Staying on top of your finances is the best way to make your money go further. For the financially savvy consumer, it’s vital to have insight and power over your finances. Managing your money doesn’t have to be difficult when there are apps dedicated to giving you the information you need to make better financial choices.
Of course, this will all work the old-school way – with a notebook and a sharpened pencil, but technology makes it so much easier! Let’s dig in:
Budget planning tool — Kiplinger
Good financial management means understanding your financial commitments every month, and that starts with your household budget. Kiplinger’s budgeting tool lets you calculate exactly how much you spend each month on the basics. That means rent / mortgage payments, utilities, food, healthcare, insurance, debt repayments, and all the other things you need to pay for.
You enter your income, work out how much you spend in each area, and the tool will let you know how much disposable income you have left at the end of the month.
Manage everything with Quicken
Quicken is the complete financial package. It lets you plan and set budgets, track all your spending and disposable income, and even helps you make sensible investments. Quicken also has tools for small business management or making money from property investments. We provide statement downloads you can easily import into Quicken to make managing your money much easier.
Review your credit score — Credit Karma
Your credit history and credit score are essential to getting loans with good interest rates and repayment terms. Lenders use credit scores to understand the risk of lending to individuals, so it’s important to make sure your credit history is accurate. Credit Karma provides credit scores for free — You can understand where your credit score comes from, and look into your credit history. If you discover anything unusual, you can then take steps to put it right.
Credit Karma also has a helpful debt repayment calculator so you can work out how much you can save in interest by increasing your minimum payments or paying off your debt early.
Calculate how much you’ll have at retirement — Marketwatch
Even if retirement is still some way off, you need to start planning and saving for it now. This excellent calculator from Marketwatch shows you why. It lets you specify your salary and the percentage you want to save. It then projects exactly how much you will have at retirement, and how long it will take you to spend that money. Just a small change in how much you contribute to retirement every month can have a massive impact on your savings and quality of life after you retire.
Manage your money online — Litchfield Bancorp
Naturally, as a forward-looking bank, we give you plenty of online tools to help you manage your budget and savings.
From helping you plan and categorize your spending, to letting you set a budget or meet your savings goals, we give you the technology to stay in control of your finances.
Make the most of your medium- and long-term savings with our savings planner tool.
We’re here to talk you through the important financial decisions
Here at Litchfield Bancorp, we know a finance app is just a starting point. That’s why our money experts are on hand to help you prepare for your financial future. We’ll discuss all your options with you, and provide friendly, helpful advice on getting the most out of your money. Get in touch with us today.
Torrington Branch Manager, Assistant Vice President
NMLS MLO ID: 880889