No matter your age or stage in life, it pays to know the facts about personal finances. You can set yourself up for success and build a healthy financial future when you understand the basics.
Here are three facts to know about personal savings and finances to get on the right track:
Fact #1 – Good Financial Habits Pay Off
Make it a habit to set aside money each month to meet short- and long-term goals. The significant savings goal is purchasing a home and eventually retirement for many of us. But people also save to build up an emergency fund or other personal savings, buy a new vehicle, pay for education, and more.
Making regular deposits, no matter how small, will add up over time—opening the best savings account online can help with that.
Besides setting aside money and ensuring your funds earn a competitive interest rate, the second most important habit is to control spending. By budgeting wisely, you not only set aside more money for potential savings, but you also develop spending habits that serve you in the long term.
Fact #2 – There’s a Smart Way to Manage Debt
It’s helpful to understand the facts of managing debt wisely. For example, making only the minimum payment each month on a credit card extends how long it takes to wipe out your debt and adds to the amount of interest you pay. Minimum monthly payments can be a short-term approach to dealing with financial challenges — because you’re keeping up on bills — however, making more than the minimum payment each month helps avoid digging yourself into a financial hole.
Suppose you’ve hit the maximum balance on credit cards, or run into issues keeping up with other debt. In that case, it’s time to look at where your money is going and make a plan to change any habits that are not beneficial to your financial health, so you can start putting it towards your personal checking and personal savings accounts instead.
Everyone deserves the opportunity to build a prosperous and abundant future for their family and community. Apply for a personal loan with Spring Bank so that an unforeseen emergency like a car repair or health expense doesn’t become a major disruption.
Fact #3 – You Don’t Have to Go it Alone
There are times in life when you might need to get a handle on high credit card balances, understand options when facing financial challenges, or figure out how to get a healthier credit score.
Working one-on-one with a certified counselor is an excellent first step. Not only will the counselor help you understand your financial health, but they’ll also help you to develop a customized plan for your unique situation.
The path is easier when you work with a trusted resource. An action plan that provides proven strategies can propel people toward financial health with confidence, whether you’re looking to open a new business checking account or small business account.
As one of the best banks in NY, we partner with trusted national non-profit GreenPath Financial Wellness to help you better understand your financial picture and what steps to take to improve financial wellness. As a Spring Bank customer, you have access to free, confidential financial counseling sessions today! Learn more here: https://spring.bank/greenpath/
