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Money Hacks for your new year

Consumer Tips from SimplyBank.

Five easy ways to master your money in 2024

We all want to achieve financial wellness and independence. But rising costs and high interest rates can thwart even the best financial intentions. 

The good news is that it's never too late to take charge of your money. All it takes is a little discipline and knowledge. Here are some smart steps to get you on your way this year:  

1. Know where your money stands - Managing finances can be stressful, especially if you’re spending money you don’t really have. To gain financial control, create a monthly budget so you know your expenses and can identify any cash shortfalls.

2. Watch your budget for unnecessary expenses - Even small expenses like subscription services and food deliveries can add up. To get a handle on your spending, review your monthly account activity. Then, categorize your expenses into “needs” (rent, food, transportation) versus “wants” (food deliveries, entertainment) and cut out unnecessary items.

3. Build an emergency fund - With inflation high, many people live paycheck to paycheck and don’t have money to manage unexpected expenses or unforeseen circumstances like a job loss or car or home repairs. An emergency fund can provide a safety net to help you prepare for life’s unexpected financial surprises. To make saving easier, set up automatic payments or have money from your pay direct deposited into your savings account.

4. Tackle debt - Take inventory of all your debt including the interest rates you have to pay. Then, focus on paying down debt with the highest rates first (not necessarily the loans with the highest balances).

5. Work on your credit score - Having a strong credit history and score can help you get the loans you need to reach your goals and save money on interest fees. Make sure you pay your bills on time, keep balances below your credit limit, and regularly review your credit score to check your progress.

 Take the time to make your money a priority this year. It’s worth it!