Whether we want to admit it or not, money plays a big part of our everyday lives. Bills, groceries and activities keep it at the top of our minds. Sometimes it can be a lot to handle, and understandably so. There’s a lot to know about money, and it’s fun to set goals and learn more. We have some tips to help make the best of your money.
Set spending limits.
Sometimes we might have the good intention of internally setting spending limits each month. Yet when it comes down to it, sticking to that limit can be difficult. Luckily many banks have technology to reinforce those limits. It works through participating banks’ smartphone apps, where there is a feature that allows you to set limits for how much you want to spend during the month. It’s great to use when it comes to fun stuff and nonessential purchases. The app can send push notifications to keep you on track and to alert you if you are close to your limit.
Sign up for credit card rewards.
A great thing many credit card companies do these days is offer cash back on purchases. They also offer rewards programs on their credit cards that take it even further. For instance, instead of earning a typical 1% cash back, you could earn 5% cash back on select purchases. Many of these programs are broken into quarters where you can earn additional points at certain places like gas stations, pharmacies and grocery stores. Your rewards points can typically be redeemed a few ways, such as with a deposit into your checking account, as payment towards your credit card statement or even gift cards to select retailers. It’s a good way to earn from everyday purchases.
Open a savings account.
If you don’t have a savings account, consider opening one. Maybe you have been meaning to or the timing hasn’t been right in the past, but it’s worth doing. By opening a savings account, you can keep your money safe, prevent excessive spending and you can also earn interest. You can use it to save for something big, like a college fund or a new car.
Research unfamiliar money terms.
There is a lot to know about money and finance; you could never stop learning! It can be hard to know it all, especially if you don’t have a background in finance. There might be money terms you hear tossed around often, like APR or stocks, but you aren’t very familiar with them. Or perhaps you aren’t familiar with how credit scores work. If there is something you’re confused about, do some research online or reach out to a financial professional for help. Taking the time to learn new things can help improve your financial literacy.