To make the most of your income, you must make wise decisions when it comes to your spending, savings, investing, insurance, and retirement planning. Although it’s never too late to start planning, the sooner you start, the better.
One of the most critical pieces to your personal financial plan is creating and following a budget. Budgeting 50% of your income toward living essentials such as rent or mortgage, utilities, groceries, and transport, 30% for discretionary items such as clothes, dining out and entertainment, and 20% for savings is a great place to start.
Always pay yourself first, meaning put aside 20% for savings before buying those new shoes. Savings will come in handy when you are faced with an unexpected car repair or medical expense. Set a goal to have enough money in savings to cover living expenses for six months to one year.
Avoid credit card debt traps and only charge what you can repay. Credit cards are essential to establishing a credit rating, and charging your expenses and paying off your monthly balance is a great way earn rewards such as cashback. However, credit cards make it easy to spend more than you can repay, resulting in high interest rates adding to your debt month after month.
Help is available.
Our personal financial management tool is called MyCompass on the mobile banking app and Insights on your desktop's online banking platform. Regardless of how you access it, you will have the ability to make the most of your money. Gain a better understanding of your financial health and spending habits, access planning tools, get goal setting assistance, and more - directly within your existing Marine bank online banking experience.
Everything you need to succeed.
With MyCompass/Insights, you can create a budget, monitor expenses, set goals, track upcoming bills and expected income, and view all of your accounts in one convenient location. With a full view of financial health available at your fingertips, you will be better prepared to create and execute an effective financial plan.
Graduating college? Buying your first home? Starting a family? MyCompass/Insights can provide you with the guidance you need to set goals, monitor results, and eventually achieve success!
Click here for the MyCompass/Insights Quick Start Guide
Click here for Frequently Asked Questions
Additional Assistance Is Always Available
As always, Marine Bank’s team of financial experts are available to assist you with your finances. Simply call or visit a banking center during business hours and we will be happy to assist you – no appointment necessary.