Issue 8 - Fall - Spring 2021

3 PERSONAL FINANCE TIPS MONEY MANAGEMENT Managing your money doesn't have to be hard. Take advantage of the many financial tools we offer: Financial literacy is very important because it helps you make the right decisions and manage your money effectively. This ranges from setting budgets and monitoring your spending, saving for things like vacations, emergencies and large purchases, or retirement planning. So, whatever your financial situation or stage in life, smart money management can help you meet your financial goals. • What is your total income? • How often do you get paid? • What are your current & ongoing expenses? • Now that you’ve identified your monthly income and expenses you can set a realistic budget. • Create spending categories and label them by importance. This can help you prioritize your spending. • Consider using financial tools available such as our Financial Calculators and MX Money Management software. • If possible, leave room for leisure spending and unexpected expenses. • Set aside a portion of your income for short and long-term savings. • Save for retirement with an IRA or 401(K). • Monitor your account balances. • Track your purchases – creating categories can help you understand where you are spending your money. • Review your bank statements and financial assets. • Keep track of things like automatic payments, subscriptions or monthly fees. • Be sure to also investigate unauthorized transactions in a timely manner. • Keep it realistic and flexible – set yourself up for success by budgeting within your income range. • Don't stress - financial planning requires flexibility and often needs to be adjusted month to month. This is ok! Dive deep into your income and expenses. Set a realistic budget & savings plan. Monitor your spending & financial assets. Find the balance. Financial Calculators Determine how long it will take to pay off your credit card, how much you should save for college, compare mortgage terms & more! MX Money Management Card Valet STEP 1 STEP 2 STEP 3 STEP 4 Access all your financial accounts in one place. Control your finances online or via your mobile app. Stay in control of your card and your spending with Card Valet. Set alerts, control transactions by category & lock your card for any reason right from your mobile app. Consider these four steps to kick-start your financial plan: The information herein is general/educational in nature & should not be considered financial or legal advice. Consult an attorney or finance professional regarding your specific situation.