As the new year approaches, many are creating a list of resolutions. For those of us looking to grow our savings in the next 12 months, Pennsylvania Secretary of Banking and Securities Robin L. Wiessmann is offering resolutions to help.
“Financial capability is essential for Pennsylvanians to secure their financial futures and make well-informed decisions about their money,” says Secretary Wiessmann. “These resolutions offer straightforward, practical ways to approach saving, investing, and guarding one’s finances as steps to establishing a solid financial foundation heading into the New Year.”
Take time to change or reset all your passwords. Changing your passwords will help prevent hackers from accessing your accounts to steal your financial and personal information.
Pay cash for your big expenses this year, such as vacation or Christmas shopping. Avoid taking on debt from big purchases. Banks and credit unions can offer a safe place to deposit your money for these short-term goals, and some even offer special savings accounts, such as Holiday or Vacation Club accounts.
Start saving for your future. No matter how much or how little, getting started now ensures that time is on your side through the power of compounding interest.
Pull each of your credit reports this year. You are entitled to a free credit report from each of the three nationwide credit reporting companies – Experian, Equifax, and TransUnion – each year. Rather than checking them all at the same time, you can instead check one every four months to monitor your credit throughout the year.
Create a realistic spending plan. Department of Banking and Securities staff travel across Pennsylvania to present a variety of programs – including “Spending Plans” – at community groups.
Learn to protect yourself from financial fraud and scams. Scams and schemes may take different forms, but the underlying method usually preys on your emotions, circumstances, or your lack of knowledge. Take time to become well-informed about prevalent scams designed to rob you.
Learn more about how the Equifax breach, or any data breach, could affect you. The Equifax data breach will affect people for months and even years. You can take steps to control your personal data.
Check on the senior citizens in your life and report any signs of elder financial abuse. This type of abuse often goes unreported. Our neighbors, friends, and family members are all susceptible to this crime and deserve our assistance.
Protect yourself from ID theft. While technology has made some tasks easier, it has also made it easier for scammers to steal your personal information and financial security.