Ever wonder how to build credit? How to save? Buy your first car or home?
At First Oklahoma Bank, we are here to help. Sure, we can get you a loan or offer you a checking account and provide you with great customer service. But we are also here to help you learn and understand more about managing money. We are here to partner with you through your journey and assist on your path to financial success. So, let’s begin.
Managing Your Checking Account
The first step in managing your money is to successfully understand how to balance and monitoring your checking and savings accounts. Begin by keeping a register. A register is an entry log of activity on your checking account, written down as you make deposits and make purchases or write checks on your account. A register will help you know the exact balance of your account; by adding deposits and subtracting debit card purchases or written checks as you conduct the activity. Feel free to visit any of our new account staff to better understand how to keep a register.
Another step in helping you manage your account is to take advantage of the bank’s online and mobile banking services, so you can monitor transaction activity on your account. By, viewing transactions via these services, it will help you to balance or compare the entries you have made in your register, to what has posted on your account according to the bank. And help you know what is still outstanding or not yet cleared your account. Visit our digital banking tools page to learn more about these services.
Budgeting & Saving
Next, let’s talk budgeting and saving! Creating and sticking to a budget is the key to maintaining a financial safety net and spending wisely. The budgeting process begins by determining your take home income. Next you will want to gather up the usual or estimated amounts of your routine expenses. We recommend coming up with some high-level categories, such as housing, utilities, savings/investments, entertainment, loan payments to detail those expenses under. Your budget plan will need to address your needs, some of your wants and an emergency savings plan.
It is important to track your progress with your budget. Schedule a time each day or week to review your progress. Consider using a budgeting app. First Oklahoma Bank offers Dollars & $ense as a part of our mobile app to make money management easy!
When it comes to saving money a great way to ensuring your success with saving is to automate it. Set up scheduled transfers in your First Oklahoma Bank mobile banking app. Simply set your determined amount then select the day and how often the automated transfer is to occur.
Credit & Borrowing
Credit is important. The types of credit you apply for, how you repay those loans and even how you pay your everyday bills can reflect and impact your credit score. Your credit score is not only used to determine your credit risk when you apply for loans but can also be considered when acquiring insurance policies and even when finding rental housing.
There are many questions that come about when discussing and understanding credit. Therefore, below you will find the best resources in the links provided below. If you still have questions regarding this section, please reach out to one of our First Oklahoma Bank lenders.
Learn More Resources:Buying & Owning a Car | FTC Consumer Information