• how to make your bank account bloom

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How to Make Your Bank Account Bloom this Spring

Did you know that almost a third of Americans are “constantly” stressed about money? But it doesn’t have to be that way for you. The spring is a great time of the year to organize your house, your life—and your finances. If you’ve felt stressed or disorganized over your finances, it’s time to plow ahead with a better plan and plant the seeds of financial responsibility.

 

Here’s how to get started:

 

Make a Budget You Can Actually Follow

The best way to get your finances on track is to look at all of your expenses (yes, ALL of them) as well as your income. Look at what you spend versus what you bring in. Is there money left over or do you overspend? Looking at some cold, hard numbers will help you see what you can realistically afford to spend on each expense, and still have some money left over for savings. Now write it down. Writing it out will help it seem real and let you know when you slide off track. Don’t know how to start? Here’s how to create a budget.

 

Look for Places to Cut Back

Do you buy a fancy coffee multiple times a week? You might be surprised by how much money you can save if you make coffee at home more often and think of that expensive coffee out as just an occasional treat. What about cable? If you don’t watch it, get rid of it! Or opt for a lower-priced package or even a streaming service that could be a fraction of the price. And your cellphone bill—when was the last time you re-evaluated it? Plans change and your provider won’t necessarily notify you if there’s a better deal for you based on your usage or new offerings they have. Check with your phone carrier today and see if they can cut you a better deal.

 

Plant Your Savings in a Safe Place

Great! You’ve found places to trim and now there’s more money in your checking account. Don’t leave it there. Figure out what you’re saving and take it out of circulation. If you just leave it where you can easily spend it, you will. Find a way to separate your money even if you revert back to some old-fashioned envelope savings.

 

 

Give Yourself a Reward

While saving money for a raining day is its own reward, sometimes it’s hard to feel the love. So it’s okay to treat yourself once in a while. Remember that coffee? Go ahead—splurge with a latte. Or maybe a night out at the movies is what you deserve since you’ve opted out of cable? Just opt for a bargain instead of an extravagance. Not only will you get to have some fun, you’ll also have the bonus knowledge of knowing that you could afford it.

 

 

Revisit Ongoing Expenses

Make a habit of looking at recurring expenses on a regular basis. Keep paying those bills on time. In fact, if you can, use autopay for items like school loans, rent, and utilities. But find out if there are ways to combine bills, bundle services, reduce interest charges, or opt into promotional discounts when they’re offered.

 

Know your Credit Score

How can knowing your credit score help you save money? You’d be surprised! A good credit score can literally help you to save thousands of dollars. Learn more about your free credit report right now. Then, pay attention. When the number is high it might be a good time to refinance loans or make a needed purchase on credit. The money you save will help grow your bank account and ease your financial worries.

 

At Charter College, we know it’s hard to create a budget and stick to it, but we’re here to help with tips and ideas on how to save. And if you’re ready to make a move to a better career, check out all our programs in Health Care, Business, Information Technology and more.