Our Two Cents

Financial fitness won’t happen overnight: just like your workout routine, it takes dedicated time and consistent effort if you want to see results. Whether you’re opening your first bank account or paying down major debt, it’s always a good time to work towards a more secure future.

1. Set Concrete Goals

As with anything in life, setting concrete goals will keep you focused. Thinking about your endgame helps you identify the next steps towards reaching it. But make sure you’re being realistic: setting a sky-high goal is admirable, but your motivation will decline if it’s too far out of reach.

2. Stick to a Budget

That new coat may be on sale, but paying your bills in full should always be your main priority. Identify the recurring expenses you have each month and set money aside for them.  After that’s done, you’ll know how much “fun money” you have left. Use these free budgeting tools to help you get started.

3. Maintain a Healthy Credit Score

Your credit score is a good indicator of overall financial health. Even if your score is low, it’s possible to improve it by paying down your balance each month and keeping your existing lines of credit open. A higher score allows you to qualify for better interest rates, saving you money in the long term! Not sure what your score is? Check your credit score for free.

4. Minimize Debt

Identify your most expensive habits and think about how you could reduce or eliminate them in your day-to-day life. But also, don’t dig yourself any deeper—pause before you make any large purchases and think through how they align with your long-term financial plan.  

5. Maximize Savings 

A safety net lets you sleep better at night, knowing there’s money available to cover unexpected expenses or a change in circumstances. Take a look at Chief’s savings products and find the right fit for you!