November 01, 2012
2012 goal check-upAt the beginning of the year, Covenant Trust Company asked people to set challenging financial goals for themselves. With 2013 just around the corner, now is a good time to reflect on the progress you’ve made so far and look into ways to finish the year strong.
Are you on track to meet your savings goals? If not, don’t worry. At the very least, your efforts have likely produced healthy financial habits that you can carry through 2013 and beyond.
Of course, there’s still time to save more money for 2012. Have you considered setting up automatic savings? You can have your bank automatically transfer money from a checking account to a savings account every month. If you have direct deposit, your employer might be able to deposit a portion of your check directly into savings. If the money isn’t in your checking account, you’re less likely to spend it!
Financial freedom during your retirement years won’t happen overnight; it’s a goal to work towards every year. How are you doing so far in 2012? If your expenses have kept you from investing as much as you had originally planned, that’s ok; it’s important to take care of your present needs. But if you do have some extra income, try refocusing your retirement efforts for the rest of the year. If your employer matches 401(k) contributions, contribute as much as possible – it’s free money so take advantage of it! Do you have an IRA? Try maxing out your contributions.
If you don’t have a retirement fund yet, there’s no time like the present to start one! Our Financial Services Representatives can help you set up an IRA and start a retirement plan best suited for you.
If you had charitable goals for 2012, but need some creative ways to fit giving into your budget, we have several charitable options to help you make a donation to any Covenant ministry. We can facilitate a donation through a Charitable Gift Annuity (generating a lifetime stream of income for you in the process!) or set assets aside in a Will or Trust for distribution to your favorite ministries.
For more information on these or other services, call one of our FSRs or send us an email. We know you have goals, and we’d like to help you reach them.