Here are some tips on how you can make your money work for you!
Learn how to build a budget
Now, this may not be the easiest, and it can take some time to learn how to budget in a way that works for you, but the reward is worth it. Start by looking at your income and breaking down your monthly payments. A great way to get started is using the 50/30/20 rule, which breaks down your spending into three categories:
- 50% of your income should go towards paying for your needs.
- 30% of your income should go towards paying for things you want.
- 20% of your income should go towards savings or paying off debts.
Setting goals for how much to spend on each category can make it easier to keep your spending in line and stick to your budget.
A great tool that can help you build and maintain your budget is our MX Money Management tool, that's available in online and mobile banking. This tool lets you sync all your bank accounts in one place and gives you a dashboard that breaks down your spending into categories. Seeing where your money is being spent visually can help you make healthier financial decisions and set realistic and achievable savings goals.
Find ways to automate your savings.
If you are tempted to spend money when it's in your checking account or simply too busy to manually transfer the money you want to save into another account, consider automating your savings. You can do this by setting up direct deposit, so a portion of your paycheck goes directly into your savings each time you get paid. Another great way to automate your savings is by enrolling in Jovia's Stash my Cash. With Stash my Cash, every time you use your Jovia debit card, we will round your purchase up to the nearest whole dollar and deposit the change into your selected account.
Look for how you can maximize your savings.
If you are looking to open a new savings account, you'll want to look at the APY (annual percentage yield); this indicates how much interest an account will earn in a year. The higher the APY, the more you will earn on the money deposited. Deposit accounts such as high-yield savings, certificates of deposit, or money market accounts can help you earn more interest. Another feature you will want to look at when opening an account is the fees associated with the account. There may be fees associated with taking money out of your account or if you don't keep a minimum balance requirement. If you are currently paying unnecessary fees, look into our CareFree Checking account. At Jovia, our CareFree Checking account has no overdraft fees, minimum balance fees, or monthly maintenance fees.
Get the most out of your credit card purchase.
One way to do this is by opening a credit card that can earn you rewards, like our Visa Signature® Elite card. Many credit cards offer a higher cashback percentage on certain purchases. If you use your credit card to make those purchases and then pay the balance in full, you’ll rack up rewards without added interest.
Not currently a Jovia member? Open an account today! When you become a Jovia member, you will be able to take advantage of higher earnings on deposits, lower rates on loans, and lower fees which can help you reach your savings goals.