National Financial Awareness Day
In some households saying the F word is a massive problem. No, not that F word. In some homes when the word finance is brought up, get the soap.
Taking your finances serious and talking about them can make them feel less daunting. In the United States debt is skyrocketing. Taking a few steps and a few precautions can go a long way towards not being trapped under a debt mountain.
Step 1: Talk it out.
First things first, lay it all out. How can you make plans without knowing the damage? Lay out every source of income, and all your debts. You have to be open, honest, and willing to share information with your significant other. If you are living a debt free life, good! Keep it that way! Above all, stay honest and lay it all out so you can determine your next path.
Step 2: Create a plan
After you laid it all out. Income, bills, debts. It’s time to start planning. How much money is lost to monthly expenses? How much money can you save? Start small 5%, 10% whatever your budget can handle, stick with that. Use the UCB digital banking app and platform. You can easily track every transaction over the past 24 hours, month, or year! We even offer a way to set limits on what you spend. Try MyMoney!
Step 3: Implementation
This is the hurdle. Going from a paper plan to a real life plan is a big jump. One way to help with the implementation is set goals for yourself. After one month you will be here, after 3 months you will be here. Use these milestones as a way to celebrate paying off a credit card and as a way to reward yourself! Saving is hard, but if done correctly, you should reap the rewards for many years!
Step 4: Keep at it.
Start small. Try living a financially aware and conscious life for two months. Keep notes, track your spending habits. See how they change and see what debts you can pay off. If you are finding success. Keep at it! Go another two months, after a while you won’t even notice the difference, but your checking account might!
If this sounds too hard, or like something you might not be able to do. UCB can help. On our UC Bank app we have tools designed to help you set goals, spend within your means, and thrive financially. Sign up, use the tools and dominate your finances.