10 Tips for Living a Financially Fit Life By: Katie Hardeman

 

1.      Set up a Financial Calendar: birthdays, holidays, and trips are planned and shouldn’t be surprises or a reason to overspend if you’re planning and saving in advance.

2.      Take a Money Minute: Spend at least 1 minute per day checking your accounts to ensure you don’t have any unexpected charges or spend money you don’t have.

3.      Set Up Alerts on Online Banking: This way you are notified of transactions as they clear your account and even update you on your balances throughout the day.

4.      Set Up Your Expenses to Pay Automatically: Set payment reminders to avoid late fees if you are not comfortable with autopay, to help yourself keep a consistent budget

5.      Set Up Auto Draft for Your Savings: Once you complete your budget and identify how much you plan to save each pay period, have that amount direct deposited in a savings account so that you are making your savings a priority

6.      If Your Job Offers A 401k Plan, Take Advantage: Setting aside a small percentage of your paycheck each pay period builds your retirement fund over time and reduces your taxable income.

7.      Monitor Your Credit: Monitoring your credit is a great way to keep up with your credit and make sure your report is accurate each month. You can get a free full credit report from each bureau on www.annualcreditreport.com

8.       Pay Cash for Your Purchases: When you take a set amount of cash shopping with you, you’re less likely to overspend than using a debit card

9.      Write it Down: When starting a budget, always write it down and keep it updated. Apps and digital banking are great, but when starting out you are more likely to keep up with a budget if it is written.

10.  Keep Your Credit Card Usage Under 30%: If you use credit cards, make sure to keep the balance under 30%. Anything over begins to hurt your credit score.

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