Financial Wellness Minute: Money Management Tools

Get smarter about your money with this Financial Wellness Minute. I'm Jackie Formo from Mid Minnesota Federal Credit Union's Fergus Falls Office. Money management is a skill that everyone should possess for financial stability and success.  Using technology can assist you in organizing finances and making informed decisions. Here are some tools to help manage your money:

• Start with your financial institution's online banking or mobile app and look for a "budget" tool. Likely, this can automatically upload your transactions. Otherwise consider apps like Mint or YNAB (You Need a Budget) to track expenses, create budgets, and monitor investments.
• To help keep a record of day-to-day expenses it can be as simple as using a spreadsheet by categorizing expenses to help identify areas where you can cut back.
• Use retirement calculators to determine your long-term savings goals. Consider variables like age, income, and desired retirement lifestyle to determine how much to save each month.
• Debt repayment platforms help individuals strategize and accelerate the payoff process, ensuring progress is made towards becoming debt-free.

Technology offers a variety of resources to manage your finances and work towards a brighter financial future. Want to know more about money management or have a weekly financial wellness tip sent to you? Sign up below or, contact your local Mid Minnesota Federal Credit Union Office. Sign Up for a Weekly Financial Wellness Tip Mid Minnesota Federal Credit Union is federally insured by the NCUA and we are an equal housing lender.