Getting Your Finances in Shape
It's almost 2022, and you're setting resolutions for the new year. If you're like most Americans, you're feeling the financial strain from the holiday season. Gabriel Castillo, Senior VP of Marketing for IBC Bank suggests making a resolution for financial health in 2022 and provides the below tips to get a head start:
- Don't let holiday spending on credit cards rack up interest. Pay off as much as you possibly can in January. After all, what's the point of shopping the sales if you end up paying full price after interest on your credit card?
- Start a savings account that is earmarked specifically for holiday spending. Based on the National Retail Federation's annual consumer survey, the average American family spends about $997 a year on holiday spending. Plan ahead in 2022 by putting $75-$100 per month in a savings account so that financial stress during the holidays can be a thing of the past.
- Did you receive a bonus at work or cash from family over the holidays? Rather than spend those funds on impulse purchases, use it to pay off any debt that you've accrued over the holiday season. Impulse buying provides a fleeting joy, while financial security affects your mental health every day. Start your 2022 off strong by prioritizing what really matters long term.
- Consider a home equity loan to pay off your credit card debt. If you're a homeowner and you've accumulated a lot of credit card debt, a home equity loan might be a good option. A home equity loan allows you to borrow against the equity you've built in your home. Rolling your credit card debt into a home equity loan will allow you to pay off your debt at a much lower interest rate. (Equal Housing Lender)
Follow us on Facebook and Instagram to learn more about financial best practices and other resources offered by IBC Bank. For information on opening a savings account, speaking with a financial consultant and our other products and services, visit www.ibc.com.
About IBC Bank
IBC Bank and Commerce Bank are divisions of International Bancshares Corporation (NASDAQ: IBOC), a $15.3 billion multi-bank financial holding company headquartered in Laredo, Texas, with 186 facilities and 281 ATMs serving 87 communities in Texas and Oklahoma. IBC Bank's slogan "We Do More" reflects the bank's dedication to the growth and success of the customers and the communities it has been serving since 1966. IBC Bank recently made the Forbes list of top eight banks in Texas and was among the World's Best Banks 2021 list. MEMBER FDIC / INTERNATIONAL BANCSHARES CORPORATION. Follow our Facebook and Instagram page, @IBCBankWeDoMore. More information is available at ibc.com.