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

A Texas Trifecta

Quick getaways don’t get much more stellar than the DFW satellite cities of Irving, Plano and Grapevine – plan a trip down I-35 and prepare for enjoyment.

Speaker Box: May’s Show Saturation

Exceptional May concerts coming to the Jones Assembly and Tower Theatre; Ariana Grande lights up the Chesapeake Arena.

Magic Carpet Ride

If redecorating is on your mind this spring, find a dose of design magic in these carpets and rugs from local retailers.

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

Calendar

May 2019

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Start your Sunday morning by perfecting your practice during our outdoor yoga class. Enjoy the beauty of yoga outdoors in the glow of the Ferris Wheel lights! This class welcomes all levels, from...

Cost: Free

Where:
Wheeler Ferris Wheel
1701 S. Western Ave.
Oklahoma City, OK  73109
View map »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

MILLER IN MAY HOME TOUR HIGHLIGHTS CHARACTER AND CHARM The 20th anniversary of Miller's beloved home tour Miller Neighborhood's most popular event is back for 2019… and...

Cost: $10 - $30

Where:
Miller Neighborhood
NW 10th to NW 16th, N Villa to N May
Oklahoma City, OK  73107
View map »


Sponsor: Miller Neighborhood Association
Telephone: 405.642.5982
Contact Name: Elizabeth Beard

More information

Escape the ordinary, and learn about OKC from a different point of view. Relax in the climate controlled cabin on one of our 65’ cruisers, or enjoy the breeze on the...

Cost: Adult: $20 Seniors and Children: $15

Where:
Regatta Park Landing
701 S. Lincoln Blvd
Oklahoma City, OK  73119
View map »


Sponsor: Oklahoma River Cruises
Telephone: 405-702-7755
Contact Name: Che Loessberg
Website »

More information

OKC's premier chamber orchestra, the Oklahoma Virtuosi, presents their season finale concert.  Concert will include: St. Paul's Suite Op.29 No.2 by Gustav Holst,...

Cost: Free

Where:
21C Hotel
900 W. Main St.
Oklahoma City, OK  73106
View map »


Website »

More information

As the first anniversary of her sixth album Conversation With A Ghost approaches in June, Italian-born and Austin-based singer-songwriter Giulia Millanta possesses a...

Cost: $15-$20

Where:
The Blue Door
2805 N. McKinley Ave.
Oklahoma City, OK  73106
View map »


Sponsor: The Blue Door
Telephone: (405) 524-0738
Website »

More information

Show More...
Show Less...

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

Piedmont Airlines will be hosting a Information Session for ramp agent jobs at Embassy Suites in OKC. Please plan to spend up to 3 hours with us, as we will have you fill out applications, listen...

Cost: Free

Where:
Embassy Suites
1815 South Meridian Ave.
Oklahoma City, OK  73108
View map »


Sponsor: Piedmont Airlines
Telephone: 704-359-2477
Contact Name: Nick Calo
Website »

More information

Show More...
Show Less...

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Watch happy hour turn to golden hour while we fill the air with live music. For 5 consecutive Tuesday evenings, we invite OKC to come out after work to enjoy a variety of food, views,...

Cost: Free

Where:
Chisholm Creek
1316 W Memorial Rd
Oklahoma City, OK  73114
View map »


Sponsor: OkSessions.com
Contact Name: James
Website »

More information

Show More...
Show Less...

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

Show More...
Show Less...

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

Show More...
Show Less...

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

A nationally touring exhibit “Bison: Ancient. Massive. Wild.” will open May 24 at the Chisholm Trail Heritage Center in Duncan, OK. This exhibit explores the significance of...

Cost: $4 - $6

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Toni Hopper
Website »

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

Show More...
Show Less...

More than 90 visual artists will line the streets of the Historic Paseo Arts District, selling original artwork in a wide variety of media, from painting and photography to wood and jewelry, and...

Cost: Free

Where:
Paseo Arts District
3022 Paseo
Oklahoma City, OK  73103
View map »


Sponsor: Paseo Arts Association
Telephone: 405-525-2688
Contact Name: Paige Powell
Website »

More information

Enjoy all your favorite activities at the Orr Family Farm for a special price! Admission is only $8 per person on this day only.

Where:
Orr Family Farm
14400 S. Western Ave.
Oklahoma City, OK  73170
View map »


Telephone: 405.509.9312
Contact Name: Lauren Daughety

More information

"Sandy Magrath: Dogs of the Southwest" art exhibit will be open May 1 - June 30, 2019, at the Chisholm Trail Heritage Center in Duncan, OK. A meet the artist reception will be 3:30 -...

Cost: $6 adults

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Stacy Moore
Website »

More information

A nationally touring exhibit “Bison: Ancient. Massive. Wild.” will open May 24 at the Chisholm Trail Heritage Center in Duncan, OK. This exhibit explores the significance of...

Cost: $4 - $6

Where:
Chisholm Trail Heritage Center
1000 Chisholm Trail Parkway
Duncan, OK  73533
View map »


Sponsor: Chisholm Trail Heritage Center
Telephone: 580.252.6692
Contact Name: Toni Hopper
Website »

More information

James Bailey from Missoula, Montana, is ARTSPACE at Untitled's visiting Artist in Residence; his exhibition, Map-ify, is on view May 9th through July 6th.  "My work examines...

Cost: Free

Where:
ARTSPACE at Untitled
1 NE 3rd st
Oklahoma City, OK  73104
View map »


Telephone: 405.815.9995
Website »

More information

Save $5 on a Dual Park Pass this Memorial Day Weekend! Get a full day of fun at Andy Alligator’s Fun Park and Water Park for only $29.99. A Dual Park Pass includes Unlimited Rides &...

Cost: Save $5 on a Dual Park Pass!

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

More information

Escape the ordinary, and learn about OKC from a different point of view. Relax in the climate controlled cabin on one of our 65’ cruisers, or enjoy the breeze on the...

Cost: Adult: $20 Seniors and Children: $15

Where:
Regatta Park Landing
701 S. Lincoln Blvd
Oklahoma City, OK  73119
View map »


Sponsor: Oklahoma River Cruises
Telephone: 405-702-7755
Contact Name: Che Loessberg
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

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