Women in Finance Money Resolutions

“After 23 years at United Bank, I finally did something I have talked about for years, and it is just as glorious as I imagined. At the end of 2022, I set up a Christmas Club account. This is an ordinary savings account, but it is funded automatically from your paycheck with a self-selected predetermined amount, so there is no excuse not to start saving. In October, much to my delight, a check arrived in the mail with the proceeds, and I was able to buy all of my kids' presents without using credit cards (and even had a little left over for myself). Meanwhile, my account has started to build up again because the auto-transfer is ongoing, and I already have a nice nest egg for next year! I would highly recommend this to everyone who wants to watch their wallet during the holidays.”

“From my professional standpoint, as a mortgage lender in a challenging interest rate environment, I have discussions with borrowers almost daily about how to create affordability when it comes to buying a house. High balances on unsecured, revolving debt (a.k.a. credit card debt) can be the most financially detrimental piece of the equation. For many people, it is very difficult to pay down credit card debt because of the incredibly high interest rates. I would strongly recommend a free credit monitoring service like Credit Karma, which will give you access to your credit score, overall debt picture and payment history and assist you with education and strategies to maintain and/or obtain a solid credit landscape. I subscribed for free about 10 years ago, and it has helped tremendously.”

“Not long ago, I decided to start an Excel sheet at the beginning of 2024 to track my spending habits and begin budgeting. I plan on looking at my bank statement at the end of the month and categorizing where and how much money I am spending. After getting an idea of where I spend my money, I want to create a strict but realistic budget for each category. I will allow myself to spend within that budget, and whatever is left over, I plan to split into savings and money to spend for fun.”

“Some other ways I plan on being smarter with my money:

• Using coupons as much as possible!
• Allowing for 24 hours to think over making a final purchase when shopping for clothes, home goods, etc. That way, I can decide if I truly want those items.
• Actually using the food I have in my pantry. This helps limit money spent out to eat as well as trips to the grocery store.”

“My advice to parents would be to start teaching your children to save early in their lives. If family and friends give your children cash for birthday presents, Christmas, or other events in their lives, have them put some in a savings account. When your children reach an age where they need a checking account, United Bank has a great account to help them get started.”

“We opened a savings account when our son was five years old so that he could begin saving his own money at a young age. This past summer, he began working, so he opened his first checking account with United Bank.”

“Teaching our two boys to save and spend wisely is an important responsibility we have as parents. My husband and I learned this from our parents, so we feel it’s our responsibility to teach our two sons. As my two boys grow older, my husband and I try to share with them the cost of things that we need or want. It’s important for them to know and understand so that they are learning as they grow older.”

“Resolve to be an active participant in investing. I think the key point to make is that women should not delay in getting started. Investing is a great skill for women to have to grow their assets. Whether it's investing in index funds or money market accounts, taking that first step can be very intimidating but rewarding. Investing is a life-long journey, and it’s never too late to get started on the road to financial freedom.”