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How To Manage Your Finances | Savings Tips

If you aren’t sure how to manage your finances, you are not alone. It can be intimidating to think about money management and retirement savings. But a few simple steps, like budgeting and saving, will help you take control of your financial future. Read on to learn how to manage your finances today.

Ready To Learn How To Manage Your Finances?

To get better control of your finances, there are two steps involved: (1) create and follow a budget and (2) commit to regular savings.

Let’s look at each step in more detail.

1. Create A Budget

create a budget to manage finances

The “golden rule” of financial security is actually pretty simple: spend less than you earn. But following the rule can be a challenge. Creating a budget can help you achieve it.

Making a budget is actually a two-step process. First, you have to evaluate your income so you know exactly how much you’re bringing in each month. Be sure to take into account any withholdings that affect your take-home pay

Next, calculate your regular expenses, including:

Once you have the numbers, develop a budget that ensures your essentials are covered and discretionary spending is prioritized. Be sure that you’ve included saving for retirement in your budget. Online budget calculators can help you create a budget you can live with.

Experts recommend tracking your ongoing expenses as a great way to stay on track while you learn how to manage your finances.

2. Commit To Regular Savings

commit to regular savings

Experts believe that successful money management includes saving for retirement. There are several ways to get started on your path to retirement saving:

Saving for retirement today is the first step to having solid finances tomorrow. 

Manage Your Finances With Synchrony Bank 

If you still have questions about managing your finances, Synchrony Bank can help. 

In addition to our award-winning customer service, customers also find that we have no minimum balance or monthly service fee on our high-yield savings accounts. Our accounts are FDIC-insured up to $250,000 per depositor for each ownership category. Opening a high yield savings account with Synchrony Bank is easy and fast.

Call 1-844-345-5789 today to learn more about how Synchrony Bank can help you manage your finances today.

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Sources:

The Balance: https://www.thebalance.com/understanding-your-paycheck-withholdings-2386382

Nerd Wallet: https://www.nerdwallet.com/blog/investing/budgeting-saving-tools/

The Balance: https://www.thebalance.com/how-to-budget-successfully-2385709

IRS: https://www.irs.gov/retirement-plans/plan-sponsor/types-of-retirement-plans-1

Finance Gourmet: http://financegourmet.com/blog/financial-planning/what-are-pre-tax-dollars/ 


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