Your Money Habits & You: Tips for Better Financial Management

While you may have left the classroom years ago, back-to-school season is when many people think about their education. Learning doesn’t need to stop in adulthood, especially when it comes to financial literacy. 

With only 57% of American adults considered financially literate, now is a great time to learn better money habits. The personal bankers at Citizens Bank in Nashville, TN, are here with some tips to improve your money habits. 

Eight Healthy Money Habits to Adopt This Fall 

A new season is a great time to start new healthy habits, especially when managing your money. Here are some healthy money habits to adopt this fall: 

1. Involve the Whole Family in Your Finances

Children learn by example. By talking about money with your children and involving them in financial management tasks like budgeting, you help the entire family develop healthy money habits. As a result, you may become even more motivated to improve your own financial habits to set a better example for your children. 

2. Let’s Talk About Money

While they say you shouldn’t talk about money, doing so can help you to improve your relationships with your partner and family along with your finances. Many couples and families have conflicts about money because they do not discuss it in a healthy manner, if at all. By having open and honest conversations about money, you can discuss your concerns about financial issues in a safe, non-judgmental setting. 

3. Create a Budget

Creating a budget helps you see where your income goes each month and what your expenses are. It can also help you improve your spending and saving habits. Seeing that you spend too much money on non-essential items can help you reduce spending in that area and save towards a goal you may have, like a vacation. 

4. Open a Savings Account

To avoid the temptation of having cash to spend around the house, consider putting the money in a savings account, where it cannot be as easily accessed. Saving accounts also have better interest rates than traditional checking accounts, giving you the chance to grow your savings. This can help you save for a long-term goal, like retirement, a short-term goal, like a vacation, or just having an emergency fund.

5. Monitor & Build Your Credit

Your credit score can impact your future by determining your access to a mortgage or loans for other major purchases, like vehicles. By getting a free annual credit score report, you can monitor your credit score and take proactive actions to improve it. 

Using a credit card wisely can improve your score while earning rewards like airline miles. For assistance in obtaining this report and improving your credit, contact Citizens Bank. Our credit experts can help you build or improve your credit.

6. Move Your Banking Online

Online banking offers a variety of tools that help you to conveniently manage your money. If you haven’t already done so, consider signing up for online banking. Along with the convenience they offer, online banking accounts have security features that keep your information safe and secure. For assistance creating an online banking account, consult with the personal bankers at Citizens Bank. 

7. Protect Yourself From Fraud

Fraud and identity theft are on the rise. Implementing security practices like signing up for fraud monitoring with your credit card company and creating strong passwords for online banking accounts keeps you safe from these threats. 

If you want to secure your accounts or learn more about how to keep yourself safe from fraud, contact Citizens Bank for assistance from our fraud prevention experts. The security of your account and personal information is our main priority. 

8. Don’t Be Afraid to Make Changes

Sometimes, the best thing you can do for your finances is to make changes. Beyond changing your habits, you can get a new credit card or refinance your mortgage for a better interest rate. This, in turn, will save you money. If you’re not sure where to start making these changes, Citizens Bank can help you. We offer credit cards, mortgage refinancing options, and other financial tools designed to benefit our members.  

Improve Your Money Habits This Fall with Citizens Bank

No matter your age or life stage, it’s never too late to learn how to manage your money better. Citizens Bank offers our members a variety of resources and tools to help them do just that. To get started, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis. Our personal bankers are here to support you in learning more about how to manage your money.

Financial Literacy for Families in Tennessee at Citizens Bank

At Citizens Bank, we support our members in their financial literacy education. That’s why we offer tools and resources to help them learn how to better manage their money. To learn more, contact us online, call us at (615) 327-9787, or visit one of our branches in Nashville or Memphis.