When our members are in need of financial products, they often speak with their loan officer or one of our Member Service Representatives, but when seeking financial advice, our staff likewise can provide words of wisdom. We recently asked some of our staff to offer us their financial planning suggestions that they use to guide their own finance – words that they would likewise share with a friend, neighbor or a member who asked for guidance in developing financial plans.
Budgeting often forms the basis of our staff’s two cents worth, from creating one, to sticking with it, which we know can be easier said than done.
As old-fashioned as it may seem in the modern age of online accounts, Lindsey in our Grenora branch suggests, “Always write down your transactions in a register and balance your account regularly.” Doing so helps you more easily recognize when you’ve exceeded your budget.
Dennis in Watford City agrees. “Balance your checkbook every month when you get the statement – makes you monitor your account for fraud or unusual charges.” Keeping tabs on your dollars and cents alerts you to transaction errors, duplicate charges, and charges and credits from online purchases and refunds.
In addition to what you allocate for spending, consider where you divide your incoming funds. Todd in our Washburn branch recommends, “The 50/30/20 rule. Fifty percent of after tax income for needs, thirty percent for wants, and twenty percent for savings (additional retirement, investments, cash). Best rule a wage earning person can live by for long run financial solvency.”
To find out what approach works best for your present and future financial goals, we encourage you to visit with one of our loan officers and discover how Dakota West can help you put together short- and long-term plans based on your personal needs and what we can build together to help you live, dream, and achieve.