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QUICK TIPS

Five Tips for Getting and Staying on Track with Your Money

 

Many consumers feel that the economy is stabilizing and that the time is right to get their own personal finances back on track as well. Knowing where to start can be confusing. People feel there are so many aspects to managing money that they can become bit anxious about understanding clearly what to do first. The good news is that there are steps that consumers can take to get things started in the right direction. Apprisen offers these 5 tips for getting and staying on track financially:

 

 
1. Consider the Big Picture - Take a comprehensive approach to making changes in your finances. Apprisen has identified seven core elements of successful money management. If you use these as your guide, you’ll be covering most of the bases. We think they work best when they work together.

  • Develop a Strong Money Management Plan
  • Manage Debt
  • Build Savings   
  • Maintain Strong Banking Relationships
  • Use Credit Wisely    
  • Be a Savvy Consumer
  • Understand Credit Reports and Scores

2. Give Yourself Credit For What You Know – Guess what? You are probably doing many things right! Build your financial confidence by acknowledging your money management bright spots. Consider each area and create an “already doing that” list. This whittles down the work to be done.

3. Set Measurable Goals to Make Changes – Be specific about what you want to accomplish and create a time line.  Here’s an example for increasing savings, one of the most popular financial goals. Identify a realistic amount you want to save by a particular date. “I want to create a $500 rainy day fund by October 1st of next year.” From that, you’ll be able to determine how much per pay you will need to reach that goal.

4. Find Yourself a “Money Buddy” – Don’t go it alone! Look for a friend with similar goals and work together to keep motivated. Meet regularly to share ideas, challenges and success stories. Need more than friendship to help? Apprisen offers free financial sessions to help you get organized and create an action plan for change.

5. Utilize the Latest Tools –There are good financial websites that offer online resources for everything from budgeting to expense tracking to loan payoff schedules. You’ll find helpful worksheets and calculators in the Tools section of Apprisen’s website, too. Many financial institutions have websites and apps that help you organize your accounts, schedule online bill pay, and offer other interactive resources that help you manage your money quickly and effectively.

Taken together, these tips can help you create a strong base for moving forward financially. Ready to get started? Complete our mini self-assessment for each of the seven areas, click here to download the PDF. Additional information on each area can be found in the Quick Tips  section.

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