5 Easy Money Tips

Check out these 5 great money tips to help you get ahead or move into a better financial position.

Make savings account deposits effortless. Set up weekly or monthly automatic transfers to help you save before you have a chance to spend!

Pay down debt. As of May, 2023, average credit card interest rates were at 22.16%. At that rate, paying down $10,000 in debt with a monthly payment of $200 would take 134 months and cost $16,654 in interest alone. YIKES! If you have credit card debt, consider paying it down as fast as you can.
Maximize your savings accounts. While interest rates on loans and other debt are rising, higher interest rates also give you an opportunity to earn more on your savings. High-yield savings accounts are paying more than 5.00% currently. Take the time to shop banks and credit unions to maximize your return.
Boost retirement contributions. In 2023 you can contribute up to $22,500 in a 401(k) ($30,000 if 50 or older), and up to $6,500 in an IRA ($7,500 if 50 or older).
Create and use a monthly budget. Perhaps compiling a monthly budget is in your future! You can use your budget to track your spending throughout the month to see how your actual purchases and bills coinside with your planned budget. Update your budget to reflect actual spending and cut spending on items that you have the most ability to control, such as dining and entertainment.
These ideas can help provide some financial stability to you and your family, regardless of the economy is performing.

Tips and Tricks