Financial Checkup: 10 Money-Boosting Tips

It’s never too early—or too late—to fine-tune how you manage your money. Whether you’re planning a big purchase, paying off debt, saving for retirement or just wanting to get by with a little extra each month—there’s always more to learn. Use these tips to strengthen your approach and help you have a banner year:

1.) Look at your money habits

Visit the doctor for health checkups? Your finances deserve the same level of care and attention. Review your spending and savings habits to better understand where your money goes each month.

2.) Set clear financial goals

Saving to buy a home? Paying off debt? Like all goals, ensure yours are clear with specific actions (e.g. Goal: buy a new car next year. Action: transfer $100 each month into savings). Being specific keeps you focused and moving forward.

3.) Develop a realistic budget

The term “budget” gets a bad rap. It’s just a plan for how you’re going to spend and save. It helps you organize your income and reduce unnecessary expenses. To be effective, be sure it’s realistic—if you like to buy a coffee, don’t cut it out completely. Read our blog, Successful money management starts with a budget.

4.) Build your emergency fund

If you don’t already have emergency savings, make it a priority. More than half of all Americans have three months of their expenses set aside for an emergency, yet experts agree it should be more. It’s important to be prepared for unexpected events like a car accident or losing a job. It’s also good to have a rainy-day fund for smaller, surprise costs like vet bills or car repairs. Learn how to start a rainy day fund.

5.) Get tough on debt

It can be hard to set a money goal if you have sizable debt staring back at you. The key is to jump in and start paying it off. Start with action steps to first reduce any high-interest debt, like credit cards. With less debt, you can save more money for your short and long-term goals. See, Paying Off Debt: What’s the Best Strategy?

6.) Take advantage of free money management tools

Most banks offer free online and mobile banking tools to help track your finances and give you a big picture view. Our free Personal Financial Management tool lets you track spending, view all your accounts (even those not held with us) and more. You can also use our calculators to help you plan for specific goals, from retirement to buying a house.

7.) Optimize your checking and savings accounts

Are your checking and savings accounts still the best fit for you? Explore your options for a savings account that earns higher interest and consider a checking account with better features and benefits. For example, if your goal is to save for a large purchase, I recommend an account that pays compounding interest like a high yield savings account or Certificate of Deposit.

8.) Automate where your money goes

Research shows we’re more successful reaching our financial goals when we ‘set it and forget it.’ For example, set up an automatic transfer from checking to savings each month. It’s out-of-sight, out-of-mind, yet your nest egg is growing. This also keeps your disposable income and savings separate, which reduces the temptation to spend.

9.) Prioritize your financial future

It’s natural to focus on what’s right in front of us, but it’s important to think about your future self. Retirement planning can feel overwhelming, so bring in the experts! Contact a professional financial planner to help chart your course. A good planner will never make you feel guilty and only cheer you on for what you can accomplish today. They can offer tips on what financial vehicles are best for your situation, how to maximize your savings and even how to catch up if you start late.

10.) Build your financial knowledge

When it comes to learning how to manage your money, there’s no final exam and everything you learn is extra credit! It’s a lifetime journey so don’t shy away from jumping in, setting goals and asking questions. And if you stumble, just pick yourself up and try again. For more tips, check out our financial wellness program, MoneyWise.

No matter where you are on your financial journey, we’re here to help and we love tough questions. Reach out to a member of our team anytime