We’re back for our second financial literacy month post. This week we’re giving some of our favorite quick tips to help you feel in control of your budget and effectively manage your money. Check out these tips below:
Capitalize on cash back rewards
If you haven't already been getting cash back from your everyday purchases, now's the time to jump in on all of the savings. Rewards are all about building up little bits of extra cash when you buy the things you need like groceries, coffee, or a quick bite to eat. Additionally, rewards can be a great way to save on travel expenses when you're on the road and discover new restaurants while you save. Branch is proud to offer cash back rewards for everyday purchases—find rewards near you in the Branch app.
Create a credit payment strategy
Paying your monthly statement is great for your credit score. However, it doesn't eliminate the interest you pay each month and the compounding interest that accumulates over time.The tricky part about compounding interest is that you're paying interest on your previous interest. To make the most of paying off debt and minimizing interest, we recommend paying as much as you can, as soon as possible. For more info on credit and credit score, check out our credit chronicles series.
Make the most of cash flow tools
The benefits of utilizing cash flow tools into your day to day could have a positive impact on your financial wellness. Implementing tools that monitor your spending help keep track of your monthly budget, which is essential to build savings and manage your money. Try out our free budgeting tool, CashFlow, that's built into your Branch Wallet. To experience the full CashFlow toolkit, you’ll need to set up direct deposit to your Branch Wallet.
This blog post is intended for general information purposes only and should not be considered legal or financial advice.