Become a Magnificent Money Manager in 2014
There are those among us that just aren’t good at managing money. You know who you are. If the thought of creating a budget or simply thinking about where your money is going makes you feel queasy, than it’s time to shape up for the new year.
If you blindly pay bills, swipe your debit or credit cards or don’t review your finances at least once a week, you’re most likely throwing money away. With a little help from Lincoln Savings Bank
, you can go from money managing dud to first-rate financial star in the upcoming year. Here’s what it will take:
Create a budget- budgets don’t have to be hard. Write down your expenses and compare that to your income. If you’re spending more than taking in, it’s time to eliminate some costs. If you need help with tracking your money, Lincoln Savings Bank offers Budget Plus, a free Personal Financial Management (PFM) tool available within our online banking program.
Give yourself credit- request your credit scores (you get one free look per year). Then, start eliminating any credit cards you don’t use and some that you do and commit to never missing a payment.
Examine your bills- look at your next utility bill closely. Do you need every service you’re paying for? Can you cut down the costs somehow? Are you being charged unknown fees? Alright, now repeat the same process for every bill you get to make sure you’re not getting nickel and dimed.
Learn to delay instant gratification- we live in the time of “now,” but that often has large financial consequences. Before every purchase, ask yourself “Do I really need this?” More often than not, the answer is no.
Pay yourself first and set savings goals- your first payment after receiving a paycheck should be into your savings account to help yourself achieve a future financial goal.
Stop comparing yourself to others- keeping up is a cornerstone to wasting money. You have your own life with your own goals; forget about what others are doing.
These tips will help you waste less money, make smarter decisions and live more within your means. Lincoln Savings Bank
is available to help you with your financial management if you need it. Just call or come by your nearest LSB office and we’ll be glad to help!
Lincoln Savings Bank, Member FDIC