NB Money Management

Money management is the way you plan and control how you spend, save, and invest. Think of it like a roadmap guiding you towards your financial goals and helping you achieve your dreams.

Good money management is the key to financial freedom. Without it, juggling all your financial obligations can be a bit of a chaotic and risky circus act. With it, you can take control of your financial life and stability. Effective money management helps you track and handle your known expenses, keep any surprises manageable, and seize opportunities when they come knocking.

Personal financial management is money management, but specifically for yourself! It’s a little like squares and rectangles — all personal financial management is money management, but not all money management is personal.

The 50/30/20 rule for managing money makes budgeting easy as pie! Imagine a circle (or a pie) cut into ten slices. Five of those slices, or 50%, should go towards your needs, like bills or groceries. Three slices, or 30%, can go towards your wants. The remaining two slices, or 20%, should go towards your savings.

Your money management plan should start with a monthly budget. It might help to use a money management app like ours! Think about your income and expenses first. Then, focus on building up your savings and paying down your debts. If you’re able to invest, do so wisely. Have fun with whatever’s left — but don’t spend beyond your means! We know money management can seem daunting, so if you have any questions call or stop by your local branch.