With the start of the new year, now is the time to give your finances a make-over with these tips:
  1. Refresh your budget -- Take a good look at your budget and decide what needs to be updated. Examine all debts and expenses, as well as amounts you want to allocate for food, entertainment and savings.
  2. Polish off your debits -- Make a plan to eliminate one or more debts by the end of the year by increasing your monthly payments. Once those debts are paid off, you can allocate that money to another debt, which will get you closer to financial freedom. 
  3. Eliminate unnecessary expenses -- When reviewing your budget, decide what you can do without. Choose at least one expense to cut from your budget. Online subscriptions are a good place to start. Determine what you're using regularly, then cancel what you don't need.
  4. Prioritize your savings -- If you're not putting enough in savings each month, make it automatic. Have part of your paycheck deposited directly into a savings or retirement account or talk your personal banker about setting up an automatic transfer between your payroll account and your savings. 
  5. Examine your credit -- Visit annualcreditreport.com to order a free credit report from one or more of the three credit reporting agencies. Do NOT pay for a report. Review your report to ensure that there are no mistakes in your credit history and to protect yourself from identity theft.
Remember, your personal banker at Iowa State Bank can be a resource to help you with these tips. 

This information is provided by Iowa State Bank in partnership with the Iowa Bankers Association.