Personal Finance Tips That Will Change Your Approach To Life
Does financial stability often feel like a distant dream? You can make this dream a reality by changing the way you view and handle your finances with these tips from our Access Loans™ products.
Personal Finance Tips To Change Your Attitude
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Love Yourself First
You probably have a lot of financial responsibilities—your rent, your bills, your family to support, and so on. Most of your income is probably spent on supporting these financial needs and whatever is left, is spent on the things that bring you temporary happiness. You should also prioritize yourself—pay yourself by allocating a certain amount of your income to your savings.
Consider saving as a form of loving and prioritizing yourself, since it will take care of your future financial responsibilities. The ideal amount is to save 20%, but if that’s not possible, saving whatever amount is better than not saving at all.
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Set a Rule For Credit Card Purchases
Credit cards can be a big help. Keeping one could even help to boost your credit score. However, to keep your card as an advantage, control your usage. Keep your credit utilization rate at 30% and always keep track of your card charges.
Another tip is to have a rule to use your card for only large purchases. With that said, there will be a limit to how much you can charge. If you need to cover an emergency that you cannot charge on your card, an option is to apply for a short-term loan for federal employees with our Access Loans™ program.
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Raise Your Retirement Savings for Every Raise
Everyone wants to save more, but it seems impossible. Here’s the trick: every time you get a raise, give your savings a raise as well. The goal is to keep your savings at least 20% of your salary, but if you could bring it up higher, why not try it?
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Keep Splurges At 30%
If you read about personal finance, it seems like there’s no room for fun. You are, of course, allowed to splurge, but you need to do it responsibly. Ideally, your lifestyle splurges should not go beyond 30% of your salary. Budget it wisely!
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There Is Such A Thing As Too Much Savings
Saving too much is something everyone should consider, at some point. If you have more than 6 or 9 months’ worth of emergency savings, then you already have too much savings. Instead of keeping all that in a savings account, consider investing it.
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Set Monthly Financial Goals
It’s good to have major financial goals like buying a house. However, these goals usually require achieving smaller and more manageable financial goals. If you want to buy a house, start small, such as with improving your credit score.
Ask us about our loans for federal employees.
Note: The content provided and shared is to be used as resources to our customer and the general public. This material is provided for educational and informative purposes only. It is not a replacement for the guidance or professional advice of an accountant, certified financial advisor, or otherwise qualified professional. We are not responsible for the advice or actions of the individuals or entities listed on this page. We recommend that you never include names, account numbers, or other sensitive information unless you are 100% sure of the intention.
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* ACCESS LOANS™ products are offered by Safra National Bank of New York (“SNBNY”). Member FDIC. Equal housing lender.
