Take a Closer Look at Your Finances: Simple Steps to Make Positive Changes

April is Financial Literacy Month, making it the perfect time to step back and take a closer look at your finances. Whether you're trying to save more, manage debt, or just get a better handle on your spending, small adjustments can lead to big improvements. Here are some practical steps to help you make positive changes and set yourself up for financial success:

1. Review Your Spending Habits

The first step to better money management is knowing where your money is going. Take a look at your monthly expenses, including bills, groceries, entertainment, and impulse purchases. Are there areas where you can cut back?

2. Build a Budget That Works for You

A budget isn’t about restricting yourself – it’s about having control over your money. If you don’t already have a budget, start by listing your income and expenses. Identify areas where you can adjust your spending and set realistic goals for saving.

3. Pay Down Debt Strategically

If you have credit card debt, student loans, or personal loans, now is a great time to create a payoff strategy. Consider using one of these popular methods:

• Snowball Method: Pay off your smallest debt first for quick wins, then move to the next.
• Avalanche Method: Focus on debts with the highest interest rates first to save money in the long run.

Even small extra payments can make a big impact over time.

4. Boost Your Savings

Whether you’re saving for an emergency fund, a vacation, or a home, setting money aside consistently is key. Start by automating your savings – even if it’s just a small amount each paycheck.

5. Check Your Credit Score

Your credit score impacts your ability to get loans, rent an apartment, and even land a job in some cases. Check your score regularly and take steps to improve it by:

• Paying bills on time
• Keeping credit card balances low
• Avoiding too many new accounts

6. Make the Most of Your Banking Tools

Managing your money is easier when you have the right tools in place. With CPB’s online and mobile banking, you can:

• Set up automatic bill payments
• Use alerts to monitor balances
• Deposit checks on the go with mobile deposit

7. Set Financial Goals for the Future

Whether you want to buy a home, start a business, or retire early, having clear financial goals helps you stay on track. Write down your short-term and long-term goals, then create a realistic plan to achieve them.

Start Making Positive Changes Today

Financial Literacy Month is a great opportunity to take charge of your finances. Small steps – like reviewing your budget, paying down debt, and boosting your savings – can lead to a stronger financial future.

Need help getting started? Visit CPB today to explore banking solutions that fit your needs. Or visit cpb.bank/insights to learn more for more financial awareness tips.