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Random Financial Tips

  • To get a better picture of how you spend money, sort your expenses into categories. For example: mortgage/rent, utilities, food, clothing, entertainment, etc. Knowing where you spend is the first step to saving more.
  • Automatic transfers, payroll deduction, bill pay, and alerts allow you to manage your money easier. These automated services can help you stay on top of your finances no matter where you are or what you’re doing.
  • Stop and notice what triggers you to spend money frivolously. For instance, many people spend more when they are stressed or bored. Identify your triggers and create a plan to change these habits in the future.
  • Teach your teen to save for retirement with their first job. Set up payroll deductions for $5 or $10 per paycheck to transfer into savings. The goal isn’t the amount, but to help your teen build the habit of saving early.
  • Where will you be in 5 years? Set personal & financial goals of where you would like to see yourself in 5 years. Then create a plan by working backward. The next 5 years will happen regardless – why not make them special?
  • Trying to boost your savings? Always keep your savings and checking separate. If your savings or emergency fund are in your checking account, you’re more likely to spend these funds accidentally or frivolously.
  • Saving for a specific goal? Open a separate savings account dedicated to this purpose. Doing so will allow you to monitor your progress easier and prevent you from accidentally spending these funds.
  • Try using cash for certain expenses. For example, if you purchase lunch weekly, allot yourself $40. Once it’s gone, it’s gone. Watching your money decrease will help you pay closer attention to your spending habits.
  • Summer is a great time to start saving for the holidays. Open a holiday account today and make regular deposits throughout the year. Once the holidays roll around, you can avoid relying on credit cards for gifts & travel.
  • When seeking a new job, look beyond the salary. Many employers offer benefit packages that add tremendous value, including health and life insurance, matching retirement contributions, and education reimbursement.
  • Keep your emergency fund strictly for emergencies. One of the best ways to avoid spending this money frivolously is to open a separate savings account with limited access (no ATM card).
  • Many digital wallet and person-to-person payment apps are beginning to charge for certain services. While these forms of payment are convenient, their costs could quickly add up.
  • Should you save your money or invest it? Focus on building an emergency fund equal to 3 to 6 months of living expenses in a savings account before moving into risk-based investments.
  • Make the switch to eStatements and help the environment! Not only are eStatements eco-friendly, but they’re more secure than paper statements. Plus, you can access past statements instantly through Online & Mobile Banking.
  • Many school districts are now offering pre-packaged school supplies you can order ahead of the school year. These are a great option as they save time and typically cost less than purchasing items individually.
  • Buying new devices for the coming school year? Personal loans are a great option when buying computers, tablets, and phones. With set repayment terms and lower rates, you can save money and pay the debt off quicker.
  • Keep your oldest credit card active to boost your credit score. Even if you only use the card once a month for small purchases, your older credit cards will improve the average age of your credit and increase your score. Most credit card providers will close your account if your card is inactive for 12 months.
  • When people think of financial advisors, retirement planning comes to mind. But financial advisors help you plan for all life’s milestones, including getting married, starting a family, and buying a home.