SeaComm Federal Credit Union OFFICIAL BLOG

Managing Your Money 101

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The ways you choose to manage your money can have a profound impact on your life. Learning to be financially savvy can take a while, but the basics are quite simple and never change. Here’s how to get started.

 

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Find the right savings account, for you. There are a variety of savings options out there, but it’s important to find the one that best suits your needs. If you are looking to contribute modestly but still earn competitive dividend rates, you might be interested in a SeaComm Regular Savings Account. A more aggressive saver who is hoping to boost their savings potential would be more interested in a SeaComm Money Market Account or a SeaComm Certificate (CD.) Whereas, an individual who is planning for retirement and hoping to make annual contributions without monthly fees would be interested in a SeaComm Individual Retirement Account (IRA.)

 

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Give yourself a reasonable (but still modest) allowance. Once you have determined the amount of money you will dedicate to your savings account each pay-period, you will then need to provide yourself with an allowance. The 50-20-30 method has proven to a successful way to budget, in that it accurately divides up your income according to what you should be applying it to; bills, savings, spending. Click here to read our previous blog post, which outlines this effective budgeting technique!

 

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Keep your eyes open for a good deal. Financially successful people are surprisingly frugal. In order to spend less than you make, it’s important to train yourself to live within (or below) your means. For example, when shopping for essentials like food, clothing, or house supplies – always look for a bargain. While some people like to brag about a purchase because of how expensive it was, you should be bragging about a purchase because of how inexpensive it was.

 

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Get help. You shouldn’t be expected to successfully manage your money on your own. A SeaComm Financial Service Representative will assist you in determining which services will work best for your individual, financial situation. Whether you are looking to enhance your savings or consolidate debt – we can help! Give us a call at 800-764-0566 to speak with a SeaComm representative.

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