HOW TO MAKE THE MOST OF THE MONEY YOU HAVE
August 17, 2016 | MONEY MANAGEMENT
Everyone wants to make the most of their money—so why is it often easier said than done? Balancing your spending, saving, and investing is a challenge, but if solved correctly, it can reap rewards for decades. So how do you do it? Here are five strategies that will maximize the money you currently have and anything else you might earn in the future.
UTILIZE A HIGH-INTEREST SAVINGS ACCOUNT.
Do double-duty with your savings by putting them in an account that works for you. Many banks advertise savings accounts with rates much higher than the national average and taking advantage of this is key.
KNOW WHERE YOUR MONEY IS GOING.
The best way to do this is by balancing your checkbook on a bimonthly or monthly basis. When you are in-tune with your checking account, you’ll know exactly what you are spending your money on and whether or not the bank is handling your money appropriately.
MERGE YOUR BANK ACCOUNTS.
If you have multiple checking accounts, you may be paying multiple fees to keep those accounts functional each month. Merging them may be in your best interest to avoid fees and keep things as simple as possible. When it comes to your money, the simpler the better.
BANK SOMEWHERE WITH LOW FEES.
Bank fees are the bane of most people’s existence, but why not look for a way around them? Every financial institution offers different rates and one bank might offer perks that another doesn’t. Don’t be afraid to switch banks if it means you can save money.
CREATE A BUDGET AND STICK WITH IT.
In the financial world, a budget is everything. Failing to operate within your means is a recipe for disaster and can lead to acquired debt overtime. Make a budget for yourself and check in often to ensure that you’re sticking with the terms you laid out for yourself.
No matter how much money you’re pulling in each month, The Nesbitt Law Firm believes there are always ways to maximize your income and save for the future. Our Columbus bankruptcy lawyer would be happy to sit down with you and create a financial plan that meets your unique goals. Call for a free consultation today!