Tips for Improving Your Financial Health

It’s never too late to start improving your financial health. There are so many tools and resources to help you get your finances back on track that are easier to use than you might expect! The problem is, you might not know where to look to start. We want to make sure you have the tools you need to start prioritizing your financial wellness and that you feel confident while doing so. Here are some helpful tips for improving your personal finances!

Take Advantage of Financial Management Tools

There are financial management tools available to you for free all over the internet. Some might be offered by your financial institution, and some might be created by other trusted financial institutions. Some good tools you can look for include:

Mobile and Online Banking

These tools let you take more control over your finances from wherever you may be. Some helpful features that are often included in online and mobile banking include:

• Credit and debit card controls
• E-statements
• The ability to view your balances in real time
• Access to your account information
• And more!

By using mobile banking, you basically have access to your accounts anywhere you have your phone and internet access. Similarly, online banking lets you control your accounts more easily without visiting a branch. Take control while saving time with online and mobile banking! 

Personal Finance Apps

If you’re looking for other ways to take control of your finances, there are many free, trustworthy apps that can help. Whether they’ll help with tracking your expenses or building your savings, there are apps built specifically to help meet your goals. There are also good online investment platforms to help you start making financial investments.

The best part is that most of these apps are free or low cost and are built to be simple to understand. They can help you with your month-to-month financial planning and help you minimize your spending and maximize your savings!

Build the Right Budget

Many people agree that knowing how to budget is one of the hardest steps in a financial journey. Luckily, there are so many different budgeting strategies that you’re likely to find one that works for you! If you’re not sure how to create a budget, try one of these to start:

• The 50/30/20 Method. With this budgeting method, you put 50% of your income towards things you need, 30% towards things you want, and 20% towards savings.
• Zero-Based Budgeting. With this budgeting method, you put 100% of your income towards specified costs. These costs can include bills, groceries, savings, etc. – just make sure you’re allocating your full income so that there’s zero untracked funds.
• Envelope Budgeting. With this budgeting method, you create an envelope for each type of cost. Then, put the amount you’re willing to spend on those costs into those envelopes. If you don’t want to have that much cash sitting around, tracking in a spreadsheet works the same way. Only spend the money set aside in these envelopes, and don’t allow yourself to overspend.

If you don’t like these methods, look up some budgeting apps! These apps can help you learn how to make a budget that works for you. There are many budget planner apps with different budgeting tools, so take time to find the best budgeting app for you.

Meet with Financial Advisors

If your primary concern is making sure you’ve got the right amount of money stored away for the future, meeting with a financial advisor might be what you need! Financial advisors can help you with:

• Investing. If you don’t know how to invest in stocks or which stocks to invest in or you’ve been investing for years, financial advisors can help point you in the right direction. They might also be able to help find the best investment apps for you.
• Planning. Financial advisors can give you personalized financial planning help! They can help you figure out how to create a budget that works for you and how to minimize your monthly spending.
• Debt Monitoring. Are you in debt and don’t know how to get out of it? A financial advisor might be able to develop a plan that helps you work your way out of debt and improve your financial health.

If any of these ideas sound helpful, it might be good to talk to a financial advisor! As a side note – if you’re only interested in investing, look for an investment advisor near you. They’re here to make your investment journey as easy and fruitful as possible.  

Find the Right Financial Institution

The easiest way to start improving your financial health is by finding the right financial institution. At Bank of New Hampshire, our goal is to offer many of these helpful tools in a simple, convenient place! Our FREE personal financial management tool allows you to manage your finances, set alerts, control your cards, invest and more!

Plus – we’re at the forefront of digital innovation, offering all these helpful tools built to help improve your financial health:

• Digital investing
• Personal finance management
• Our virtual assistant, Winni
• Video drive-ups
• A free, biodegradable debit card
• Fraudulent transaction disputing
• Enhanced digital communications
• Account and debit card alerts
• And more!

Want to read about our digital innovations and how we can help you improve your financial situation?

Learn more.