Establish Positive Money Habits

You might have ambitious money goals and reaching them feels impossible. Taking small steps today can lead to financial gains tomorrow.

Create a Personal Budget

Creating and maintaining a personal budget takes dedication. It might mean nixing a gym membership in exchange for a streaming fitness service. It’s important to set realistic goals so you can calculate your income and expenses to analyze your spending habits.

To learn more, check out: Creating a Personal Budget.

Set up Automatic Transfers

To keep from overspending, pay yourself first. The easiest way to do this is to set up an automatic transfer from your checking into your savings account on payday. The automatic act will make saving a breeze. Plus, its one less thing you must do (or pay). Choose an amount that helps you reach your goals.

Are you looking to save $1,000 towards your dream vacation? If so, you would have to save approximately $83 per month. If you get paid bi-weekly, that’s only $39 each paycheck. If you practice self-discipline, saving for any occasion is achievable.

To learn more, check out: NexTier Personal Banking options.

Plan for Purchases

Plan ahead. Make a list of exactly what you want to buy during your shopping trip. This helps to keep you from spending extra money on non-essential items during each visit.

If you visit the store three times a week and spend an extra $10, that adds up to $120 each month. Imagine what you could do with an extra $120 in your pocket!

If you want to be a savvy shopper, check out: Stay Within Your Budget.

Substitute When Possible

Decide what is most important to you, and then substitute other items. This might mean opting for home brewed coffee versus gourmet or making frozen pizza instead of ordering delivery every Friday night.

The cost of your weekly pizza delivery adds up. If you order two large pizzas for $16.50, that’s a total of $34.98 (including six percent sales tax). Let’s assume you’re paying a delivery fee of $2.00, plus $3.98 for a 2-liter of pop since it’s easier. Your total pizza bill is now $40.96. Doing this every Friday night, equates to a total of $163.84 per month! That could be a credit card payment, car payment, or money saved toward your dream vacation.

Save Your Bonus Cash

If you get a raise or a quarterly bonus, save the extra cash instead of spending it. They say, the more you make, the more you spend. If you can refrain from spending the extra money you receive, you will always have money. You can also use bonus cash to pay down high interest credit cards.

Pay Bills Persistently

Budgeting and saving are only effective if you’re paying your bills on time. Set aside time each month to pay bills and check in on your financial progress. Track your debt consistently to assess the progress you are making.

Open a Free Checking Account

NexTier Bank offers accounts suited to meet your lifestyle. If you’re looking accounts with no minimum balances or service charges, free ATM withdrawals, and mobile banking among other options, we have an account to meet your expectations.

To learn more, check out: NexTier Checking options.

Most importantly, become financially educated. An increase in financial knowledge improves financial behavior and helps you make educated decisions.

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