Edit ModuleShow Tags
Edit ModuleShow Tags

Refresh Your Finances



January 1 marks the beginning of a new year, but for many, it also symbolizes changes we commit to making in our lives. A new year is the perfect time to implement a positive change, and it’s the perfect time to evaluate your finances.

Obtaining the peace of mind financial stability brings begins with knowing exactly where you stand. Your financial resources affect not only your ability to achieve your goals, but also your ability to protect these goals from potential crises. The steps are simple – just maintain the resolve.

Step 1: Determine the value of you.

You can’t implement any financial plan until you know your net worth. Your net worth is simply the total of your assets (what you own) minus your liabilities (what you owe). Assets include personal possessions, vehicles, homes, checking and savings accounts and the cash value of any life insurance policies you may have. Include the current value of your investments, such as stocks, real estate, certificates of deposit, retirement accounts and IRAs, and the current value of any pensions.
Liabilities include the remaining mortgage on your home, credit card or student loan debt, taxes due on investments or any other outstanding bills. Subtract your liabilities from your assets. The goal is to create positive net worth, which is part of what you will draw on to achieve your financial goals.

Step 2: Reassess your situation.

Your monthly family budget begins with your net pay, from which you then deduct all your fixed monthly costs like mortgage/rent, utilities, car and car insurance payments and estimated costs such as gasoline, groceries and clothing. From here you can build or reassess your budget. Net income often changes from year to year even if your gross wages remain the same. Benefits and other payroll deductions may fluctuate, so it’s important to review your budget accordingly.

Step 3: Lose the debt weight.

The most significant way to improve your financial health is to create a plan for paying off any debt sources… and stick to it. Include debt payments in your monthly budget. Paying off the least expensive bills first will quickly reduce the number of entities to which money is owed and give the feeling of progress, making it easier to stay on track.

Step 4: Make a stash.

Once debt has been paid off, families should save the equivalent of at least three months’ salary to plan for emergencies (health care-related costs, loss of a job, etc.). Keep the money in an interest-bearing savings account.

Step 5: Plan ahead.

If you need to build credit or re-establish credit, many financial institutions offer credit-builder loans that will help you establish good borrowing histories. Consider meeting with a financial advisor to create a roadmap of your financial future that leads you to your goal. Bonus: your advisor can help you implement a system to make tax filing easier as well.
Every Step of the Way: Go digital.

If you haven’t already, make sure you are signed up for mobile and online banking. Set up auto-pay to avoid late fees on bills, and download smartphone apps to keep real-time track of your finances.

Suzanne Symcox is executive vice president of First Fidelity Bank, N.A., a locally owned full-service community bank established in 1920.

Edit ModuleShow Tags

Archive »You Might Like

What's Up in the 405

Our top 6 picks for fun stuff to do in and around OKC

OK’s Great Salt Mystery

Mocked as a fairy tale after the Louisiana Purchase, the Great Salt Plains does exist, and continues to maintain its silent air of otherworldly mystery.

Oklahoma Film’s Future Frontier

Advances in technology are allowing Oklahoma filmmakers to let their imaginations run wild and present the results in thrilling virtual reality.

Add your comment:
Edit ModuleShow Tags
Edit ModuleShow Tags
Edit ModuleShow Tags

Calendar

January 2019

Through March 2019, Oklahoma Contemporary is partnering with Madison Square Park Conservancy to bring Erwin Redl’s installation Whiteout to Campbell Art Park. Whiteout is comprised of...

Cost: Free

Where:
Campbell Art Park
NW 11th and Broadway
Oklahoma City, OK  73103
View map »


Sponsor: Oklahoma Contemporary
Telephone: 405.951.0000
Contact Name: Lori Brooks
Website »

More information

Visitors to Heard Natural Science Museum & Wildlife Sanctuary will be able to let their imaginations run wild as they travel back in time with life-size animatronic dinosaurs along a half-mile...

Where:
Heard Natural Science Museum & Wildlife Sanctuary
1 Nature Place
McKinney, TX  75069
View map »


Sponsor: Heard Natural Science Museum & Wildlife Sanctuary
Telephone: 972.562.5566
Contact Name: Stephanie Jennings
Website »

More information

Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
Website »

More information

Celebrate during MLK weekend with fun! From Saturday 1/19 through Monday 1/21, experience our Winter Fun Pass for just $19.95! This pass includes unlimited laser tag, bumper cars, frog hopper, kidz...

Cost: 19.95

Where:
Andy Alligator's Fun Park
3300 Market Place Dr
Norman, OK  73072
View map »


Sponsor: Andy Alligator's Fun Park
Telephone: 405.321.7275
Website »

More information

Show More...
Show Less...

Through March 2019, Oklahoma Contemporary is partnering with Madison Square Park Conservancy to bring Erwin Redl’s installation Whiteout to Campbell Art Park. Whiteout is comprised of...

Cost: Free

Where:
Campbell Art Park
NW 11th and Broadway
Oklahoma City, OK  73103
View map »


Sponsor: Oklahoma Contemporary
Telephone: 405.951.0000
Contact Name: Lori Brooks
Website »

More information

Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
Website »

More information

Celebrate during MLK weekend with fun! From Saturday 1/19 through Monday 1/21, experience our Winter Fun Pass for just $19.95! This pass includes unlimited laser tag, bumper cars, frog hopper, kidz...

Cost: 19.95

Where:
Andy Alligator's Fun Park
3300 Market Place Dr
Norman, OK  73072
View map »


Sponsor: Andy Alligator's Fun Park
Telephone: 405.321.7275
Website »

More information

Show More...
Show Less...

Through March 2019, Oklahoma Contemporary is partnering with Madison Square Park Conservancy to bring Erwin Redl’s installation Whiteout to Campbell Art Park. Whiteout is comprised of...

Cost: Free

Where:
Campbell Art Park
NW 11th and Broadway
Oklahoma City, OK  73103
View map »


Sponsor: Oklahoma Contemporary
Telephone: 405.951.0000
Contact Name: Lori Brooks
Website »

More information

Visitors to Heard Natural Science Museum & Wildlife Sanctuary will be able to let their imaginations run wild as they travel back in time with life-size animatronic dinosaurs along a half-mile...

Where:
Heard Natural Science Museum & Wildlife Sanctuary
1 Nature Place
McKinney, TX  75069
View map »


Sponsor: Heard Natural Science Museum & Wildlife Sanctuary
Telephone: 972.562.5566
Contact Name: Stephanie Jennings
Website »

More information

Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
Website »

More information

Show More...
Show Less...

Through March 2019, Oklahoma Contemporary is partnering with Madison Square Park Conservancy to bring Erwin Redl’s installation Whiteout to Campbell Art Park. Whiteout is comprised of...

Cost: Free

Where:
Campbell Art Park
NW 11th and Broadway
Oklahoma City, OK  73103
View map »


Sponsor: Oklahoma Contemporary
Telephone: 405.951.0000
Contact Name: Lori Brooks
Website »

More information

Visitors to Heard Natural Science Museum & Wildlife Sanctuary will be able to let their imaginations run wild as they travel back in time with life-size animatronic dinosaurs along a half-mile...

Where:
Heard Natural Science Museum & Wildlife Sanctuary
1 Nature Place
McKinney, TX  75069
View map »


Sponsor: Heard Natural Science Museum & Wildlife Sanctuary
Telephone: 972.562.5566
Contact Name: Stephanie Jennings
Website »

More information

Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
Website »

More information

Show More...
Show Less...

Through March 2019, Oklahoma Contemporary is partnering with Madison Square Park Conservancy to bring Erwin Redl’s installation Whiteout to Campbell Art Park. Whiteout is comprised of...

Cost: Free

Where:
Campbell Art Park
NW 11th and Broadway
Oklahoma City, OK  73103
View map »


Sponsor: Oklahoma Contemporary
Telephone: 405.951.0000
Contact Name: Lori Brooks
Website »

More information

Visitors to Heard Natural Science Museum & Wildlife Sanctuary will be able to let their imaginations run wild as they travel back in time with life-size animatronic dinosaurs along a half-mile...

Where:
Heard Natural Science Museum & Wildlife Sanctuary
1 Nature Place
McKinney, TX  75069
View map »


Sponsor: Heard Natural Science Museum & Wildlife Sanctuary
Telephone: 972.562.5566
Contact Name: Stephanie Jennings
Website »

More information

Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
Website »

More information

Show More...
Show Less...

Through March 2019, Oklahoma Contemporary is partnering with Madison Square Park Conservancy to bring Erwin Redl’s installation Whiteout to Campbell Art Park. Whiteout is comprised of...

Cost: Free

Where:
Campbell Art Park
NW 11th and Broadway
Oklahoma City, OK  73103
View map »


Sponsor: Oklahoma Contemporary
Telephone: 405.951.0000
Contact Name: Lori Brooks
Website »

More information

Visitors to Heard Natural Science Museum & Wildlife Sanctuary will be able to let their imaginations run wild as they travel back in time with life-size animatronic dinosaurs along a half-mile...

Where:
Heard Natural Science Museum & Wildlife Sanctuary
1 Nature Place
McKinney, TX  75069
View map »


Sponsor: Heard Natural Science Museum & Wildlife Sanctuary
Telephone: 972.562.5566
Contact Name: Stephanie Jennings
Website »

More information

Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
Website »

More information

Presented By Painted Sky Opera By Leonard Bernstein Sam and Dinah may appear to be the picture of 1950s suburban marital bliss in this jazz-influenced opera by the composer of West Side...

Where:
Civic Center Music Hall - City Space
201 N Walker
Oklahoma City, OK  73102
View map »


Sponsor: Painted Sky Opera
Website »

More information

Show More...
Show Less...

Through March 2019, Oklahoma Contemporary is partnering with Madison Square Park Conservancy to bring Erwin Redl’s installation Whiteout to Campbell Art Park. Whiteout is comprised of...

Cost: Free

Where:
Campbell Art Park
NW 11th and Broadway
Oklahoma City, OK  73103
View map »


Sponsor: Oklahoma Contemporary
Telephone: 405.951.0000
Contact Name: Lori Brooks
Website »

More information

Visitors to Heard Natural Science Museum & Wildlife Sanctuary will be able to let their imaginations run wild as they travel back in time with life-size animatronic dinosaurs along a half-mile...

Where:
Heard Natural Science Museum & Wildlife Sanctuary
1 Nature Place
McKinney, TX  75069
View map »


Sponsor: Heard Natural Science Museum & Wildlife Sanctuary
Telephone: 972.562.5566
Contact Name: Stephanie Jennings
Website »

More information

Men and women from across the American West played critical roles - both “over there” and on the home front - in helping the Allies win World War I. The National Cowboy & Western...

Cost: $12.50

Where:
National Cowboy & Western Heritage Museum
1700 Northeast 63rd Street
Oklahoma City, OK  73111
View map »


Telephone: 405.478.2250
Contact Name: Jenni
Website »

More information

America’s largest interactive comedy murder mystery dinner show is now playing at the Skirvin Hilton Hotel. At The Dinner Detective, you’ll tackle a challenging crime while you...

Cost: $59.95

Where:
The Skirvin Hilton
1 Park Ave
Oklahoma City, OK  73102
View map »


Sponsor: The Dinner Detective
Telephone: 866.496.0535
Website »

More information

The 8th annual “A Perfect Finish” will feature a night of wine & beer tasting, an auction, food and fun benefiting the OKC RIVERSPORT Junior Crew.  The proceeds from this...

Cost: $75

Where:
McClendon Whitewater Center
800 Riversport Drive
Oklahoma City, OK  73129
View map »


Sponsor: RIVERSPORT OKC
Telephone: 405.552.4040
Contact Name: Luke Reynolds
Website »

More information

Presented By OKC Philharmonic Alexander Mickelthwate, conductor Yolanda Kondonassis, harp Bernstein - On the Town: Three Dance Episodes Brian Eno - An Ending (Ascent) Higdon - Concerto for...

Where:
Civic Center Music Hall-Thelma Gaylord Theater
201 N Walker
Oklahoma City, OK  73102
View map »


Sponsor: OKC Phil
Telephone: 405.842.5387
Website »

More information

Presented By Painted Sky Opera By Leonard Bernstein Sam and Dinah may appear to be the picture of 1950s suburban marital bliss in this jazz-influenced opera by the composer of West Side...

Where:
Civic Center Music Hall - City Space
201 N Walker
Oklahoma City, OK  73102
View map »


Sponsor: Painted Sky Opera
Website »

More information

Show More...
Show Less...
Edit ModuleShow Tags
Edit Module Edit ModuleShow Tags