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Money Management | 4 Tips

Are you looking for a few simple money management tips? Successful money management includes budgeting, planning for retirement and saving for a rainy day. In this article, we outline four easy steps that you can take to better manage your money. Keep reading to learn how to reach your financial goals.

Money Management: Four Tips

budget for money management

1. Create A Budget — And Stick To It!

If you are routinely spending more than you earn, making a budget is the first step to managing your money well.

At the end of the day, remember that the most important part of creating a budget is using it. Each month, take a few hours to track your spending and see where you’ve gone off track. 

2. Open A Savings Account

Did you know that more than 20% of Americans do not have a savings account? A simple way to begin managing your money more effectively is to open a savings account. Benefits include:

There are many savings account options on the marketplace, so be sure to explore which savings product works best for your goals.

3. Plan For Retirement Today

plan for retirement with IRAs

If you haven’t started saving for retirement, you are not alone. In fact, more than 25% of workers report having saved less than $1,000 for retirement.

It can be challenging to make saving for retirement a priority. However, preparing for retirement is crucial.

Between IRAs, 401(k)s and other savings account options, there are numerous products to help you create a successful retirement savings strategy.

Be sure to speak with your tax or financial planner before contributing to an IRA.

4. Create An Emergency Fund

Another step in managing your money effectively is to plan for the unexpected. Create a rainy-day fund to cover surprise expenses, such as car repairs and medical costs.

Experts suggest that you create an emergency fund equal to three to six months of your regular expenses. Having a source of emergency funding ensures you won’t need to raid your savings to pay your bills.

Money Management with Synchrony Bank

In addition to Synchrony Bank’s award-winning customer service, customers find that we have no minimum balance or monthly service fees on our high yield savings accounts. We also offer several great options for saving for retirement. Customers enjoy the peace of mind of knowing the FDIC insures our customers up to $250,000, per depositor for each ownership category.

To take control of your finances, call 1-844-345-5789 for additional money management tips, or open an account with Synchrony Bank.

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Sources:

Investopedia: www.investopedia.com/terms/d/discretionary-expense.asp

Market Watch: http://www.marketwatch.com/story/most-americans-have-less-than-1000-in-savings-2015-10-06

Retirement Confidence Survey: https://www.ebri.org/files/RCS_16.FS-5_Gender.pdf

SaveAndInvest: www.saveandinvest.org/military-everyday-finances/start-emergency-fund


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