13 Ways to Take Luck Out of the Equation
Friday the 13th conjures up a whole host of superstitions. Black cat crosses your path? Absentmindedly walk under a ladder? Some people believe both of these will send bad luck your way.
When it comes to your finances, we're not superstitious. Because with the proper planning, you can take bad luck out of the equation. So put down that lucky rabbit's foot, and read up on some helpful tips for your financial future.
1. Automate Your Savings
Think about setting up an automatic transfer to your savings account in Online & Mobile Banking. Depending on your pay cycle, you might want to schedule this transfer once or twice a month. It's a good idea to schedule it to transfer after your paycheck has been deposited.
If you're paid twice a month, and you transfer $250 per paycheck, you will save $6,000 a year, without having to do anything.
Be sure to check your budget to see how much you can afford to set aside each pay period for savings.
Which leads us to...
2. Set Up a Budget
Setting up a budget is a smart way to ensure that you know exactly how much of your money is going where each month. This could help you avoid overdraft fees on your checking account, missed bill payments, or charging too much on your credit cards.
One simple strategy is the 50/30/20 budget. This is where you set aside 50% of your monthly income for needs (such as food, rent, utilities), 30% for wants (entertainment, dining, home decor), and 20% for savings (vacation, retirement).
The 50/30/20 strategy is just one strategy and may not fit your individual goals. Some people, for example, may need to set aside more than 20% for savings, or more than 50% for needs.
There are many ways to set up a budget, so be sure to do some research to find out which way best fits your personality, your specific situation, and your financial goals.
If you're looking for a place to start, you can use our easy Monthly Budget tool, found here.