At PayActiv, we want you to live, grow, and connect with the people and communities important to you. That’s why we provide tools such as immediate wage access to help you participate every day in the economy you help to create.
We also want you to feel joyful, accomplished, and at ease managing your money. That’s why we provide budget management tools and access to financial counseling. It’s also why we are providing this list of ways you can avoid common money mistakes and make your money work for you.
You’ve got this!
Money Move One: Follow a Budget
Most likely, you already know that sticking to a budget helps you manage your money. What you might not know is that creating and adhering to a budget can give you an immense sense of peace and stability, even when money is tight. There’s power in knowing what’s true, and realistic budgets don’t lie.
You can use PayActiv’s free financial counseling and other resources to develop a realistic budget to reach financial goals. Do you want to save money? Would you like to pay off debt? Do you want to buy something new and fun? Be specific about your goals, and your budget will follow.
Budget management can boost your financial health and inspire you to meet fun, life-enhancing financial goals.
Money Move Two: Keep Your Pennies
It’s tempting, isn’t it, to spend every last drop you earn? You work hard for your money, and spending it can feel rewarding, particularly if you can buy something you want (like a trip to the movies)and not just need (like gas or milk). When you spend all of your money, though, you can miss out on another reward: feeling secure.
To correct this money mistake, transfer money into your savings account, whether through a bank or PayActiv account, every pay period. It doesn’t matter if you can transfer $5, $15, or $50. You’ll start building a nest egg for future purchases, including wants, needs, and emergencies.
If you have a PayActiv account and immediate wage access, and save $1–$5 per day, watch your wealth grow.
Money Move Three: Safeguard Space on Your Credit
People use credit for many reasons: to buy something they want or need (a trip to Disney, a prescription at the pharmacy), to cover bills (an electricity or cell phone bill), or to manage emergencies (flat tire). Sometimes credit helps people live full, vibrant, healthy lives. Other times, credit and the debt that comes with it weigh people down. Therefore, it’s important to keep credit spending in check.
Just like it can be tempting to spend every penny, it can be tempting to stretch your credit to the max. If your debt load is manageable, focus on keeping your remaining credit “free.” Set a strict limit on how much debt you incur each month. Then pay it off every month. You can learn about different kinds of credit here.
If you’re drowning in debt, PayActiv has great ideas on how to lower or eliminate your debt. In addition, you can work on budget management with a financial counselor through PayActiv. They can show you how to pay down your debt and give yourself breathing room.
Money Move Four: Take Advantage of Employer Benefits
Many employers offer tuition reimbursement, 401k matching, and other benefits that can enhance your life. Make an appointment with your human resources manager and find out what your company offers.
If your budget is tight, you might be tempted to not put money in your 401k or other retirement account. Every contribution, however big or small, helps build your nest egg. If your employer matches your contributions up to a certain dollar amount, take advantage of that as much as possible. They’re giving you free money.
If your employer offers tuition reimbursement or money for professional development, take advantage. Begin by talking to an HR manager about your options. Then brainstorm ideas, alone or with your supervisors, on how to best boost your professional future. What happens in your career if you earn a degree? What happens if you take one professional development class? Two? Three?
Time might be tight, but squeeze in educational and professional development where you can. Doing so can lead to raises, promotions, and other professional boons. All of that can support you in boosting your salary and therefore your savings and budget management power.
Money Move Five: Know You’re Not Alone
None of us is born into this world knowing how to manage money, and many of us learn through trial and error. We don’t have to do so alone. You don’t have to do so alone.
PayActiv is your partner in helping you live the life you’ve earned. We want you to thrive and enjoy your success. As such, we offer immediate access to wages as you earn them, alternatives to bank accounts and debit cards, access to financial counseling, budget management and savings tools, bill-pay tools, and more. We do so for free or at an affordable rate, depending on your needs.
Holistic Financial Wellness
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