Build your own ‘pot of gold’ this St. Patrick’s Day

Pot of gold coins and clover on wooden table against green background, space for text. St. Patrick's Day celebration

You don’t necessarily need the luck of the Irish to improve your financial well-being. This St. Patrick’s Day is a good time to think about your personal “pot of gold.”

There are many steps you can take to improve your finances. While searching for four leaf clovers, also be on the lookout for deals that can help you cut costs. Many businesses offer seasonal discounts and sales. Taking advantage of a sale priced item can make a huge difference for your wallet.

Do you want a credit card that actually can reward you? Look no further than Ohio Valley Bank’s limited time 0% A.P.R. Visa Rewards Credit Card special. By opening this card through OVB, you can enjoy this introductory rate for the first 12 months after account opening. You can also earn rewards points to purchase various items, including hotel stays for the vacation you’ve been looking forward to. This limited time offer is only available until March 31. For more information, contact your local OVB branch or visit http://www.ovbc.com/rewardscard. Rates are subject to change.

Sometimes lifestyle adjustments are necessary to improving your financial circumstances. However, you don’t need to be friends with a leprechaun to apply the following financial tips to your life:

  • How much are you saving? You might already be saving some money, but is it enough? Building a good savings account is one of the best things you can do to prepare for unexpected expenses, such as home repairs or even job loss. By having money in a savings account you can avoid putting yourself into additional debt when it comes to covering costs. A good rule of thumb is to practice the 50/30/20 rule, which is a simple way to budget by setting aside 50% of your post-tax income on needs, such as rent or mortgage; 30% on wants such as clothing, going to the movies or dining out; and 20% on savings or paying off debt.
  • Budget wisely. Speaking of budgeting, it’s a good idea to have one in place. We commonly mention the importance of budgeting on this blog as it truly is one of the first steps to financial freedom. A budget can prevent you from overspending and increasing unwanted debt. To help keep you on track, check out OVB’s Benjamin Tracker, where you can set-up personalized spending goals.
  • Cut unnecessary expenses. After you create a budget you may notice you spend a lot more than originally thought. Do you pay for cable and find yourself rarely watching it in favor of streaming services? Why continue paying for a service you aren’t benefitting from? While green beer might be a special item to celebrate with on St. Patrick’s Day, alcohol can actually be a sizeable expense. According to the Bureau of Labor Statistics’ 2016 Consumer Expenditure Survey, American households spent an average of $484 annually on alcoholic beverages. Like dining out, alcohol is a costly, yet unnecessary expense. To save money consider limiting these types of purchases to either special occasions or to a once a month basis.
  • Go green. St. Patrick’s Day is not the only time to focus on the importance of the color green. By taking measures to “go green” in your life you can not only save money but help the environment as well. Easy ways to get started on a greener lifestyle can be anything from replacing your lights with more efficient LEDs to reducing your water output by turning off the sink while brushing your teeth and aiming for shorter showers. Going green can also reduce your household energy costs. Making sure that your thermostat is set at an appropriate temperature is a good way to save money as well. When you aren’t at home a good rule of thumb is to adjust your thermostat to a few degrees cooler during the winter and a few degrees higher in the summer. Make sure to change your filters used with your heating and cooling system regularly as well. Also, look into sealing any cracks or fix any leaking pipes you might have in your home. While sometimes very minor, these issues can rack up quite a bill in the long term. Another way to go green is to consider going paperless with your bank statements. Check out OVB’s eDelivery for more information.

We all could use a little extra luck especially after this past year, but sometimes we need to put in the work to make things happen. While you may not find a real pot of gold at the end of a rainbow, it’s never impossible to improve your financial health.

From all of us at OVB, Happy St. Patrick’s Day!

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