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The Art of Finding Money

6 steps to organize your money to live a confident financial life.

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The Art of Finding Money

Staying well informed about your income, expenses, savings and investments requires taking a close look at your finances periodically. Ask yourself these questions: Do I want to feel more confident in my financial life? Am I motivated to make better financial choices?

A practical view can simplify the process to small, incremental steps towards organizing your money.

Discover The Art Of Finding Money.

It’s simple, remove multiples. Start by thinking about dropping just one unnecessary item like a landline or multiple memberships. Once you see how that extra cash can slowly add up, try cutting another extra expense. Over time, this process could ultimately yield hundreds or even thousands of dollars per year in savings.


Put Your Money To Work.

When you eliminate an unnecessary expense, or receive extra cash from a raise, bonus, tax refund or gift, consider using the money to increase your retirement plan contributions to either a workplace plan or an IRA. Many people aim to contribute at least 10% of their salary to retirement savings, but if you can’t stretch to meet that target immediately, you might try to increase your contributions by 1% or so of your salary every year until you get there.


Check your progress toward a goal.

If it’s not in writing it may not exist.  Write your financial goals down and begin address your goals, one by one. This can give you a clearer and more optimistic financial outlook. Consider listing important short and long term goals, then check your progress over time to see if you are on track to meet them. If you are not, you may need to make changes to your saving and investment strategy so that you are better positioned to pursue your goals.


Consolidate retirement accounts.

Over the course of your career, you may end up with multiple 401(k)s or IRAs in different places. Having so many accounts can make it difficult to keep track of your assets and feel comfortable you are appropriately invested to pursue your retirement goals. Account consolidation might help you keep your retirement plan on track and simplify your investment management. Consider combining IRAs of the same type with one institution.


Simplify Credit Card Debt.

Having multiple credit cards can make it not only harder to track and control spending and stay within your budget but also easier to build up high-interest debt. If you have several cards, evaluate which ones work best for you.  Cards with the lowest interest rates with rewards make the best primary cards. Keep the other cards for emergencies, or for limited use, but try not to build balances on them.


Keep your beneficiaries and addresses up to date.

It may seem like simple financial housekeeping, but it’s easy to forget about policies or accounts that were set up years earlier. It’s crucial to keep addresses up to date for:

  • Financial Institutions
  • Insurance Companies
  • Former Employers, if they have a pension or 401K Plan.

It’s also a good idea to periodically review the beneficiary designations you’ve made, especially if there have been family changes, such as a birth or a marriage. Keep in mind that have online access to your accounts can make it easier to update your information.


We’re here to go the distance with you.  Learn more about MTC Federal’s deposit services and our current rates or call 800/442-7792 and speak with a Member Service Representative to start your custom saving solution.