The Great Depression took place nearly 100 years ago, but those who lived through it passed down financial advice and habits they learned. Here are a few of those lessons.
Take Care of Your Possessions
Whether it’s your vehicle, your home, or anything you own, taking care of your property is very important. Making sure your possessions are in good shape is a necessary preemptive measure to avoid spending money. Unexpected home repairs, and new cars or furniture can empty your account at the worst times. Keeping what you own in good condition will save you money.
Keep Your Lifestyle After a Raise
You shouldn’t let extra money burn a hole in your pocket. If you’ve got a good system, pay your bills, and live comfortably on your current salary, there is no need to upgrade if you get a bonus or raise. Instead of spending the money, you should invest it. With as little as $100 you can open a SeaComm money market account, which allows you to earn a higher yield on your funds, while still having flexible availability when the funds are needed. You may also consider growing your money with a Share Certificate, which enables you to invest the funds for a fixed period of time. Click here to learn about how you can increase your rate using our Enhanced Loyalty Rewards Program!
Beware of Little Purchases
Buying a coffee, going out for dinner instead of eating in, or in-app purchases on your phone might not seem like a big deal, but those expenses can add up. Keeping track of your spending habits will help you put your finances into perspective. Cut back on the little things and those $2 or $4 purchases won’t be adding up anymore.
Build Your Emergency Fund
You can’t predict the future. Sometimes things happen that are out of your control and unexpected costs arise. This is where an emergency fund comes in. If you already have one, great! If not, you should start budgeting for one. Put some money away to create a safety net in case of unforeseen problems. It’s a great habit and will come in handy during a time of need.