Going With the (Financial) Flow by Managing Your Money Better | First Volunteer Bank

The last thing the team at First Volunteer Bank wants you to go through is looking at your account when something happens and realizing you don’t have the funds to cover an emergency or even just your monthly bills. To ensure your bank account doesn’t run on empty, take a look at our suggestions for the best ways to help manage your money.

Keeping the Cash Flow Afloat

Did you know that approximately 57 million people living in the United States don’t have an emergency savings account established? As a result, when an emergency happens—from the car breaking down to unexpected medical bills—many are going into debt (and even foreclosure) in order to help cover those expenses. Therefore, one of the best ways to help avoid a negative financial situation is to manage your money in a way that allows you to save.

You want to expect the unexpected. When putting together your budget, make sure to include a designated amount that will go toward your savings. You want to build up a sizable savings account in case of unexpected events. That way, when your washer breaks or you’re out of work a week due to a layoff, you have some money set aside so that you don’t have to go into debt.

If you use credit, make sure you’re paying off your bills as soon as possible to help avoid interest and late fees. Even if you don’t pay the amount due immediately once it arrives, be sure to pay it before the due date. Not doing so can wreak havoc on your credit score, which will impact you down the line. While this might be just one obstacle in your life, you don’t want it to affect your credit score so much that in the future you cannot purchase a new home or vehicle.

Also, make cuts where you can. You don’t need to eat out every night. Shopping for clothing and other nonessentials doesn’t have to happen every week. The family can have a night in with a movie instead of a night out. Do what you can now in order to set yourself up for a better future!

Find the solutions that are right for your finances by discovering the bank account options best for you. Visit the First Volunteer Bank website to learn about our various business and personal accounts.