It’s a holiday that may not be on your calendar, but it’s an important one. August 14 marks National Financial Awareness Day. Celebrating is easy—set time aside to make sure your finances are in order. It may sound like a daunting task, but understanding your finances is easier than you think. We’ve come up with a list to help you get started.
Make a Budget
What does your paycheck go to every month? Don’t worry if you don’t have a clear answer. You’re not alone.
Using your credit card and bank statements, make a budget for your monthly expenses. Start by writing down and categorizing how much you spend on groceries, bills, gas, and miscellaneous items like entertainment, gifts, restaurants, etc. From there, you will see the exact number for each category. Doing this will provide you clarity on what you’re spending your money on each month. Doing this can also help you identify what costs you could easily cut. Setting a budget and knowing where your money goes puts you in control of your finances and enables you to make informed decisions on your future.
Do you have your eye on a new house or car? Or maybe you’re taking the kids back-to-school shopping. Make sure you set SMART goals that are Specific, Measurable, Achievable, Realistic, and Timely.
Here’s an example of how to make a common goal into a SMART goal:
- Goal: Buy a car.
- Specific: Save $100 each month for one year to use for a downpayment on a car.
- Measurable: Amount you are saving each month: $100
- Achievable: Review your expenses and create a budget to determine how much you can save each month (what expenses are needs vs. wants?)
- Relevant: Evaluate if this is an important goal to you and how it will affect and benefit your life.
- Timely: This goal is timely since you have set a specific time frame.
By setting SMART goals, you’re setting yourself up for success and are more likely to see your goals through.
Avoid late fees by setting up automated payments. PREMIER Auto Pay makes it easy and fast. The free payment service automatically makes your monthly payments so you can spend more time on other things. Contact us at 800-987-5521 to assist in enrollment.
Set Yourself up for Success
Being financially aware will help you better plan for your future. And when life’s unexpected emergencies happen, you’ll be prepared. Financial Awareness Day is the perfect time to check in on your finances. You will be happy you did.
This information is presented for educational purposes only. It is not intended as, nor should it be construed to be, legal, financial or other professional advice. Please consult with your attorney or financial advisor to discuss any legal or financial issues involved with credit decisions.