Meridian Life September/ October 2022 | Page 54

Creating a plan for a bright financial future

By Neil Henry , Guest Columnist
So , what does success look like when you ’ re an up and coming professional ? Maybe you long for the freedom to travel whenever you wish , or maybe there ’ s a specific house that you drive by every day that just feels like your dream home , but it all seems out of reach .
Success in just about any area comes from creating a plan of how you can get there , and it ’ s best to put it down on paper to hold yourself accountable and to stay on track . Instead of trying to move mountains overnight , the best plan is one which breaks things down into actionable steps that have specific time frames assigned to them .
For example , if you ’ re not quite ready financially to make a down payment on a home , a local banking professional can sit down with you and help you create a disciplined savings plan . You can arrange to have a specific amount of money transferred to your savings account each pay period , which ensures that you stay in the habit of saving .
Even if you ’ re not saving to buy a home , it just makes sense to save anyway , so you ’ ll have a rainy day fund if the totally unexpected happens such as a major home or car repair . As you put that savings plan into place , it ’ s also important that you start planning ahead now for your retirement . While it may seem like a lifetime away , most financial advisors recommend that you set aside at least 10 percent of your income for retirement . Creating strong saving habits at a young age ensures that your future is as bright as possible .
Maybe you feel overwhelmed by some debt you need to pay off , such as a student loan , or credit card debt . There ’ s no need to take on this challenge all on your own . Community banks are ready to give you the personal attention you deserve , and we can often help you find ways to chisel away at that debt much faster than you might think . We can also provide you with resources so you can create a budget and take charge of your finances . Then , you can relax knowing that you ’ re managing your finances responsibly . If you ’ ve made mistakes in the past that have made a negative impact on your credit , banks such as ours hav solutions to help you build or repair your credit .
Banking has also come a long way in terms of technology , so we have more digital tools than ever to help you stay well informed when it comes to your bank accounts . For example , mobile banking makes it easy for you to know your account balances at all times , wherever you are , and move funds from one account to another if needed , 24 hours a day . We can even help you set up alerts on your account , so you can know in advance when your funds may be running low . Staying on top of your finances , helps you avoid overdraft fees on your account , or returned check fees that you might incur from a place of business for a check that might be returned for insufficient funds .
Just as you consult a physician for the answers you need for your physical health and well-being , your banker can help answer any questions you may have about your financial fitness . So , don ’ t worry if you won ’ t have all the answers . That ’ s what community bankers are here for , and we love helping you to be financially successful .
Neil Henry is Meridian Regional President for Citizens National Bank . 54 • MERIDIAN LIFE