Money management doesn't come naturally to most people. But you can master your finances through learning a few simple money management tips. Paying closer attention to how you spend money and following a budget will help you to create a sound financial plan.
Keep reading to learn three tips that will put you on the path to better money management.
1. Keep track of your spending.
You can always use pen and paper, but there are many software products and online banking services that can help you keep track of where your money is going. If you are tracking your spending manually, don't overlook impulse purchases — whether they are large or small.
2. Make a budget. Stick to it.
Many financial experts recommend the 50/20/30 rule for allocating your resources. First, get an accurate accounting of how much money you bring in each month. Then divide your income into three simple categories:
Experts suggest using these percentages as a baseline to optimize your income.
3. Automate savings.
Many Americans overlook an important part money management: planning ahead for emergencies and retirement. In fact, about half of American households did not put any money into savings in 2014, according to the Bureau of Labor Statistics.
But there are steps you can take to make saving convenient and less painful:
If you need additional help with money management, Synchrony Bank can help. Our high yield savings accounts allow for quick withdrawals online, over the phone or with an ATM card.*
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.
For more help with money management, call Synchrony Bank at 1-844-345-5789 or visit us online.
Bureau of Labor Statistic: https://www.bls.gov/cex/2014/combined/decile.pdf
*Federal regulations limit the number of electronic and telephone transactions you can make with your High Yield Savings/Money Market accounts to six transfers or withdrawals per monthly statement cycle. If you exceed these limits, we may close your account.
*ANNUAL PERCENTAGE YIELD (APY): All APYs are accurate as of .
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.