If you’ve been wondering how to manage money effectively, you are not alone. Many Americans are looking to take control of their personal finances but don’t know where to start. Managing money effectively starts with a few simple steps. Keep reading to learn how to make the most of your personal finances.
The first step in learning how to manage money effectively is determining where you stand today. It may be helpful to calculate your net worth, which allows you to assess your total assets and debt.
Next, set a few financial goals. Write down your short-term and long-term financial objectives and list the concrete steps you’ll take to achieve them. Speaking with a financial planner is another great way to evaluate your financial strategy.
If you’d like to maximize your savings, track your spending habits. This exercise will allow you to identify areas where you can cut out unnecessary expenses. Using simple, free budget tools or smartphone applications can help you develop and stick to a budget.
Most importantly, experts advise you to build regular savings plans into your budget.
In managing money effectively, experts suggest including a savings target in your monthly budget. Your savings target will help to tackle:
Remember that funds for big goals need time to grow. Experts warn against delaying long-term savings plans in favor of short-term goals or “wants.”
Another tip for managing money effectively is to automatically transfer an amount from your checking account each month, so you’re not tempted to spend it.
Based on your budget and goals, you can choose between savings products with little or no commitment such as a money market account or long-term savings and deposit products such as a CD.
Finally, make the most of your hard-earned income by choosing a bank that will allow you to effectively manage your money. Look for high yield savings accounts without minimum balance requirements or fees that could cut into your savings.
Synchrony Bank offers interest rates beyond the national average+, convenient online access and saving products with no minimum balance requirement or monthly service fee. Call 1-844-345-5789 today to learn how Synchrony Bank can help you to manage your money effectively.
The Simple Dollar: http://www.thesimpledollar.com/how-to-calculate-your-net-worth/
U.S. News: http://money.usnews.com/money/blogs/my-money/2015/01/14/7-simple-and-free-budgeting-tools
U.S. News: http://money.usnews.com/money/personal-finance/slideshows/10-easy-ways-to-pay-off-debt
+National Average APYs are based on specific product types of top 50 U.S. banks (ranked by total deposits) provided by Informa Research Services, Inc. CD Rates: Average APYs are based on certificate of deposit accounts of $25,000. High Yield Savings Rates: Average APYs are based on High Yield Savings Accounts of $10,000. Money Market Account Rates: Average APYs are based on Money Market Accounts of $10,000. Although the information provided by Informa Research Services, Inc. has been obtained from the various institutions, accuracy cannot be guaranteed.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 07/14/2018.
APYs are subject to change at any time without notice. Offers apply to personal accounts only. Fees may reduce earnings. For Money Market and High Yield Savings Accounts, the rate may change after the account is opened. For CDs, a minimum of $2,000 is required to open a CD and must be deposited in a single transaction. A penalty may be imposed for early withdrawals. After maturity, if you choose to roll over your CD, you will earn the base rate of interest in effect at that time. The APY shown for CDs and IRA CDs is for a 60-month CD with a balance of at least $25,000. Click here for all CD rates and terms offered.