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Expert Insights

Financially Fit in 2019

It’s a recurring annual ritual for many people: establishing New Year’s resolutions. But how many people actually achieve their goals? According to a Marist Poll, 68% kept at least part of their promise.

To help you focus financially in 2019, Busey is here with tips and topics for each month of the New Year—click on each month to get started!

Don’t miss out on FREE money! Contribute to your employer’s 401(k) plan and set aside enough funds to qualify for the maximum company match. No 401(k)? Stash your retirement savings in another account - such as a Traditional IRA or Roth IRA.

Procrastinators, don’t put off filing your taxes until April. File now and reap the reward of receiving your refund sooner or plan to save if you still owe. Don’t forget to make adjustments to your filings for the next tax year. You don’t want to owe if you can avoid it, and you don’t want to wait on a large return. That’s money you could use to invest or pay off debt!

Now is the time for spring cleaning—and your finances are no exception. Tips include:

  • tossing bills after 12 months (unless you plan to take a tax deduction for a home office);
  • paying down debt;
  • reviewing your budget;
  • and consolidating your financial accounts.

A tax refund is more than just extra cash in your pocket—it provides a nice opportunity to give an added “boost” to your retirement savings. Consider enhancing the diversification of your existing retirement portfolio or building your retirement savings with a Traditional IRA or Roth IRA. Talk to an expert today to see what options are best for you.

An alarming 40% surveyed are not confident or only somewhat confident they have adequate and appropriate insurance coverage for their needs, according to the Independent Insurance Agents & Brokers of America (IIABA).

Don’t be a statistic—review your coverage to ensure you aren’t over-insured or have major gaps in your plan.

Summer means graduations and weddings. Before you purchase presents, ensure you stay within your budget. Remember, a thoughtful or meaningful gift can be more impactful than just the price tag.

Ensure your family and financial goals are met after you’re gone with an estate plan. The four key documents you need are:

1. a durable power of attorney;

2. advanced medical directives;

3. a will;

4. and a letter of instruction.

As you prepare your child(ren) for back to school, use the shopping trip as a learning lesson by:

  • creating a shopping list together (include the estimated cost for each item);
  • sharing your budget and asking them to find bargains;
  • and helping them understand the difference between wants and needs.

Are you among one in nine Americans who have never looked at their credit reports or even their credit scores? Protect your good name and check your credit reports from each of the three bureaus annually.

Every two seconds, an American becomes a victim of identity theft, according to Javelin Strategy & Research. Protect your financials during National Cyber Security Awareness Month with these five tips:

1. Shred anything containing personal information before disposing of it.

2. Password protect all of your devices and use unique complicated passwords for online accounts.

3. Never log in to financial accounts or shop online using public Wi-Fi. Make sure your internet at home is password protected.

4. Review your credit report annually and bank accounts regularly for suspicious activity.

5. Detect and protect against cyber criminals with antivirus software.

For additional tips, watch our helpful Information Security video.

With 2020 in sight, now is the time to evaluate your benefits package. Review your current health coverage and shop around. Consider reducing your premiums by signing up for a high-deductible plan and investing in a health savings account.

Don’t bust your budget this holiday season. Spend smart by:

  • knowing your budget and keeping track of your spending; 
  • using debit instead of credit ;
  • and pre-shopping online to find the best deals.

 

Make the most of your money and efforts in 2019. Download the calendar to stay on track throughout the year and, as always, contact our team for expert advice and tailored solutions.

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With five lines of business—personal, mortgage, commercial, cash management and wealth management—working together as One Busey, we can meet all your financial needs with confidence. Customers who partner with us are rewarded with the Busey Advantage—regional capabilities and local priorities. It's a commitment that has stood the test of time.

On the personal side, Busey Bank promises to make your banking hassle free with smart personal checking and savings accounts, convenient online banking and mobile banking solutions and consumer loans. Whether you are ready to buy your first home or simply want to refinance the one you currently own, our practical home mortgages, participation in a wide range of special loan programs and in-house mortgage expertise mean your home loan is tailored to your individual needs.

From opening your first business checking account or loan to creating a strong succession plan, Busey can help you manage your growing business. Our business banking, lending and cash management solutions give you the tools you need to keep your business successful and nimble. Our participation in a wide variety of specialized programs and in-house credit expertise allow us to tailor commercial lending packages to your unique situation and make faster credit decisions. Busey knows that cash flow is the lifeblood of a business—whether you need help with receivables, payables, liquidity, fraud protection or information reporting, we can customize your cash management solution to your growing business' needs.

You've earned it. We'll grow it. Busey Wealth Management provides asset management, investment and fiduciary services to individuals, businesses and foundations. We build a team of local professionals around your needs to establish the best strategy for your situation. We work closely with you to develop a personal, comprehensive plan that will help you meet your goals and objectives through each phase of the wealth management process.

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