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First Reliance Bank

Ten Tips for Managing Your Money

Plan

Assess your needs for the future, major purchases, and periodic expenses.

Set Financial Goals

Determine your short, mid- and long-range money management goals.

Know Your Financial Situation

Determine your monthly living expenses, periodic expenses and monthly debt payments.

Make A Budget

Follow it closely and evaluate it regularly, comparing actual expenses with planned expenses. See our financial tools.

Don’t Exceed Your Income

Pay down on credit cards, pay more than the minimum amount and don’t charge more on the card than you are paying to your creditors.

Save

For periodic future expenses, try:

  • Saving 10% of your net income.
  • Accumulate 3 to 6 months salary in an emergency fund.
  • Put money in an Individual Retirement Account (IRA)

Pay Bills on Time

If you’re going to be late making a payment, contact the company and work out a payment schedule.

Distinguish Between Needs and Wants

Take care of needs first.

Use Credit Wisely

Know the payment you can comfortably afford out of your budget.

Keep a Record of Daily Expenditures

Detail how you spend money on a daily basis, so you can adjust your budget as needed.