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Simple Money Management Tips

Are you looking for simple money management tips? Start by developing a budget that matches your lifestyle. Next, make a plan to maximize your savings.

Keep reading to find some simple suggestions to manage your money that will help set you on the path to financial security.

Simple Money Management Tips

learn simple money management tips

The first step to developing better financial habits is understanding your current financial situation:

If you’ve answered “yes” to any of these questions, you may need a plan for managing your money. Follow these simple money management tips to start building financial security today:

1. Develop a Budget

First, identify where your money is going and where you can trim expenses. Make use of free online budget tools or phone applications to track your expense.

Once you understand your expenses, develop a budget that matches your income with your expenses. Remember to build regular savings into your plan. Set money aside for savings before any budgeting for discretionary spending.

2. Create an Emergency Fund

Even the best planners can face unexpected medical bills or car repairs. Another simple money management tip is to put some money aside specifically for unanticipated expenses. Experts suggest having an emergency fund equal to three to six months of your regular expenses.

The cushion of an emergency fund also ensures you won’t have to raid your savings to pay your bills.

plan for your retirement today

3. Long Term vs. Short Term

While you may have a short-term goal (such as a down payment for a new car), remember that funds for longer-term goals (like retirement) need more time to develop. Understanding your goals can help you choose between a short-term or long-term financial product.

4. Choose a Bank That Meets Your Needs

Make the most of your savings by choosing a bank that offers products that meet your goals and needs. Look for banks that don’t carry minimum balance requirements or fees that eat away at your savings.

Money Management With An Award-Winning 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. Customers also enjoy the peace of mind of knowing the FDIC insures our customers up to $250,000, per depositor for each ownership category.

Call 1-844-345-5789 or open an account with Synchrony Bank and start using simple money management tips to improve your financial picture today.

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Sources:

U.S. News: money.usnews.com/money/blogs/my-money/2015/01/14/7-simple-and-free-budgeting-tools

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

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


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