14 Banking Tips for Navigating Personal Finance

Whether you are preparing to go to college or planning on getting your masters, it’s important to develop good financial habits early. Midwest Bank has tools and products to help manage your money including financial education resources, a Round Up program to start saving, and even a checking account that offers rewards.

As you start planning for a successful financial future, we’ve put together 14 banking tips that can help you navigate your personal finance:

1. Start budgeting: Create a budget to track your income and expenses. This will help you understand your spending habits and save money.
2. Open a bank account: Midwest Bank offers a variety of checking accounts with perks like no monthly fee, earns interests, or no minimum balance.
3. Understand fees: Familiarize yourself with the fees associated with your bank account, such as overdraft fees, ATM fees, or monthly maintenance fees.
4. Save regularly: Set up automatic transfers to a savings account each month. Our RoundUp program is easy to set up when you open a checking and savings account.
5. Take advantage of technology: The Midwest Bank mobile banking app lets you monitor your accounts, send money with Zelle, and set up automatic payments with Bill Pay. It’s convenient and helps you stay on top of your finances.
6. Be cautious with credit: If you choose to get a credit card, use it responsibly. Pay off your balance in full each month to avoid interest charges and build a positive credit history.
7. Be mindful of student loans: If you’re planning to pursue higher education, explore scholarships, grants, and part-time work opportunities before resorting to student loans. Borrow only what you need and have a plan to repay them after graduation.
8. Protect your personal information: Be cautious with sharing personal information online or over the phone. Avoid clicking on suspicious links or responding to unsolicited requests for your banking details.
9. Track your transactions: Regularly review your bank statements or transaction history. It helps you identify any errors, detect fraudulent activities, and maintain accurate financial records.
10. Build an emergency fund: Aim to save three to six months’ worth of living expenses in an easily accessible account. This fund acts as a safety net during unexpected events or financial emergencies.
11. Understand interest rates: Whether it’s on a savings account or a loan, make sure you understand the interest rates involved. Seek accounts or loans with competitive rates to maximize your earnings or minimize your costs.
12. Explore investment options: Start learning about investing early on. Talk to our advisors at Midwest Wealth Management for guidance on financial planning.
13. Stay educated: Keep up with financial news and trends. This knowledge will help you make informed decisions about your money and adapt to changes in the banking industry.
14. Seek financial advice: If you’re unsure about certain financial matters, don’t hesitate to seek advice from a trusted financial professional. Our experts are here to help with questions you have.

Remember, these tips are general guidelines, and it’s essential to consider your personal circumstances when making financial decisions. Building good financial habits early on will set you up for a successful future. Contact us to help you navigate your personal finances today!