Block and Tackle Your Way to Financial Victory

It’s finally that time of year! The air is buzzing with excitement, team colors are filling the streets, and the scent of nearby tailgates is wafting through the air. That’s right, football season is here! And while your favorite team blocks and tackles their way to victory, it’s a great time to take assess your own financial playbook. With a few strategic adjustments, you can set yourself up for long-term financial success. Keep reading, and we’ll show you how to block your bad financial habits and tackle challenges head-on to reach financial victory. Ready to make your move? It’s game time!

Blocking Bad Financial Habits

Just like guarding an opponent on the field, the first step to improving your financial health is to block bad financial habits. This starts with identifying your opponents. Work on recognizing the bad habits that are holding you back, such as overspending, neglecting savings, making frequent impulse buys, and accumulating debt.

How to block these habits:

• Budgeting: Start by creating a budget that outlines your income and expenses. Make sure you set spending limits and stick to them!
• Emergency Savings: Building an emergency fund is essential for protecting yourself from unexpected financial challenges. Save 3-6 months’ worth of expenses in a separate, easily accessible account. It’s also helpful to automate your savings to ensure you are making consistent contributions. (INSIDE PLAY: Learn how to calculate emergency savings with our Emergency Savings Fund Calculator).
• Expense Tracking: Use financial calculators, apps, or spreadsheets to track your daily expenses. Monitoring your spending makes it easy to see exactly where your money is going, and it helps you identify patterns and areas where you can make cuts.

Tackling Financial Challenges

Blocking bad habits is just the beginning; you also need to tackle those financial challenges that are threatening your well-being before they do more damage.

1. Managing Debt

Debt can be a major obstacle, but with the right strategies, you can overcome it. Here’s your defensive lineup for managing debt:

• Debt Snowball Method: Focus on paying off your smallest debt first, then move on to the next smallest to build momentum.
• Debt Avalanche Method: Prioritize paying off debts with the highest interest rates to minimize the total interest paid.
• Consolidating Debt: Consider combining your high-interest debts into a single personal loan with a lower interest rate. This will simplify your payments, reduce overall interest, and make it easier to repay your debts faster. (GAMEDAY STRATEGY: The best personal loan for consolidating debt at Academy Bank is called the “Express Loan”¹).

2. Improving Credit Score

A good credit score is crucial for financial health, as it affects your ability to borrow money, get favorable interest rates, and even rent an apartment. Here’s how to build your credit score:

• Paying Bills on Time: One of the most significant factors in your credit score is your payment history. Make sure to pay your bills on time and every time to maintain a positive credit history.
• Reducing Credit Utilization: Aim to use less than 30% of your available credit limit. High credit utilization can negatively impact your credit score, so try to pay your balances frequently to keep it low.
• Reviewing Credit Reports: Regularly check your credit reports for errors or inaccuracies. If you find any, dispute them immediately to ensure your credit report accurately reflects your financial history.
• Using a Secured Credit Card: If you're rebuilding or establishing credit, consider using a secured credit card. These cards require a deposit that acts as your credit limit, making them easier to qualify for and also helpful in creating positive credit history. (COACH’S TIP: Academy Bank offers the Credit Builder Secured Credit Card², which is the best way to build credit.)

For more tips on credit building, check out our previous article: Your Guide to Building Credit at Academy Bank.

Implementing a Winning Game Plan

With your bad habits blocked and your challenges tackled, it’s time to implement a winning game plan. This will help you drive the ball forward and score BIG with your financial goals.

• Setting Goals: Define short-term goals like building an emergency fund or paying off debt, and long-term goals like saving for a child’s education, a house, or your retirement. Use a Savings Goal Calculator to simplify the process.
• Determining Milestones: Once you’ve set your goals, break them down into smaller, manageable milestones. This will make it easier to track your progress and keep up your momentum.
• Creating a Financial Plan: Develop a budget that supports your goals, incorporate diversified investments to grow your wealth, and adjust your strategy as needed. If something doesn’t go as planned, don’t hesitate to “run it back” and refine your approach for better results.
• Wearing Your Game Face: Regularly review your progress and celebrate achievements to stay motivated on your financial journey.

Academy Bank is Your Coach, Cheerleader, and #1 Fan

At Academy Bank, we are here to support you at every yard line, offering tools and resources to help you reach your financial endzone.

Take advantage of our other calculators to plan and track your financial strategy. For example, you can use our Credit Card Pay Off Calculator to make a game plan for repayment. Wondering how to improve your credit score? You can also use our Credit Assessment Calculator to evaluate your financial health and see exactly where you stand. And don’t forget to utilize our Debt Consolidation Calculator to learn how to combine debts into something that is manageable.

If you are looking for ways to save money without making a conscious effort, our Saving Cents³ program is your touchdown play. With every debit card purchase, your transaction is rounded up to the nearest $1 or $5, and the extra change is automatically transferred to your savings account each night. It’s a simple way to grow your funds without even thinking about it.

And finally, if you’re aiming to score those extra points, our financial education resources will equip you with knowledge and confidence to make smart decisions about your money.

As the football season kicks off and your team gears up for victory, let Academy Bank be your financial coach, cheerleader, and #1 fan. Here’s to a season of success both on and off the field!

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¹ Subject to credit approval. Restrictions Apply. Direct deposit relationship required. Origination fee applies, 10% or $100 whichever is less. Annual Percentage Rate (APR) is based on credit score. Only one personal loan allowed to any borrower at any time. Loan terms are based on the loan amount.

² Subject to credit approval. Transaction and Penalty fees apply. Credit Builder Savings account required. $5.00 quarterly fee charged to the Credit Builder Savings account if not enrolled in eStatements. Improved credit score is not guaranteed. Credit score is determined by credit reporting agencies based on multiple factors, but satisfactory performance on a credit card product can improve your credit score. Default on a credit card, including missed or late payments can damage your credit score. Once added, funds cannot be withdrawn from the Credit Builder Savings account and the Credit Builder Card without closing the savings account and the credit card.

³ Choose from $1 to $5 increment to round up on your debit card purchases from your checking account. Each night all the extra change will automatically transfer from your checking to your savings.