Managing Your Money
Comment February 6, 2018 by Evan, eCommerce Specialist
Managing your money and priortizing where it goes is crucial for financial success. A key step to saving money for your future, emergencies, and eventual retirement is developing the ability to effectively manage your money. Here are three helpful tips to keep in mind while doing so.
- Set Goals
You should be setting short-term and long-term goals and use a personal finance manager like Triangle’s Money Management financial tracker tool, coming February 27th, inside online banking to keep track of your progress. Set long-term goals such as savings, retirement, and debt management so you can determine how much of your money you can put towards these goals each month. Doing so will help you identify if that goal is unrealistic, or if you should raise the goal amount in order to achieve saving faster.
- Pay Down Debt – Quickly
The longer you have debt in your name the longer it’ll take to work towards your other financial goals. If you have debt from student loans or credit cards, work your hardest to pay those balances off as soon as possible. Decide whether to pay off your highest or highest interest rate credit card first, and then put any extra money towards that card each month. A Debt Consolidation Personal Loan from Triangle is one financial tool that can help with your debt management and enable you to climb the ladder towards a debt free life. This would eliminate multiple payments and is often a lower interest rate than a traditional credit card.
- Setup Alerts
Getting notifications to your phone or email when you use your credit card for purchases is another great way to track how much you are spending. Setting up these alerts within your banking platform, or Money Management can help you analyze your spending habits and narrow down which of your purchases are actually a necessity.