In the United States, April is Financial Literacy Month, which is a good time to concentrate on your finances and improve your financial skills.
In a recent WSFS Bank Money Trends study, 38% of respondents now spend more money than they did in the previous year, compared to 21% of those in the area.
What are some pointers for improving your fiscal condition?
Examine Your Budget
Even the most robust budgets need to be constantly reviewed, particularly during times of price and interest rate increases. Each quarter, review your finances to see if there are any gaps so you can make adjustments as needed.
Make sure you’re tracking your progress and setting meaningful financial goals, such as saving for a trip in a certain amount of time. There are many excellent methods for budgeting, so the key is to find one that suits your needs and objectives.
Take Advantage of Rising Interest Rates
Elevated interest charges have given you the opportunity to increase your savings by opening accounts with higher interest rates.
Consider using savings accounts like certificates of deposit (CDs), money markets, and high-yield money markets if you have extra money in your budget each month or have already established a rainy day fund. These accounts can help you benefit from higher interest rates because they typically offer higher interest rates than traditional savings accounts.
Keep an Eye on Your Payment
Higher interest rates have made it even more important to keep an eye on your payment, which has made it even more crucial for savings to be able to raise their nest egg.
Make sure you are aware of your current debts, as well as the basics of your credit, such as your credit score and how it affects it.
Consolidating your debts and lines of credit can help you make one monthly payment and possibly lower the overall interest rate you’re paying. Talking with your neighborhood banker may be a great way to weigh your options and choose the best course of action for your financial goals.
Utilize Online and Mobile Banking
Make the most of their several features, including the ability to:
- Keep track of your purchases and accounts in real-time
- Set account alerts for card activity, bill pay, scam alerts, and more
- Set up passport settings for where you can use it, lock it, and replace or report it stolen.
- Deposit and transfer funds with mobile deposit, bill pay, and Zelle
- Access your quarterly statements, tax records, check images, and more.
Financial Literacy Month can be a fantastic time to concentrate on your money, but it is crucial to maintain financial control throughout the entire year. Contemplate reaching out to your local banker for assistance and advice if you need help setting up your financial goals and creating a strategy for how to accomplish them.
Shelly Kavanagh is WSFS Bank’s Senior Vice President and Director of Retail Delivery. Due to her current position, Kavanagh served WSFS as Director of Retail Strategy, Regional Manager, Retail Program Manager, and Small Business Relationship Manager. She has more than 16 years of finance experience.