Financial tips for the new year

OAK HILL, WV (WOAY) – With the start of a new year many people look to improve their financial situations.

There are many things you can do to improve your financial situation such as making a budget and sticking to it, paying down large interest rates on credit cards and loans, and checking your credit score to avoid any surprises. However, the most important thing to do is to have a savings account that you add money into each time you get paid. It is recommended that you put between five and ten percent of your paycheck in savings, but any consistent amount will be beneficial.

“That’s the biggest thing that we find is people do not have money saved when an emergency arises,” said Suntrust Bank Branch Manager Vivian Yack. “Fifty percent of people do not have two thousand dollars available if an emergency occurred today. By starting with a savings account you can prepare yourself for an emergency or car repairs or something unexpected.”

It is also recommended that you communicate with credit card and loan companies when money is tight to see if other payment options are available. If you have any questions about your finances be sure to talk with someone at your personal bank.