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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.

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Calendar

September 2018

Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

More information

Show More...
Show Less...

Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

More information

Show More...
Show Less...

Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

More information

Show More...
Show Less...

Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

More information

Show More...
Show Less...

Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

More information

Organizations making a positive impact on the health of Oklahomans will be honored at the 2018 Champions of Health Gala. All proceeds benefit the Oklahoma Caring Foundation, a non-profit...

Cost: TBD

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


Sponsor: Blue Cross and Blue Shield of Oklahoma
Telephone: 918.551.2164
Contact Name: Ellen Devereux

More information

Show More...
Show Less...

Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

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 viewing deck and listen...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
View map »


Telephone: 405.702.7755
Contact Name: Business Office
Website »

More information

The evening Cocktail Cruise offers stunning views of the downtown skyline, the Boathouse District and Finish Line Tower, the Wheeler Ferris wheel and quite possibly an amazing Oklahoma sunset. Come...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
View map »


Telephone: 405.702.7755
Contact Name: Business Office
Website »

More information

Show More...
Show Less...

Take Steps is the Foundation’s largest nationwide fundraising event where patients, loved ones, friends and supporters empower and inspire each other to continue the fight against...

Cost: Free

Where:
Stars and Stripes Park
3701 S Lake Hefner Dr
Oklahoma City, OK  73116
View map »


Sponsor: Crohn's & Colitis Foundation
Telephone: 972.386.0607
Contact Name: Jackie Peterson
Website »

More information

Price Tower Art Gallery in Bartlesville will host Women Artists of the West's 48th annual juried art exhibition, featuring over 200 original art works, created by women in all mediums, subjects...

Cost: Free 2018-09-21,22,23

Where:
Price Tower Art Gallery
510 S. Dewey Ave.
Bartlesville, OK  74003
View map »


Sponsor: Price Tower Arts Center
Telephone: 918.336.4949
Contact Name: Angelina Bourgou
Website »

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 viewing deck and listen...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
View map »


Telephone: 405.702.7755
Contact Name: Business Office
Website »

More information

The evening Cocktail Cruise offers stunning views of the downtown skyline, the Boathouse District and Finish Line Tower, the Wheeler Ferris wheel and quite possibly an amazing Oklahoma sunset. Come...

Cost: $15 for Seniors and kids under 12, $20 Adults

Where:
Regatta Landing
701 S. Lincoln Blvd.
OKC, OK  73109
View map »


Telephone: 405.702.7755
Contact Name: Business Office
Website »

More information

Show More...
Show Less...
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