You’ve got the skills to bring in a steady income, but most of us need another set of skills entirely to manage that income successfully. No worries; Seagate’s got your back here, too.
Keep Savings Top of Mind
Building an Emergency Savings Fund
Everyone needs a safety net for those unexpected—yet inevitable—expenses that pop up when you least expect them. You don’t want to use a credit card or payday loan to cover them, since you’ll just rack up interest charges on top of the original expense. Instead, be ready for the unexpected. Learn how to build your emergency savings.
Saving Up for Something Big
Whether it’s a house, a new car, the trip of a lifetime or something else that will cost big bucks, the sooner you start saving for it, the better. Figure out how much you’ll need and when you want to make your purchase. Then, determine the amount you want to divert to a savings account you set up for just that purpose, and set up an automatic monthly transfer from your checking account.
Print out a picture of your goal, and write on it how much money you need to achieve it. Then, put it in a place where you’ll see it every day to remind you of your goals.
Get a Handle on Spending
First, Tackle Your Debt
Is credit card debt consuming every waking moment? It’s time to get control of the situation. Start with a call to your credit card companies. Ask to have your credit lines reduced (to help limit your spending), and request that they lower the interest rate on your outstanding balance (to help you with paying). They want your continued business, so it works to their advantage to help you remain creditworthy. To stay out of credit card angst going forward, check out Credit Karma.
Then, Rein in Expenses
Technology has made it far too easy to spend without seeing your earnings dwindle. It’s time to retake control and use that same technology to create and stick with a budget. Most of the top budgeting apps are free, so you’ll be saving in multiple ways. We like this one from our partner, Fidelity.
Looking for More Financial Savvy?
Get curated advice about one small thing you can do to meet a financial goal or eliminate a financial stressor from your life. Sign up for Seagate’s Financial Wellness Email Series.
Make the Most of Your Money
It’s easier to take charge of your finances when you know what you’re bringing in and where your money’s going. Check out Fidelity’s My Money Checkup tool. You’ll be scored on how you’re managing your finances and receive personalized tips for making the most of your money.