Benjamin Franklin looking at a calculator

January is Financial Awareness Month

January is Financial Awareness Month – an excellent time for anyone managing their finances to take stock of their finances. The new year brings fresh opportunities to get your financial house in order. Now is as good a time as ever to properly assess your current financial situation, set goals for the upcoming year, and make sure you have the plan to achieve them.

Pay off debt

Paying off debt can be an effective way to improve finances and reduce financial burdens. For those with outstanding debt, a few methods can be used. Debt consolidation is one popular tool utilized to help pay down debt efficiently.

With this option, the individual will take out a loan to pay off all small debts to get access to lower interest rates and have one larger payment instead of many small ones. It’s important to remember that the loans still need to be paid back, but it helps provide more manageable finances and freedom from multiple monthly payments. Paying off debt is not easy, but it can go a long way toward minimizing stress-related finances.

Take advantage of technology

Technology can provide immense opportunities to understand better and manage finances. By keeping track of spending and budgeting apps, getting stock analytics information, and using online banking, you can quickly analyze your finances with real-time data points.

It’s also convenient to receive notifications when accounts have low balances, or suspicious activity is detected on an account. With this data available at the click of a button, one can quickly get full transparency into their finances and make intelligent decisions to save more money in the long run.

Cancel unneeded subscriptions

It’s the age of subscriptions for almost anything you can find: food, entertainment, clothes; you name it. If you have subscription services like Netflix, Hulu, or Amazon Prime that you no longer use, it might be time to cancel them, especially if you don’t use them often.

Doing so can free up more monthly money for other personal expenses. Taking inventory of the subscription services available in your life and cutting out those that are not necessary can help you save finances and gain better financial control.

Need help managing your finances?

Contact 1st Advantage Bank today!