No matter your age, chances are your financial life could be simpler. Do you have three or four different

checking or savings accounts, multiple IRAs or 401(k)s or have trouble keeping track of bill payments? Many of us may answer a resounding “yes” to any or all of those, but it’s time to take back our time and eliminate everything standing in the way of our financial goals and passions in life.

Last week was National Simplify Your Life Week, so we decided to offer up these tips to help you simplify the financial side of your life.

• Focus on one goal at a time- regardless if you’re attacking your debt, saving for a down payment or building an emergency fund, commit to the one goal until it’s met.
• Consolidate accounts- this goes for checking, savings and retirement accounts. Fewer accounts = less time wasted managing them.
• Pay off your credit cards- especially if you have debt issues or carry high balances. Pay it off, shred your statements and say goodbye to paying interest on your balances. 
• Budget with pen and paper- if you can’t write out your budget, it’s too complex. Writing it out helps you understand where our money is going and can decrease wasteful spending.
• Experiment with money “hacks”- try out “no spending days” or create a 30-day list for must-have purchases. If you don’t need them after 30 days, you don’t need them.
• Think big picture- forget about monthly payments, how much will that new big screen cost in your lifetime? Thinking “total cost” will help prevent impulse spending.
• Package services- package your insurance needs, phone/data services, etc. with one company. This reduces confusion with payments and usually results in a discount. Also, make a list of what you need before you start shopping to eliminate unnecessary add-ons. (Tip: LSB offers multiple policy discounts on insurance, contact us to learn more!)

Another way to simplify your finances is to speak with a Lincoln Savings Bank financial planners and use our online Budget Plus tool to keep track of your expenses.

We’ll be back later this week with another blog post about simplifying your money troubles, so check back!

Ever get the feeling you’re falling behind the 8-ball when it comes to your financial life? Have you ever said the following phrase: “Wait, I should’ve been saving more/investing more/paying off my credit card SOONER”?

Financial planning should be a lifelong process, not something
you start once you're already behind.

Financial matters are a great source of stress for Americans of all ages, so we at Lincoln Savings Bank want to help. We offer you the Lifetime Financial Cheat Sheet! It offers a quick reference for some important financial milestones through various stages of your life.

Your 20s

• Get a source of income- get a good job and continue to improve your skills
• Build an emergency fund- it should  be 3-6 months of expenses stashed away in a savings or money market account
• Make a plan to repay your debt- it doesn’t have to be all at once, but shoot for having it paid off before your 30^th birthday
• Start a 401(k) or IRA- yes, you need to start saving for retirement. For example, putting $150 a month into an IRA that earns 8 percent starting at age 25, you’ll have over $500,000 by age 65. Waiting until you’re 30 will net you over $180,000 less.

Your 30s

• Increase your 401(k) contributions- by this point hopefully you’ve worked up the ladder a bit, so you have more money to save
• Save outside of work, too- maxing out your 401(k) contributions? Nice! Now look into opening an IRA outside of work to save more
• Invest- don’t put all your eggs in one basket; invest wisely by diversifying
• Be liquid- yes, you need a certain amount of investments, but by now you may have a family and kids. Accidents and emergencies happen, so you need readily available funds

Your 40s

• Continue to max out savings- make sure your taking maximum advantage of your 401(k) and outside IRA. If you have kids, this is the time you may have to begin thinking about their education or other expenses, so having enough saved up goes a long way
• Get some advice- talk to a financial planner or trusted investment manager about your investments. It may be wise to reduce the percentage of assets in stocks and put them into bonds

Your 50s

• Play catch up- catch up contributions for your 401(k) allow you to save $5,500 more once you turn 50; this could be more if you can get a company match too!
• Consolidate 401(k)s- one manageable IRA is easier to oversee then multiple 401(k)s with varying amounts of money in them
• Look into long-term care insurance- daily care in a nursing home can burn through retirement savings quickly, so it’s better to be prepared
• Think about Social Security- you can apply for Social Security benefits starting at 62, but your monthly check will be smaller for the rest of your life
• Reassess retirement costs- we all think we can live on less, but most people badly underestimate health costs and other expenses

The rest of your life- take advantage of being smart with money your whole life!

Everyone’s case is different, but these are great general topics to help get you thinking about retirement no matter your age. For help in planning out your financial life, Lincoln Savings Bank’s Personal Financial Advisors will help you make sense and take advantage of the things you need.

It’s funny the way life is sometimes. You can have everything figured out, a plan in place and be coasting when suddenly something changes. Maybe you meet someone, date for awhile and decide to get married. Perhaps you need a new house because your family is expecting an addition. Or maybe you or your child is getting to a certain age and you realize you need to start planning for the future.

Whatever your life brings, Lincoln Savings Bank can be there to work with you in figuring out the best path for your financial growth and success. The LSB Plus program allows us to look at your current financial state and help you find the best path to meet your goals. And now it’s even easier with the LSB Plus Online Portal that allows you to complete certain aspects of the process from the comfort of your own home.

LSB Plus uses phases of assessment, review, goal definition, contact and follow-up to ensure that you not only get started on the right path, but remain on it as time goes on.

We begin with an assessment of your current financial situation. Your LSB Plus Coordinator then takes the time to review any important financial documents. After the review, you work with the Coordinator to define your financial goals, which are taken into account by the Coordinator when they put you in contact with various financial experts at Lincoln Savings Bank.

And just as life tends to bring change, we are available for periodic reviews if your financial situation changes.

When it comes to your finances and future, going it alone is like trying to navigate a cluttered room in the dark: you may make it to your bed, but there will have been some painful experiences along the way, and you’ll be in worse shape than if you turned the lights on. Turn on the light by contacting your Lincoln Savings Bank branch today!

Financial planning is the key to happier fiscal future.

In today’s financial climate it can often be difficult to know what to do with your money, especially if you are looking to begin saving for retirement, college expenses for a child or other large expenses. Worry caused by money and finances can be a great stressor in life, so why not do yourself a favor and get rid of this unneeded stress by setting up a financial plan with a professional financial planner at LSB Financial? 

Not only will this help with your own angst and anxiety, but financial planning will also ensure you have the money set aside for future expenses and to live the life you want. Statistics from the 2012 Household Financial Planning Survey conducted by the Princeton Survey Research Associates for the Consumer Federation of America back this claim up.

For example, those surveyed who had a financial plan were more likely to say they live comfortably, are confident in managing finances (money, savings, investments) and have a much higher feeling of control over their finances than those without a plan. Survey participants with a financial plan were also more likely to say they did not feel behind on specific financial goals.

How great would it feel to be confident about your financial future? Financial planning can create solid financial habits and increase a feeling of assurance. About 46 percent of those with a financial plan regularly saved 10 percent of their income, as opposed to only 16 percent of non-planners that did the same.

The professionals at LSB Financial can help you start your journey toward a secure financial future. Imagine not having to worry about emergency expenses, being able to send your child to a great college or outliving your money 10, 15 or 20 years down the road. That dream begins with a solid financial plan, and LSB would love to help you create it.

*Important Notes: Securities and Financial Planning offered through LPL Financial, a Registered Investment Advisor. Member FINRA/SIPC. They are not a deposit, not FDIC insured, not covered by a bank guarantee, not insured by any federal government agency and may lose value. Insurance products offered through LPL Financial or its licensed affiliates. Lincoln Savings Bank and LSB Financial are not registered broker/dealers and are not affiliated with LPL Financial.