allowing you to better grasp how money functions, and, more specifically, how your money can work for you.
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To learn about good banking habits for achieving success, Hey NEWSspoke with Shawn Niehaus, head of Consumer Banking at Fifth Third, and Mary Loftus, president of Impressia Bank.
1. Monitor Your Accounts Frequently
Many people know the anxiety of loading groceries onto the conveyor belt, silently hoping their accounts have enough to cover the cost. One way to know for sure what you have in your account and make sure you have enough to cover what you need is to regularly check it.
Taking a close look at your accounts can help you spot where your money is going and find ways to save more money. Many banks, including Fifth Third, have tools online that make it easier to track your finances.
“Daily account checks can make it easy for you to understand your spending habits better," Niehaus said. "We're committed to improving our digital services to provide our customers with fast and detailed access to their spending information."
2. Explore Early Payment Options
Having an extra cushion in your savings can make a big difference, especially when it comes to staying on top of bills, avoiding credit card debt, and covering unexpected expenses. That's why it's worth checking if your bank offers early payment options that can give you a head start.
One of our most popular product innovations has been our Early Pay feature, which has helped many customers get paid up to two days early," Niehaus stated. "We've received direct feedback from customers that the ability to get paid two days in advance makes a huge difference in managing their finances and maximizing every single dollar.
e. Can you pay off your smallest debt in two months?
— or simply reviewing a bank statement if you're old-fashioned — is that you can accurately figure out exactly where you should cut back on your spending.
Are you overspending at a "high-end" grocery store or scouring sales for items you really don't need? Loftus suggested by using information from your bank, you can transform the process of being more thrifty into a motivating challenge rather than a duty or penalty.
“Get the most out of your dollar by making your daily money management more engaging,” she said. “Don’t hesitate to take advantage of discounts, and look for the lowest prices on food, clothing, and other essentials. Leave items you've selected online for a few extra days before checking out. Keep track of the money you save by delaying your purchases. Set financial goals for yourself and give yourself a reward as you make small adjustments to your shopping habits.”
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3. We too can live happily while being down to earth.