Managing your money is a skill. It’s not something most of us are born with or can pick up easily. Yet, many people simply think good common sense will just come to us when it comes to our dollars and cents. The facts, though, prove otherwise.
One study published by the Associated Press and NORC Center for Public Affairs Research shows two-thirds of Americans would “have difficulty coming up with money to cover a $1,000 emergency.” This kind of expense happens more frequently than we think: a set of blown tires, a minor car accident, a medical expense or an emergency, last-minute flight out of town can cause the majority of people to scramble to find the money to cover the costs.
While this might sound scary to some—and feel all-too-real for others—the good news is that we can all learn to be better money managers and help prepare for situations just like these. Like any skill, learning to better money habits take time, persistence and practice. Being able to identify your bad money habits and finding the tools to help you improve them are easier than you think.
Create a Budget
Ugh, the B-word. It’s one most of us hate to even think about, but it’s the number one way to get your finances under control. How can you improve your money management skills if you don’t know what money is coming in every month and how you spend it? Yes, it takes some time investment, but it is worth the return when you see where you can plug the holes in your dollar drain each month.
Sign Up For Online Banking
Tracking your deposits and spending is much easier when you sign up for online banking access. You can view all of your accounts in one place from your computer or even a smartphone. Online banking access allows you to transfer funds between accounts in just a few clicks, so you always know you have money in your accounts when you need it. And, you don’t have to worry because accessing your accounts online is totally secure.
New Foundation Savings Bank uses the TouchBanking app, which can be downloaded for Apple and Android smartphones. Through this app, customers can check balances, pay pills, transfer money, deposit checks and even send funds to other people. It’s a digital one-stop shop for all your banking needs.
Many online banking programs also have alert systems to let customers know if their account balances go below a certain amount. Having this information handy can prevent overdrafts in your accounts and prevent unnecessary fees, which can save you money in the long run.
Enroll In Bill Pay
Once you sign up for online banking, you can ditch the piles of bills and trips to the post office to mail those payments by signing up for online Bill Pay. In three easy steps within your online bank account you can choose the bill you want to pay, enter your billing information and then schedule the amount and date of payment. This helps prevent overdue payments and extra fees companies can tack on for late payments. New Foundation Savings Bank’s Bill Pay program also guarantees your electronic payment will arrive on time, as long as you initiate your electronic payment before the due date. If for some reason the payment does not process on time, New Foundation Savings Bank will pay any late fees incurred. This one simple step can save you time and money! Once you set up your bills, all the information is saved so you can review your statements and payments all in one place.