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8 Smart Money Moves to Help You Get in Control of Your Finances

04.03.2020 / Community First Credit Union
Financial Well-being
Updated 7/1/2025
 

As the cost of living continues to rise, it is important to keep a close watch on your finances and make smart money moves. Each area of your life has likely seen some change, and that probably includes your finances and those of your loved ones. To help you through this stressful time, we’ve compiled a list of eight smart money moves you can take right now.

1. Budget, Budget, Budget.

Budgeting is the foundation of financial wellness in any circumstances, but especially when the cost of living feels overwhelming. A sound budget plan will give you clarity about where your money is going each month, and will give you a sense of control. There are several budget plans you can follow, the most well-known being the 50/30/20 plan. This plan means you devote 50% of your income to essentials like housing, food and utilities, 30% to non-essentials or fun, and 20% to savings. This budget might not be feasible for everyone, so you may decide to use the 70/20/10 budget, where 70% of your income is for living expenses and discretionary spending, 20% is for savings and investments, and 10% is for debt repayment or donations. Regardless of which budget plan you follow, you will find that it will empower you to make smart choices and feel more in control of your finances.

2. Use Safe Ways to Pay

Using safe transaction practices is always important, but it’s especially important right now. For every purchase you make, be sure to use only the safest payment methods. These include loading your credit and debit cards into a digital wallet such as Apple Pay or SamsungPay; using contactless tap-to-pay technology; and setting automatic payments.

3. Build an Emergency Savings Account

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Keeping a sound budget plan will also help you put away money for emergencies. You’ve likely seen the importance an emergency fund stressed in the articles on our blog. An emergency account is designed to help you in unexpected circumstances, whether it be a car repair or a medical expense. If you haven’t established an emergency account yet, now is the perfect time to start. At Community First, we have multiple ways to help you do this: high rate savings accounts, money markets, Save My Change program, youth accounts, and more options, many of which you can apply for online or over the phone.

4. Use Digital Banking Tools

To make accessing your money easy and convenient, we offer a full suite of digital banking services, which allow you to easily manage your accounts without having to visit a branch. Here are a few online tools we offer to make your life easier:

5. Refinance Your Auto Loan

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If you find yourself looking to free up money, consider refinancing your auto loan. Doing so can help you lower your monthly payments and even help you pay off your car sooner. You can easily see if you qualify by applying online.

6. Protect Your Money

Unfortunately, scammers often take advantage of stressful situations like the current pandemic. They might even pose as organizations you trust. Beware of these scams and never give your personal information or online banking credentials to anyone.

7. Keep Your Money Safe in an Interest-Earning Checking Account

We understand that saving money can sometimes be difficult during challenging times. But there are still ways you can earn and save more. By simply keeping your funds in an interest-earning checking account, you could be earning interest on the money you have. Learn more about our Advantage Checking account and apply online.

8. Automate your Bills

With many people taking on side gigs and ways to make extra money, your schedule probably looks a little different from your normal routine, making it easy to lose track of things, like paying a monthly bill. Don’t risk missing any of your monthly payments and getting charged late fees. You can set up automatic payments so you can stay worry-free about paying your bills on time.

Seek Financial Support

If you're unsure how to start a budget, get out of debt, or become financially sound, Community First Credit Union offers the support you need to gain control of your financial future. Discover BALANCE Financial Wellness where you can get your personal financial health score, seek budget and debt counseling and more. You can also reach out to our dedicated team of professionals who are ready to assist.

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