Being engaged and aware of what is happening in your financial life is the most effective way to improve your personal finances. We have some tips to help you be more mindful of your finances and how your VCNB account tools can help!  

First: Know Your Income and Commitments

It is imperative to know how much money comes in every month and where it’s going. The best way to do this is to gather up pay stubs and other income documents. Start by adding up your income. Then make a list of all your expenses and add them up to see how much you have going out every month to create a basic budget. Read our Budgeting 101 article to get started!    

Next Step: Get the Right Tools

VCNB offers account holders some user-friendly tools that will make life easier. From checking your balance and paying bills online to turning off your debit card in our mobile app, there are a number of tools for keeping tabs on your finances. Many customers especially love Account Alerts which allow them to receive a text or email for things like when a loan payment is due or each time their debit card has been used. You can even set an alert for when your account drops below a certain balance. Click here to learn more about how the leading technology offered at VCNB can help your financial life!

You’ll also want to review your credit report for accuracy. Download your credit report for free at www.annualcreditreport.com. This document will help you spot errors in your credit history which could impact your credit rating as well as your ability to borrow money, rent a home, qualify for auto insurance or even get a job.

As you’re creating your budget, be sure to put in place some maintenance routines. Have a special place for bills that need attention, automate what you can, and designate a time to pay bills and check balances. While you’re at it, be sure to file or scan any paperwork you need to keep.

What’s next:

These are some basic first steps that everyone should take on the path to financial awareness. Here are a few more.

Start by looking for ways to cut costs. Be sure to apply that savings to paying off debt or to plan for big expenses. Click here for 31 ways you can save money now.

If you know that you spend six hundred dollars on Christmas every year, don’t wait until the holidays and rack up credit card debt. Instead, open a VCNB Christmas Club account to have automatic transfers made from your account into a Christmas Club every two weeks.

Get into the mindset that you will think before you buy and curb those impulse purchases to save strain on your budget. Start thinking about what you want your life to look like and how money can help you strive toward those goals.

Most of all, be mindful and start thinking about how you can put your personal finances to work for you.