Our Tips for Making Financial Services Simpler

Tips to Better Manage Your Finances

When it comes to financial services, confusion has long since been a big part of the puzzle. For years, the idea of finances, investments, and making great money decisions often seemed limited to one specific group of people — the so-called elite. These days, that’s not the case. After years of making finances difficult for most people involved, the millennial generation is now starting to see money through the lens of progress and opportunity.

However, it’s no secret that practical finance simply doesn’t make sense to a lot of people. Outside of learning to write checks, high school classes don’t dive into finance, and a lot of parents don’t either. The result? Millennials are confused about finance, but wanting to make smart decisions. Here are some of our go-to tips for making financial services simpler.

Make use of apps

That app store on your phone can be an absolute gold mine when it comes to taking control of your finances using creative, aesthetically pleasing interfaces that actually do work. Truly, it’s all about finding what works for you — and the ability to integrate financial technology into the palm of your hands has been a game changer for a lot of people.

If you’re wanting to save extra money without thought, download Qapital or Digit to round up your extra change and help you save for goals. If you’re interested in stocks and investments on a smaller level, use an app like Acorns or Stash to dip your toes in the water. If you’re looking to get serious about your net worth and understanding your money, the app Personal Capital is a great tool.

Create a budget

One of the most powerful tools you can use to take control of your money? Actually creating a budget that helps you determine what you should be spending and saving. If it sounds like typical financial advice, it is — but it’s because it works. By building out a monthly budget, you’ll be able to understand your own spending patterns in a way that can help you grow your wealth. 

Building out a budget is also key to helping you get really honest with yourself, and it’s your best method for deciding whether or not you’re living within your means. There are a couple of ways you can create a budget that sticks, and you might have to try out a couple of them. However, whether you go the spreadsheet route or the digital one, we can promise you — it’ll help change your financial life.

Make your social media work for you

Social media can often directly affect your relationship with money — and not in a great way. From being stuck in the comparison wheel to being targeted by ads, spending and social media go hand in hand. However, it doesn’t have to be that way. In fact, you can curate a social media feed that helps you develop an excellent relationship with your finances and, in turn, yourself.

The fix? Following people and brands that are built around financial health, and then putting their advice into practice. Some of our favorites for promoting financial independence without the jargon are @moneywithkatie, @thefinancialdiet, @clevergirlfinance, @heyberna, and @ramit. But, just like anything related to money, it all boils down to finding people and messaging you connect with.

At CIFS, we’re focused on helping to build up a generation of people that feel comfortable and healthy when it comes to their finances — no confusion, jargon, or exclusion allowed. Learn more about us today.

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Council for Inclusion in Financial Services, Inc. is a 501(c)(3) organization dedicated to increase awareness within the financial services industry of the social and economic benefits of multiculturalism in employment and supplier utilization, while also launching initiatives that promote financial literacy to help all Americans understand how to grow their personal wealth.

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