Beneficial Money Habits To Start Right Now
August 14, 2021 is Financial Awareness Day. Making sound financial decisions is important part of our lives and allows us to live comfortably and within our means. By starting beneficial money habits now, you can help your money grow.
Get On A Budget
If you haven’t already, get on a budget and track your expenses to understand where your money is coming from and where it is going. This will help you manage your money, pay your bills on time, manage wealth, and prevent overspending.
Build An Emergency Fund
An emergency fund is an essential part of healthy finances. You never know when an emergency will happen, like a medical event or a broken-down car, so having the funds available is one of the best moves you can make. The goal is to have 3-6 months of funds available to help cover unexpected costs.
Regularly Review Bank Statements
Regularly reviewing your bank statements will help you keep an eye on your finances to quickly catch bank account fraud. That way, you can report it to your bank as soon as possible. Reviewing your bank statements is also a great way to see where your money goes.
Increase 401(k) Deductions
If you have a 401K, it may be beneficial to increase deductions as much as possible. This can help you build up your retirement fund quickly. Just be sure that by increasing deductions you are able to pay monthly expenses like bills.
Auto-Transfer Money Into Savings
Whenever you deposit a paycheck into your checking, you can set up a pre-determined amount of that paycheck to automatically transfer into your savings. That way, you can “pay yourself first” and build up your savings account.
At 1st Advantage Bank, we care about you and your financial health. We offer a wide range of personal banking services designed to help you save worry-free. Contact us today to get started on your journey to financial security.