDING YOUR FIRST APARTMENT

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Congratulations on your new milestone… moving into your first apartment! While this is sure to be an exciting next chapter, it can also be overwhelming trying to understand the financial cost of apartment living. As a first-time renter, recognizing the financial responsibilities associated with renting will allow you to make smart decisions and ensure you can live comfortably. Here are a few things to consider when planning for your first apartment.

 

UNDERSTANDING RENTAL COSTS

In your research, you may have noticed that rental costs vary from place to place. Here are five main categories to help you better understand what costs go into apartment living.

 

  • Security Deposit: This is typically equivalent to one month’s rent and is required by most property managers. This cost is typically refunded to you once the rental agreement is terminated.
  • Monthly Rent: (Your most expensive cost): The cost of rent varies from city to city and complex to complex. Therefore, do some research to find out what the average cost of rent is in your area to determine a monetary goal. A good rule of thumb is to keep the cost of rent around 30% of your monthly income. This will ensure you have enough left over for other living expenses.
  • Fees: There are several types of fees to consider when looking to rent an apartment – application fees, pet fees, parking fees, utility fees, and early move-out fees are fees you will typically come across in your apartment hunt. If you have any questions, reference the lease agreement, or contact the property management office.
  • Utilities: Electricity, water, gas, trash, and internet are all costs to consider when moving into your first apartment. The cost of some utilities will vary depending on monthly usage, but others will be a flat monthly rate. Before moving in, understand which utilities will be added onto your monthly bill and which ones you may be responsible for.
  • Renter’s Insurance: Like most insurances, renter’s insurance is meant to protect against damage caused by unexpected events. Most landlords require proof of renter’s insurance as part of the lease agreement. Insurance can be paid monthly or annually depending on your provider. Contact local insurance agencies to find a policy that works best for you.

 

IDENTIFY YOUR ESSENTIAL EXPENSES

When identifying your essential expenses, be sure to distinguish between your wants and needs. If necessary, make a list of non-negotiable expenses that contribute to your safety and survival (needs). Then, you can make a list of non-essential purchases that add fun and enjoyment to your life (wants). Having this list available will allow you to make informed financial decisions that will save you from stressing about your finances.

 

Examples of essential expenses:

  • Rent
  • Utilities
  • Insurance
  • Groceries
  • Gas or transportation

 

Additional expenses to consider:

  • Home Décor and Furnishings
  • Laundry
  • Parking
  • Pet Fees
  • Amenities Fee

 

MORE TIPS FOR AFFORDING YOUR FIRST APARTMENT

Set Your Savings Goal:  Based on your research you should be able to determine an average monthly cost for renting your first apartment. With this information, you can create a budget that works best for you.

Consider Having a Roommate: Having a roommate can help decrease costs by splitting rent payments in half and sharing other monthly expenses.

Negotiate Your Rental Agreement: Some areas of your rental agreement may be negotiable. Based on your needs, communicate your expectations to your landlord and negotiate a contract that is agreeable for both parties.

Prioritize Needs Over Wants: While indulging in your wants are enjoyable, it’s important to prioritize your needs so you don’t fall into an unmanageable financial situation.

Teaching Kids the Basics of Money

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Have you ever asked yourself, “When should I start teaching my kids about finances?”

 

While there’s no right answer to this question, a good place to start is whenever they have developed fundamental math skills. This is typically between the second and fourth grade.

 

The goal when beginning to teach your child about money is to help them understand the value of money and the importance of saving. You’ll want to use simple terms and relatable examples that you know your child will be able to grasp. One of the best ways to do this is to use your personal experience. Explain how you work a job to make money, and the money you make from said job allows you to buy things like groceries, clothes, vacations, etc.

 

If you want to take it a step further, you could set them up with a regular allowance or pay them for doing certain chores around the house. This will give them an applicable experience in understanding the most basic way money is earned. There are multiple ways to introduce money fundamentals to your child(ren), so do some research to find one that works best for you.

 

Once they understand how money is earned, you can segue into the basics of saving money. A great way to do this is by using a visual example such as a piggy bank or clear jar. This allows children to literally see the money they save and how it accumulates over time. When they are comfortable with the concept of saving, share how their savings can be used for something else in the future. Explain the different ways they could use their savings – to buy something they want for themselves or purchase something for someone else for a special occasion such as a birthday. If you haven’t already, this would also be a good place to open a savings account for your child.

 

When applying this to real-life, give them the opportunity to use their savings to purchase something they want. This will allow them to determine if they have enough money saved or not helping them comprehend if they need to save some more money or if they already have the amount they need. Once they have the amount needed, let them hand the money to the cashier so they get excited and experience the value of “this for that.”

 

Helping your child save money can bring up feelings of frustration due to having to wait to purchase something they want. This is a great opportunity to validate those feelings and explain that you, their parent, or guardian, also sometimes have to wait to purchase things you want. Set a regular time together where you sit down and count their money with them, so they know just how much they have saved. And don’t forget to encourage them on their saving journey.

 

Setting a good foundation for understanding money can help your children be more responsible with it as they get older. Even the smallest money tips can impact the way your children will think about and use money in the future. Visit our Personal Money IQ and scroll down to the “Kids and Money” section for more tips.

IT’S TIME FOR YOUR ANNUAL FINANCIAL CHECK-UP!

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Just like visiting a doctor, it’s important to review and evaluate your finances so you can ensure the healthiest relationship with your money. A financial check-up will give you more confidence in your finances and allow you to have more control over where your money is going.

If you’ve found yourself feeling overwhelmed or unsure of how to tackle your financial check-up, use these tips to help you get started.

  1. Identify any recent major changes in your lifestyle that could affect your finances. Have you switched jobs, received a pay raise, gotten married or divorced, had kids, bought a house or new car, etc.? It’s all relative when reviewing your finances.
  2. Gather your bank statements and credit card statements from the last 6-12 months and find where you are spending most of your money. See if you can identify spending patterns that could be adjusted or eliminated.
  3. Check your credit score. You can obtain a free copy from one of the three main credit bureaus (Equifax, Experian, and TransUnion) to check for and report any errors. This can also help you discover if you need to take necessary steps to improve your credit score.
  4. Evaluate all your current financial accounts (personal, business, checking, savings, retirement, CDs, loans, etc.). Ensure that all the information on your accounts is correct and up to date. Having a clear understanding of your accounts in relation to your financial goals can help you plan accordingly for the year.
  5. Review your debt(s) and interest rates (mortgage, car loans, credit cards, student loans, etc.). Write these down and plug them into your budget. Create a plan that will help you pay off your debt(s) as soon as possible.
  6. Identify tools and resources you can utilize to help streamline your banking. Check out some of the services our customers benefit from such as Online and Mobile Banking, Bill Pay, Notifi Alerts, Credit Score, and more.

Our ICB staff is here if you need assistance with your financial check-up. Schedule an appointment with one of our local bankers to perform an account review and identify more ways for you to save.

After you’ve completed your financial check-up, you’ll have the information needed to reassess and set new financial goals and create a solid budget to help keep your financial goals on track.