The coronavirus pandemic left many African American and Hispanic households financially affected, in need of stimulus checks and without any savings. As we start to emerge from the adverse effects from 2020, it is important to not lose sight of our money management skills.  Monifi, a goal-based banking free app that has financial goals at the core of the experience, believes every small amount counts when it comes to saving money and with these simple tips that can all be done within their app, many families can begin to rebuild a part of their savings at their own pace:

1. Remember to continue to save, even if it’s a small amount per month
You want to spend and that’s okay as you are in control of your spending budget, however make sure to manage that with a fine tooth comb so there are no surprises.

2. Don’t just create or think about goals – track them.
Set goals and review your progress to stay on track. Whether you’re saving for a big or small purchase staying organized will be incredibly helpful.

3. Understand where your money is going
Assess your expenses on a monthly basis to know where your money is going. Challenge yourself to reduce expenses where possible to add any of that new savings to your financial goals, whether it’s saving for that “vaxication” or new tech gadget you’ve been eyeing for a while now. A little bit of extra change or dollars will help you get closer to that financial goal.

4. Make your savings work for you:
Seek financial products that will help you earn an excellent rate of interest and watch your savings work for you.

Monifi accounts are FDIC insured as a division of MidFirst Bank, a banking leader for nearly 40 years.