Make a Commitment to Stronger Finances This Valentine's Day

Valentine’s Day is one of the first things many people think about in February as they prepare to celebrate the ones they love and the relationship commitments they’ve made. This February, we encourage consumers to consider also making a commitment to stronger finances.

Setting financial goals — whether it’s saving more for retirement or paying off a debt that’s been weighing you down — can be one of the most important commitments you can make. Whatever your financial goal is, take some time this month to develop a plan on how you can achieve it.

Here are five tasks you can complete this month that will help you strengthen your financial situation:

• Update your budget. Set aside time to examine your budget and decide what needs to be updated. Look at all debts and expenses, as well as amounts you want to spend for food, entertainment and savings.
• Make a plan to eliminate at least one debt by year-end. Decide on at least one debt that you will pay off by the end of the year, and make a plan to achieve it. If you do not have a debt that you can realistically pay off by the end of the year, make a plan to reduce at least one debt by paying more than the minimum monthly amount.
• Eliminate one expense. Review your budget and decide what you can do without. Choose at least one expense that you can reduce or eliminate completely. If you make daily trips to your local coffee shop, cut out one day per week. If you have a streaming service or magazine subscription you’re not using regularly, cancel it. These small changes can add up quickly.
• Save more. The more you can put away now, the faster it will add up. Taking the coffee shop example from above, rather than spending approximately $4 a day on coffee, consider putting $4 per day into savings. If you start on Valentine’s Day, that would add up to $1,284 by the end of the year.
• Review your credit report. Visit www.annualcreditreport.com to order a free credit report from each of the credit reporting agencies. Review your reports to ensure there are no mistakes in your credit history and to protect yourself from identity theft.  Northwest Bank customers can check their credit score* and get personalized tips on how to improve their score with Credit Sense! Learn more about Credit Sense today. 

More Information

To learn more ways to reduce debt, contact a banker today! 

These tips are provided by the Iowa Bankers Association. 

*The credit score provided is intended to help you understand the factors that affect your credit score, and ways you may be able to save money with Northwest Bank loan products. It is generally not used for loan approval purposes or for determining loan rates. Loan rates and approvals are based on information provided to the bank when you apply for a loan. The credit score found in the credit report may be different than the credit score you see here. The offers presented here are not offers to lend; normal underwriting criteria apply. Terms and conditions and offers are subject to change at any time.