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Its not really taught in school, and it can be difficult to navigate.
GOBankingRates spoke withbankingand finance experts to uncover some practical ways to make your banking work for you.
First things first, it’s crucial that you have a bank account.
With that in mind, here are seven changes you might make to your banking habitsto build wealth faster.
Martino pointed out a concerning statistic.
To address this issue, Martino suggested considering Bank On certified accounts.
Shop around before you commit to check that you get the best deal.
Not all accounts are created equal, and youll figure that out quickly when you start looking.
Utilize Financial Education Resources
Knowledge is power, especially when it comes to managing your finances.
Martino recommended using all of the resources your bank has to offer even if its not your bank.
These resources can provide personalized guidance to help you manage your money more effectively.
Your credit score is a vital aspect of your financial health, Martino explained.
However, its incredibly important.
If you dont plan for success, youll never know whats possible.
These targeted steps can enhance your financial stability and motivation, leading to better daily financial decisions.
Simple practices, like cooking at home instead of dining out, can contribute to significant long-term savings.
Do not hold onto excessive amounts of cash.
Strive to invest every penny you save that exceeds your liquidity target.
So, invest the majority of your money, but verify whats liquid is also working for you.
Brock has some thoughts on how to do this.
The most competitive vehicles in this space are offering yields in excess of 5.00%.
If your liquidity reserve is large enough, you may even be able to capture 5.50%.
Most people that make this small change, and stick with it, save more money.
Automate Your Finances
Curry emphasized the importance of automation in building wealth: Automate your payments.
Be sure that you are never late making loan or credit card payments, she said.
Just do it and set up automated investments each month.
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