There are four key pillars used to improve your financial health: Spend, Save, Borrow and Plan. This week we're focusing on *Spend* to help you master your finances.
Putting money away into short-and long-term savings is one of the keys to smart money management. Planning ahead financially can help you buy a home, retire, or weather life's unexpected moments, such as the loss of a job, a leaking roof, or an illness your insurance doesn't fully cover.
Build solid, liquid savings for emergencies
Liquid savings is simply an account you can access anytime you need it without any fees or tax liabilities. To start yours, save 5-10% of your monthly paychecks into a simple savings account. Your goal is to set aside at least three months of income. That savings will help you avoid payday lenders for emergency expenses, which only put you further into debt.
- Learn 9 ways to master your money
- How to keep from losing your house
- Try our emergency savings calculator
Plan ahead with long-term savings
Achieving your long-term financial goals starts with a savings plan, whether you want to buy a home, pay for college, or retire someday. Your savings options range from savings accounts to an Individual Retirement Account (IRA), your company's 401(k), a Certificate of Deposit (CD), Treasury Bill (T-bill), as well as Money Market Deposit Accounts and Money Market Mutual Funds. How you invest your savings depends on your goals and timeline. If you're not sure where to start, contact One Nevada's Investment Group for a complimentary consultation to discuss a plan that's right for you.
Attend a Live Webinar
You're invited to the Psychology of Spending where you'll learn how to monitor and adjust your spending habits to improve your savings. Get all the details.
One Nevada is always here to help
Financial Fitness | Learn
Balance, our free financial fitness program, is packed with how-to articles, videos, advice, tools, webinars and the chance to schedule some time with a personal financial counselor. Start your own account today.
Free Credit Score & Monitoring | Manage
Log in to One Nevada Online or Mobile Banking to access your credit score, review your credit report and double check for possible fraud and theft. All for free. You can even set up alerts to monitor your credit activity. Choose ‘credit score' from the main menu after you log in.
Money Management | Monitor
Get a complete look at your entire financial picture (including your accounts at other financial institutions) with and Keeptrack®, our online financial tracking tool. It's a great way to set financial goals, stay on budget and track all of your money. You'll find this free tool in our Online and Mobile Banking.
Check out the rest of our Financial Literacy Month articles: Master Your Money and Finances