Money management is very important, in addition to that so is having credit. This week I’ll be giving important tips to keep more money in your pocket. After recently inquiring about my savings account my banker was nice enough to sit down educate me on lessons of finances. They say you should have enough saved to cover your expenses for three months. Rent,car, payments,etc. Let’s start with managing the money you already have.
With tax returns coming soon, put money aside & setup savings account. Check with your bank about the minimum deposit to initially get started. I know for me it was a minimum of $50. Most offer some type of round up option, where they round up to next dollar of your purchases and deposit that into your savings.($2.92 then 8 cents would go in) If your tempted to borrow easily there plenty of online savings apps. Don’t expect to earn a lot interest, those days of getting 5-7 percent are looong gone.
The first mistake I made when doing this was being over zealous putting away too much only to borrow from it in couple weeks, completely defeating the purpose. After reevaluating with trial and error I finally found the perfect amount, enough not to hurt my budget but significant to see results. Make a goal.
“We are the average, We are the majority”