3. Tackle your debt.
Being in debt is like standing in quicksand. The more you borrow, the faster it can spiral out of control. If you want to accomplish your financial goals, getting control of your debt — especially high-interest consumer debt — is key. For instance, consider applying for a credit card balance transfer that offers an introductory 0% APR. Even though these deals typically come with a balance transfer fee of around 3%,2 it can be worth it to get 0% financing for a period of time. Or consider consolidating multiple cards into a personal loan, which often offer much lower rates.
4. Maximize your spending.
The next step is to find ways to make the most of the money you already have to spend. One of the best ways to do that is to sign up for a rewards credit card. Not every rewards card is created equal, so spend the time to find one with no annual fee, generous rewards, and a low interest rate so you can start earning money back on everyday expenses. No matter what reward card you choose, be sure to limit yourself to charging only what you can afford to pay off at the end of each month.
5. Plan for the future.
Finally, it's important to make sure you're consistently dedicating some funds toward your future. The earlier you start saving for the future, the easier it is to meet your savings goals, thanks to interest accruing over time. If you haven't enrolled in a 401(k) through your work, do it right away — especially if your employer offers a match. That's free money you're missing out on otherwise. And if you don't have access to an employer-sponsored retirement account, you can still save money for retirement in a tax-advantaged account by opening an IRA instead. Setting up automatic transfers from your checking account can simplify the process.
Stop by your local Synovus branch if you are looking for additional guidance — we're here to help.