With spring here and in full bloom, now is the perfect time to breathe new life into your financial health! In this post, we'll explore three simple yet effective ways to revamp your banking habits and put you on the path to financial success. Whether you're looking to save more, pay off debt, or simply gain better control over your money, these strategies are designed to be easy to implement and understand. Let's dive in and give your money a fresh new makeover.
Follow the 50/30/20 Rule
One of the most efficient ways to make and stick to your financial goals is by creating a budget. Have you ever heard of the 50/30/20 method? This is a trending budgeting tool that many of our members have told us they utilize. This method calls for 50% of your monthly income going toward needs, 30% for wants, and 20% for savings and debt repayment.
You can read more about this method from Nerd Wallet, a finance site that offers information and resources on budgeting and other financial related matters.
Keep Your Money Safe Online
Cyber criminals can use many tricks to infect someone’s computer. To help avoid these potential risks, our IT Security team has compiled six essential tips for how to stay safe online and keep your accounts and personal information protected.
Hit Reset on Your Debt
Debt consolidation is a process that combines multiple debts into a single, more manageable loan. By consolidating debts, you can streamline your repayment process and potentially reduce your overall interest rates, leading to more savings in the long run. One common and often effective method of debt consolidation is through balance transfers, which involve transferring high-interest credit card balances to another credit card, typically with a lower interest rate. This approach not only simplifies debt management but also offers several advantages that make it a smart choice for those seeking to eliminate debt efficiently. Learn more about balance transfer options and how Advia is here to help!
Prepare for Retirement with the Right Tools
You may have a very idealistic vision of retirement—doing all the things that you never seem to have time to do now. But how do you pursue that vision? Social Security may be around when you retire, but the benefit that you get from Uncle Sam may not provide enough income for your retirement years. To make matters worse, few employers today offer a traditional company pension plan that guarantees you a specific income at retirement. On top of that, people are living longer and must find ways to fund those additional years of retirement. Such eye-opening facts mean that today, sound retirement planning is critical.
But there’s good news: retirement planning is easier than it used to be, thanks to the many tools and resources available. Here are some basic steps to get you started.
As Always, Advia is here for you!
At Advia, our mission is to provide real advantages for real people. Be sure to visit our financial blog regularly for more insightful articles, expert advice, and the latest updates on managing your finances effectively. We're here to help you achieve financial wellness throughout every season.
Sources
NerdWallet: https://www.nerdwallet.com/article/finance/nerdwallet-budget-calculator