5 Financial Planning and Literacy Tips
Everybody’s personal finance management journey is different. No matter what life throws at you, it’s always helpful to have some tips in your back pocket.
Here are 5 tips on how to help achieve your short and long-term financial goals.
1. Create a realistic budget
Budgets might not feel necessary, but they can be so, so helpful. A good budget should be easy to understand and applicable to your current financial status. There are great budget templates online. An internet search should turn up one that fits your needs.
Your budget should indicate the recurring monthly costs that must be paid first. This allows you to eliminate unnecessary spending. Since the aim is to save and avoid debt, you might have to ditch luxurious costs. But learning the discipline to stick to a well-planned budget is its own reward, right?
2. Pay towards highest loan first
If you have loans and are able to pay more towards one over another, focus on the loan with higher interest. Making your monthly payments on time towards higher-interest loans will help you pay it off faster and keep you on track towards reaching your financial goals.
3. Try a side-hustle
When setting financial goals, you might look for new ways to increase your monthly income, like:
- Finding a side-hustle
- Picking up an extra shift when you have the time
- Asking for a pay raise in your current job
Increasing your income might be a challenge, but you can set financial milestones in your budget when you can take a much-deserved break or vacation!
4. Consider credit counseling
Understanding your credit may be complicated, but there are ways to change that! Reach out to financial advisors or someone to help guide you. Talking to someone who is an expert in money matters like that can not only guide you, but help boost your confidence as your keep up your personal finance journey.
5. Check out GO2bank’s Secured Credit Card
Beginning your credit journey might feel complicated, but GO2bank™ has made it easier than ever! Having good credit is important when it comes to buying a car, becoming a homeowner, rent an apartment, and even getting hired at certain jobs. The GO2bank Secured Visa® Credit Card makes it easy to build or repair your credit, with responsible use over time. No credit check. Flexible credit limit and free monthly credit score from VantageScore® powered by Equifax®. Open a GO2bank account and receive eligible direct deposits to apply. Eligibility criteria applies. Other fees apply.
Learn more here.
