Let's Talk: Spending

Money is a touchy subject. Regardless of income, most people will avoid talking about how they struggle with spending money. Consequently, money is known to damage relationships, cause anxiety, and reveal insecurities.

On the other hand, money can also deepen relationships, bring happiness, and provide security when you maximize every dollar spent. What does this mean? This means it is imperative to find ways to get more for every dollar you spend. For this reason, let’s talk about 5 money spending tips that you can start right now.

Track Your Spending

You can control your spending by taking advantage of online personal financial management software and digital banking tools available to you. For instance, Gulf Coast Bank & Trust Company offers their personal banking customers My Money to help manage financial accounts and spending and CardControl to set limits on spending and protect you against fraud.

Shop Around

Instead of buying something brand new, try buying it second-hand. And while you are at it, shop around for the best and most affordable checking account, insurance providers, and internet and phone services.

Care For Yourself

It is never a bad idea to spend money on self-improvement. Self-improvement can include taking on a new hobby, learning something new, or improving your health and wellness. Furthermore, companies will typically provide health and wellness programs to help incentivize their employees. These programs can involve on-site gyms or discounted gym memberships, nutrition programs, and Health Savings Accounts to help save for and manage the cost of medical expenses.

Pay Off Debt

Pay off or consolidate your debt to a lower interest product. Or you may want to discuss beneficial ways to leverage your debt with your banker. For instance, a home equity line of credit (HELOC) is a relatively low interest loan that can be used to renovate or repair your home. And as long as you pay the balance off on time, credit cards can be leveraged when you take advantage of cashback, rewards, or travel benefit programs.

Start Investing

Lastly, you do not need to spend every dime you make. In fact, it is much more beneficial for you to put money aside, invest it, and watch it grow over time. If you are looking for short-term and low risk products, a savings account or a certificate of deposit (CD) may be the solution. Otherwise, consult with a financial advisor to learn how you can start building wealth today.

Spending money wisely is not hard, but it does require work. With all the above considered, we hope you can shift the way you spend your money to ultimately benefit you long-term and bring value to your life. And as always, please know that Gulf Coast Bank & Trust Company is committed to being the bank that cares about you. If you have any topics you would like us to discuss, we invite you to email them to marketing@gulfbank.com with the subject line Let’s Talk.