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2/18/2020

Financial bliss could be just four steps away

Are worries about your financial wellness keeping you up at night? If so, you’re not alone. More than half of consumers surveyed in the CIT Bank Financial Bliss study said they constantly worry about money. In fact, money is the top reason consumers lose sleep when compared to relationships, work, and fear of missing out socially.1

If you’re ready to get a better night’s sleep and work toward your personal definition of financial bliss, here are four steps to get you started: 

1. Free yourself from debt.

High credit card or student loan debt is a roadblock to achieving financial well-being. But sacrificing saving to pay off debt could create its own barriers if you have an unexpected expense or emergency. Take things one step at a time. Try paying off the debt with the highest interest rate first, while making minimum payments on other debt. Then repeat the process. Soon you’ll be debt free.

2. Get control of your finances. 

Gaining control over your saving and spending habits is critical for achieving financial well-being. It starts with small day-to-day decisions, for example, choosing to pack your lunches instead of eating out five times a week. It’s a steady process. Eventually, you’ll find that you’re successfully managing your money month-to-month and planning for short-term and long-term goals.

3. Prepare for the unexpected.

If you don’t have an emergency savings fund, start by saving three to six months of income. That’s a moderate amount to help you manage an unexpected expense, though specifically how much you should set aside depends on your income, expenses, whether or not you own a home, and other factors. Consider opening a high yield savings account such as CIT Bank’s Savings Builder account . It offers a high interest rate to savers who make at least one monthly deposit of $100 or more or maintain a minimum monthly balance of $25,000.

4. Focus on your goal—not on what others are doing.

Is FOMO causing you to spend more and risk achieving your savings goals? If so, make a change. Don’t get distracted by what other people in your life are doing. Your goals come first. Celebrate small steps toward your goal and appreciate those around you that celebrate with you.

At CIT Bank, we’re here to help. Get started on your path to financial well-being by checking out our Savings Builder account. It offers higher-than-average interest rates, plus we’ve got articles and resources to help you manage your money and quickly improve your savings habits.

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