4 Smart Money Habits

The beginning of a new year is a great time to start smart financial habits that can last you well beyond January. Make this your best financial year yet with these four smart money habits.

Dedicate Time to Learn About Money

Habitually learning about money every day is an overlooked habit that everyone should develop. Knowing how to budget, the difference between various investment accounts, and choosing the right credit card are incredibly important things to learn to be financially literate. Whether if it is by reading websites like the Bank of the Lowcountry’s blog, signing up for a daily financial newsletter, or watching YouTube videos about finances, learning about financial matters can be an easy and fun habit to start in 2018.

Contribute to a Savings Account

We all know that contributing to a savings account can be difficult, especially if we haven’t already made it a habit. 2018 is a fantastic year to begin a savings account and stick to it. The Bank of the Lowcountry has an automatic transfer on all savings accounts, making it even easier to contribute. By setting up an automatic transfer, even if it is only a few dollars a month, you don’t even need to think of putting the money aside for a rainy day. Getting into the habit of putting extra money into your savings, like a bonus, is also a great habit to start this year.

Make your Money Work for You by Investing

The new year is a great time to start investing to make your money work for you. Even though it often seems hard to begin investing, knowing how to invest, and various ways to invest can make your money grow. Start by researching various ways of investing, such as an IRA or retirement fund, and then decide how much money to put into your account per month. One of the newest ways to invest is by using apps such as Acorn, which automatically withdraws money from your bank account into a diversified account.

Start (or Reassess) a Budget

Budgets are an amazing way to make sure you are making smart money decisions, yet they are a hard habit to get into. Now is the perfect time to start a budget, and stick to it. If you already have a budget, the beginning of the year is a good time to review it and make sure you are making the most of it. If you are often going over or under budget, sitting down at the beginning of the year to make needed changes for 2018.