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.
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.
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.
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.
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.
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.
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
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of 05/22/2018.
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.