If you aren’t the best at budgeting, or if you have a history of mismanaging your money, I want you to know it’s never too late to fix your situation. The only difference is that you have to want to change in order to better your circumstances. If you want to start fresh but aren’t sure where to begin, I am going to provide you with easy ways to turn around your finances.
Before my husband and I sat down and determined what it was we wanted to accomplish, we knew that we needed a better way to keep track of the extra funds that we bring in monthly. The first thing he did was sign up for Chime.
What is Chime?
Chime is an all-in-one banking solution that truly has your back! There are no monthly maintenance fees, overdraft fees, foreign transaction fees, and no minimum balance requirements!
Since we wanted a way to pay recurring monthly bills automatically, we love that Chime offers us the flexibility to money between our other bank accounts, plus, we get daily balance alerts. We also have the ability to block your card instantly in-app in case we lose or misplace the card.
If we ever need to use an ATM there are over 38,000 in-network fee-free ATMs with Moneypass Visa Plus Alliance that we have access to.
Set financial goals
Setting goals and writing them down are a way to visually psych yourself up to change. Goals such as paying off your credit cards or other debt, purchasing a home are examples of various goals that you can work towards. Setting financial goals will help start you on the path to being financially secure.
Creating a budget (and sticking to it) can help drastically improve your financial situation. When you budget, it allows you to track the amount of money you have coming in, and the amount of money you have going out. By writing out a budget you will be able to understand more of where your money is going and begin on work on distributing it wisely.
Since using Chime, my husband has been able to budget better. The best part is that in case a mishap were to happen, Chime does offer a fee-free overdraft for eligible members with SpotMe! This means that they will spot him on debit card purchases with no overdraft fees.
This is perfect for us; especially with five kids (four being girls), I can always make sure I am staying within our budget when I am shopping for them.
Start an emergency fund
It is recommended that you build up an emergency fund equivalent to at least three months to six months of discretionary expenses. An emergency fund can be a life saver, especially when unexpected expenses come up, in the event of job loss, or other significant need for money arises.
Chime allows us to grow our savings automatically with our Savings Account through them. And if we have any questions about it, they have very friendly and responsive customer support that can help us!