Personal finance is not one-size-fits-all—it’s to each their own. Your circumstances influence your decisions to suit your needs. Here are 7 quick money management tips to improve your financial health.
Money Management Tips: The Balancing Act
Check the balance on all of your accounts. That way you know how much money you have across your accounts and you will avoid accidentally overspending.
- Nobody likes an overdraft charge! Want to avoid it? Then check your balances every once in a while.
- Here’s another bonus, checking your transactions can help you catch and report unfamiliar transactions.
- It takes less than a few minutes to log into your account check your balance. Doing that will also help you drum up new financial goals for the rest of the year.
Give Yourself Some Credit
A healthy credit score is important for any lending decision.
Your credit scores are what influence mortgage approvals on a home or helping you negotiate better credit terms! Truth be told, credit scores can be kind of daunting! They are more like a financial report card that that sticks around for life. That’s what lenders use to understand whether or not you’re likely to pay back new debts.
Moreover, it helps you differentiate between healthy and unhealthy financial habits.
Open a High-Yield Savings Account
Want to grow your money a little quicker?
If your current bank is offering you low returns on your savings, make the switch. Go to banks that’s offer high-yield savings accounts, which can earn you more interest back on your money.
Beem is an innovative financial platform that allows users to manage and grow their money by showcasing the best High-Yield Savings account. Beem streamlines the savings and investment process by offering competitive APYs and user-friendly features.
Ask For a 401(k) Match
A 401(k) is a game-changing retirement tool—that is if your employer offers one. Finding an employer to match your 401(k) contribution is a great way to get a little extra money for retirement.
Ensure to double-check with your HR department to see if the company offers a match. And if they do, pay attention to the matching terms of your company:
Open a Roth IRA
A Roth IRA is an individual retirement account that you can open for yourself without the need for an employer contribution. This is a great retirement option if you’re self-employed or if your company doesn’t offer a 401k. A Roth IRA can be opened as an addition to your 401k. It will help supercharge retirement savings. Want to learn more about IRA, you can here!
Check and Then Buy
Been there, done that? But how many times before you learn a lesson? Here’s another scenario though, have you bought something you already own just because you didn’t find it among your possessions? Then, of course, you find it with little to no effort later.
Best to sweep through your home to see if you can locate the item before you purchase a new one. You’d be surprised! Because you won’t have to spend money on a replacement!
Create a Simple Budget
Comb through your expenses every month or week to find areas where you may be able to cut back.
Finding ways to cut back on expenses allows you to free up some money that can be used toward other things. You could save for your retirement fund, a savings account—or those swimming lessons or branded outfit you’ve been eyeing for months.
Whether you’re a fan of budgeting, you should still glance through your costs to see where you can spend more and where you can spend less.
