Under 25? Here are three things you need to do with your money right now.
Did you know that 51% of Americans have less than three months’ worth of expenses covered in an emergency fund? It’s true, and even the 49% of those who are covered say that they still worry about money.
While Caro may not have control over the economy, we do have the ability to help you navigate your financial future. We’ll help you find real solutions to your finances, zero judgement involved.
Want to ease into managing your money better? Here are three things you can do right now:
- Separate wants from needs. Give yourself a reality check. Do you really need that article of clothing, new game, or pricey restaurant meal? Spending your money isn’t always a bad thing— you’ve worked hard to earn it! When money is tight or you have a savings goal, though, be honest with yourself about whether you are splurging or purchasing something necessary.
- Keep track of your spending. If you know where your money is going, it will be easier to make changes when you need to. Try to limit using expensive food delivery apps or cancel a streaming subscription you barely use. There are apps out there like TrueBill that will help identify all of your subscriptions for you, even those you forgot you had. You’d be surprised at what is swiping money from your bank account each month.
- You should have a financial goal. Investments are like modes of transportation: a bicycle, a car, a bus, a plane, etc. What you take depends on where you want to go. This means your financial goals will dictate where and how much you should invest. Figure out what your financial goal is, like paying off your student loans, saving for a house, investing for the future, and more. And if you’re not sure what are good goals for your stage of life, come talk to our team!
Want to get serious about telling your money what to do? Here are some next steps:
- Get a free financial review. We’ll sit down with you, take a look at your credit report and finances, and help you get a plan in place to reach your goals. From as simple as starting a savings account to making a plan to get out of debt or buy your first home, get judgement free advice right now.
- Get paid to save. Chances are if you’re with one of the big banks, you’re paying a fee every month for your checking account. At Caro, though, Kasasa Rewards Checking will pay YOU every month. You’ll even have access to over 30,000 free ATMs and over 5,000 shared branches around the country. That’s more convenience than most big banks can offer.
- Get financial counseling. Free financial counseling is available to all members of Caro. If you feel like you’re in a financial hole and there’s no way out, we can help you find one. Getting judgement free outside perspective will help you see the way out and develop a successful plan to reach your goals.
Not a member of Caro yet? Thousands of people have joined our not-for-profit financial cooperative as an alternative to the big banks. We’re a community of like-minded individuals focused on one common goal: changing people’s lives by finding creative solutions to the financial challenges life throws at them. We can help you, too.