Saving in the New Year

As the New Year unfolds, it's time to reflect on your financial goals and establish good money practices that can set you on the path to financial success. January is the ideal month to kickstart your journey towards financial well-being, and the savings habits you put into practice this month can really set the tone for the rest of your year. ?

Pay yourself first

Determine in advance how much money you plan to keep on deposit each month. If you receive a raise, increase the amount you save. Gulf Coast Bank & Trust Company offers a variety of savings accounts tailored to different financial needs. ?

Take advantage of bank technology

Consider automatic payroll deductions or automatic transfer from checking to savings. Programs like Gulf Coast Bank’s RoundUp Savings Program make it easy to save. Each of your Gulf Coast Bank debit card purchases are automatically rounded up to the nearest dollar, then transferred to your savings account at the end of each business day. Those small amounts can add up fast. ?

Pay your bills on time

Alleviate the hassle and late fees by scheduling time once a month to pay bills. You can utilize Bill Pay to schedule automatic payments for reoccurring bills. Late fees stack up quickly, and overdue payments can also lower your credit score, so making payments on time is always a good idea.

Determine needs versus wants

Eating out and gourmet coffees every day can add up. Bringing your lunch to work a few days a week could save you hundreds of dollars a year. Setting a budget can help track your spending. Gulf Coast Bank’s My Money is a personal financial management tool available to Digital Banking users that allows you to view your accounts from Gulf Coast Bank and other financial institutions in one place, as well as set budgets and personal financial goals." ?

Consider investments

For long-term goals, such as saving for a home or retirement, look into bonds, mutual funds, real estate and stocks. For your more immediate goals, a CD might be the right choice. Not sure where to start? Our Wealth Solutions department can help. ?

Consult your local banker

Your banker is the best source to provide you information on bank products and services that would best suit your needs. Contact Us to learn more. We would love to help you navigate your 2024 financial goals as we step into this new year!