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5 Things to Have a Successful New Year

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5 Things to Have a Successful New Year

Want to kick off the New Year with a bang? Theres no better way to help yourself succeed in 2017, than by mastering your money management! Bank of Louisiana offers these trusted tips to help you come January:



Set-up an Emergency Fund. Before you start any type of a savings plan, ensure its protected with an emergency fund. This ensures that if an unexpected expense arrives, you have the money to cover it without having to dip into your hard earned savings. Experts typically recommend starting with $1,000, and then growing it to contain enough for three to six months of your salary.


Pay Off Your Credit Cards. Dont forfeit an extra 20 percent of interest on your credit card debt.  Instead, work to pay them off in the coming year. By snowballing your credit card payments, and paying off the one with the smallest balance, you can work to eliminate this high interest debt by the end of the year. Get started by using our convenient calculator to help you determine your current payments schedule.


Switch to a Community Bank. Unlike the big banks of Wall Street, community banks like Bank of Louisiana offer not only customer service, but a professional relationship with our valued customers. When you succeed we succeed. By offering financial advice and services, we can help you and your business achieve your next financial goal.


Maximize Your 401(k). Many corporations offer a 401(k) as a company benefit, in addition to matching a percentage of your contributions. If you contribute six percent of your annual salary, your company may be willing to match up to three percent.  To take full advantage of these opportunities, be sure to speak with your human resources specialist.


File Your Taxes Early. After the end of the year you should have all your tax documents from each employer. With this information you and your tax professional can determine how much your refund may be. They can also advise you on potential changes you may need to make in your deductions in the coming year. By taking care of this ahead of time, you can help to avoid tax scams, in addition to receiving your refund earlier in the year. The funds from your refund can be used for a variety of uses, but we recommend putting them to work in an IRA or other retirement plan.



By using these five steps, your money management will soar in the New Year. For more financial assistance, be sure to stop by one of our two locations. Wed love to help you achieve your next financial dream!



Bank of Louisiana

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