With January in the rear window, it isn’t too late to look at your finances and set goals for 2023. There's no better time to take stock of your financial situation than now. So, how do you start? Here are five goals that may help.

1. Get a financial check-up. This step is essential so you know where you stand. Add up your assets and subtract your liabilities. The result will show whether you're in the green (positive) or red (negative). Knowing the answer can help you plan your next year’s savings and spending.
2. Create a spending plan. Itemize your monthly expenses and include your essential and non-essential items. Determine if you want to make it a priority to save money or eliminate debt.
3. Conduct monthly financial meetings. Like you would as an employee, having monthly meetings with family members makes sense, especially regarding finances. If you have children, consider including them in these meetings. Share financial priorities and spending plans.
4. Plan for the unexpected. No matter how detailed your spending plan is, things happen. Vehicles require unexpected maintenance, appliances need replacing, or medical emergencies occur. While the size of your emergency fund will vary depending on your lifestyle, monthly costs, income, and dependents, the rule of thumb is to put away at least three to six months' worth of expenses. Yes, that’s hefty; however, you can start with an emergency fund of at least $1,000 and then grow your emergency fund from there.
5. Increase your retirement savings. You might benefit from compounding interest over the next several years if you are years away from retirement. Consider increasing your contributions to accelerate your savings.

If you are overwhelmed, First Reliance Bank is here to help. We have bankers who will listen and offer guidance that may help you create or maintain your financial wellness goals. On our website is a list of helpful calculators that can assist you with a wide range of topics. We also offer Better Banking programs that celebrate some people’s unique contributions to our communities. And should you be on the search for retirement planning, First Reliance can help if you’re looking to invest in stocks, mutual funds, annuities, self-directed Individual Retirement Accounts IRAs), insurance, etc.

At First Reliance Bank, where “Banking As Unique As You Are,” is always top of mind, we are here to help guide your banking decisions. Do us a favor and tell your friends about us so we can help them be as smart about their money as you are.