Have you ever been in a situation where you have a problem, but just don’t know or can’t figure out a way to solve it? When it comes to finances, this is a common problem for many Americans. It’s part of the reason most Americans are financially illiterate, have so much debt and aren’t prepared for the future.
In the spirit of setting goals for next year, Iowa State Bank wants to help you identify whether you need help when it comes to managing your money. Hopefully these signs will motivate you to take more control over your money in 2014.
You don’t know where your money goes- we all have a general understanding of how much money comes in. Where it all goes, however, may not be as easy to identify. Blindly spending money is the basis of poor financial management. Your solution: create a budget that breaks down your weekly/bi-weekly/monthly expenses.
You don’t know if you’re prepared for retirement- if the fact that you should be planning for retirement now is news to you, you’re already behind. Your solution: start contributing to an IRA, 401(k) or other retirement account as soon as possible.
You don’t understand your investments clearly- it’s one thing to have investments; it’s completely different to actually understand them. Your solution: meet with your investment professional to ensure your investments are diversified and appropriate for your risk tolerance, goals and time horizon.
You don’t understand your mortgage agreement- the fact that you signed your mortgage without understanding it (something that doesn’t happen when you choose Iowa State Bank) is concerning. You could potentially be throwing away money every month. Your solution: meet with your mortgage broker to go over your mortgage or refinance with Iowa State Bank.
You don’t have a plan in place if you were to die or become disabled- look, no one likes to think about these things. However, having life or disability insurance in place ensures your family is able to continue paying bills and living comfortably. Your solution: get in touch with ISB Insurance to get coverage in place.
If any of these things applies to you, make it a resolution for 2014 to get them in place. Iowa State Bank can help with these and other financial management needs, so call or come by any of our locations if you want help. Have a great rest of the holiday season, and we look forward to seeing you soon!