If your finances could use some extra TLC, it may be time for a glow-up. A little self-care will go a long way to help you achieve your short- and long-term goals. Follow our tips for a financial glow-up:
Review Money Habits
Start by reviewing your monthly spending habits. After your fixed expenses, what areas of your monthly budget can you cut back on? Can you eat out less often, spend less on clothing, or limit entertainment costs? Take note of any areas of overspending.
Set New Goals
After reviewing your monthly spending habits and identifying categories to cut back, it’s time to set realistic goals – both short term and long term. Short term goals can be weekly spending limits on eating out or entertainment. For example, “I want to spend no more than $100 on restaurant meals each week.” Long term goals might last over the course of several years. For example, “In three years, I want to save $10,000 for a down payment on a home.”
Optimize Your Savings
Now it’s time to start saving. Wherever you’ve identified areas you can cut back, consider putting that money into a savings account. With True Blue Online® banking, you can automate your savings to make this process even easier. Simply set up recurring transfers from your Checking Account to a Savings Account. For example, schedule a recurring transfer of $100 to your savings account each month on the date of your choosing.
Earn Interest
Make sure you’re getting the most out of your money once it’s found its way to a savings account. One of the safest and most reliable ways to grow your money is with an interest-earning savings account. Our High Yield Savings account and Certificate of Deposit are two great options. Both accounts help you earn interest and grow your money to its fullest potential.
Cut Down on Debt
Make a plan to pay off any debt weighing you down. First, focus on paying off high interest debts, like credit cards. You may also want to consider a debt consolidation loan to simplify your payments. Instead of managing multiple bills with different due dates, a debt consolidation loan combines your debt into a single, fixed monthly payment.
Review Your Subscriptions
Americans spend an average of $17 a month on unused subscription services, which adds up to $204 dollars a year. Make sure you’re not one of them! Take the time to go through your account statements and create a list of all your subscriptions. If you don’t use it, cancel it!
Protect Your Progress
Don’t let your hard work go to waste! Take precautions to protect yourself from fraud. It’s important to keep your contact information up to date, ensure your passwords are strong and never give out sensitive information over the phone or via email or text. Review our current fraud protection tactics to stay updated on tips and scam alerts.
Achieving financial success is an ongoing journey, but with these steps, you can start building a solid foundation for your future. Start your financial glow up today, and you’ll be well on your way to reaching your goals!
