It is always the best feeling when it’s payday!
However, getting paid may mean different things to different people. For some, it may be going out and having some fun with friends. It also could be buying that one item for which you have been saving. For others, it could mean they can finally pay off their credit cards and other bills.
At Camino Federal Credit Union, we want to help you better understand habits that could help you save and keep on top of your spending. Here are four tips to help you keep track of your finances in order to accomplish what you want to do.
1. Mobile Banking/Online Banking
One of the best ways to know how well your bank account is doing is by checking it often. What better way to do that than using Mobile and/or Online Banking? In particular, with our mobile app, it is convenient when you want to purchase an item at a store, and you are not sure what your balance looks like. Instead of having to leave the store, drive to the credit union or ATM, check your balance, and drive back, the mobile app lets you know your estimated balance on the spot. This makes for better buying decisions. In addition, the app is more up to date, which is also helpful in preventing overdraft. Remember that some transactions do not post in real-time.
2. Map Out a Budget
When trying to create a budget, it is important to take a look at your past statements. When you view your past purchases, you will be able to see where you spent most of your money.
Maybe you spend most of your money on food, or maybe you spend most of your income going out with friends. Once you see where you are spending the most money, you can allocate how much you want to spend per category to keep yourself in line. Additionally, you can also allocate some of your paycheck balance to go to your savings account automatically. With a budget, you will be more aware of your spending on each category and help you stay within your plan to reach that end goal.
3. Use Cash More Often
Think about when you were a little kid, and your mom would give you $20 for the entire week. Anytime that you would make a purchase, you probably put much more consideration into what you purchased and decided if you really needed to buy it or not. By withdrawing a specific amount of cash for the week and only paying for items with that amount, you will be more cautious with your spending. By doing so, you are more likely not going to overspend compared to when you purchase items with a card. With a card, you are more likely to swipe it and not think twice about it.
4. Add More Money to Your Savings
Overall, the goal is to save as much money as you can. It is all about your mindset. The more you save, the more you can use it to purchase something need or are passionate about in the future. Like mom always says, “save your money for a rainy day.” It’s actually true. Life happens, and you always want to be prepared for the unexpected.
Being on top of your personal finances is important. It is better to start sooner than later. Choosing the correct financial institution can make managing your finances much easier. To learn more tips and the services we offer compared to other institutions, you can talk to one of our Member Advisors by calling us at 800-835-3400. We are here to help you on your financial journey.