Do you think you are financially healthy? As hyperbolized in the Netflix satire, “Squid Games”, there are many people out there that have no control over their personal finances. However, I don’t believe that we must risk-it-all in a life-or-death battle royale to improve our financial situation. Here are some tips to help you improve your financial health:
- Automate Your Savings
If you manually pay off your credit card balance each month; you’re probably spending more time looking at your personal finances than you need to. According to Ramit Sethi, best-selling author of “I Will Teach You How to Be Rich”, automating your finances reduces decision-making, thus setting you up for success in your financial journey. Through automation, you can automate your salary to deposit directly into a savings account/ ROTH IRA/ 401K and the remainder into your checking account. The money in your checking account is your “guilt-free” money that you can choose to spend freely knowing that you’re saving what you planned to.
- Get a Credit Card that Works for You
I have found that there are so many people that still use their debit card or credit card that they first got at their college freshman orientation. It’s time to reconsider and re-evaluate if that credit card is best for you. Think about what your goals are: Is it to travel? Garner cash-back? Or gain points at your favorite retailer? Shop around!
- Track Your Spending/ Properly Optimize Your Rewards
Sometimes when you many bills, a mortgage and student loan debt; it’s hard to keep track of your spending and credit card rewards. However, we are in the era of mobile technology where we can do just about anything from our smartphones. There are countless apps that can enable you to track your spending and ensure you are staying within budget for the month.
However, it is also important to keep track of your reward generation and optimization. This can be time consuming and tedious but overall rewarding.
Through the Cypress mobile application, you can easily garner insight on your card reward optimization when you shop through our highly personalized system. In addition, the app can suggest in real-time which credit card or rewards card can generate the highest ROI per transaction type.
Philip Eng, Data Mastermind, Cypress