Personal Banking Tips for the Great Resignation

Personal Banking Tips for the Great Resignation (Image Source: Shutterstock)

What Is the Great Resignation?

The Great Resignation has become a popular term that describes the higher-than-normal rate of American workers leaving their jobs. This began in Spring 2021 in the midst of the pandemic as many people were let go of their jobs or left due to the grueling mental strain COVID-19 caused. Many are finding a sense of freedom after leaving their jobs, but that doesn’t include financial freedom. There’s still stress, though maybe of a different kind, as their need to make money to support not only themselves but others, hasn’t changed.

The Great Resignation 2022 │ ABC7 News Bay Area

Invest in a Budget App

We’re constantly on our phones, from texting and talking to being on socials and answering emails. A great way to utilize your phone and screen time is to download apps that focus on personal banking, money tips, and money-saving. That way, you can always have insight and direct access to your finances. Various apps such as Mint, Digit, Acorns, and more provide you with tools for how to manage your money. These are helpful apps because they give you a clear picture of the money coming in and going out, and how you can cut back to save more. Don’t fret — there is a variety to choose from that is free as well.

Ask Questions When Opening Your Bank Account

If you don’t know much about banking, it’s easy to choose the wrong type of bank account. Whether you already have a personal banking account or are looking to open one, take time to do some research or ask someone who is knowledgeable to help you choose the best option for yourself. A good way to pick the best fit for you is to compare bank accounts by checking features and saving benefits, as well as any stipulations they come with.

4 Questions to Ask When Opening a New Checking Account │ Regions Bank

Negotiate

There are a lot of numbers and language that come along with banking and finances. It’s easy to gloss over them or say yes to something you might not fully understand. Knowing the fees is something that’s extremely important to do as there are fees involved in any account that you choose to open.

Take a Moment to Ask Your Bank to Share More Details With You. (Image Source: Shutterstock)

Understand Your Features

When you’re busy with jobs and many other things requiring your attention throughout the day, it can be difficult to make sure your bills are paid on time or to put away savings. What’s great about some banks is that, when you do direct deposit, you can automatically put a percentage in your savings. This way, all the work is done for you and it’s a guarantee that you’re prioritizing putting money in your savings or for a rainy day.

Be Consistent in Checking Your Account

Set a reminder to check your bank account to keep an eye on the health of it. It’s important to have a general understanding of how much money you have. The more you know what your spending habits are, the more you have control over budgeting.

Set a Reminder to Check Your Bank Account to Keep An Eye On The Health of It. (Image Source: Shutterstock)

Try the Envelope System

Another great way of budgeting your money and doing some of your own financial reporting is to try the envelope system. This is an easy and effective way to track your spending and help you categorize your budget. Take time to create categories such as groceries, gas, personal, and entertainment, or others that you find yourself spending money on.

Ask as Many Questions as You Need

The journey toward financial freedom might be scary, but it doesn’t have to be. Don’t be afraid to ask questions or for help when you need it. This can range from requesting more information from your bank to asking someone you trust to help you build a solid foundation for yourself. In the meantime, try out some of the tips mentioned above and share them with others who are also working to be more financially healthy.

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