If your employer matches retirement contributions, take advantage. It’s free money. It will reduce your income today but can yield thousands in the future.
If you lost your job, how much money do you need to survive for a month? That’s your 1-month emergency fund. Build this fund as fast as possible so you have a safety net.
Bad debt includes mob debt, credit cards, private student loans, tax debt, 401(K) loans and other high interest debt. Pay these off as soon as possible. Also pay off any other debt with unusually high balances or fees.
You’re out of debt and have a little cash in the bank. Don’t get lazy. Grow your emergency fund to cover 3-6 months of expenses.
You’ve addressed all short-term needs. Now it’s time to get serious about the long term. Put 20% of your gross income to retirement.
If you have financial fuel after saving 20% towards retirement, you can begin saving for your children’s college. Don’t feel obligated to pay for all their expenses. They should have some skin in the game.
It’s time to seize the day. In reality, you’ll live your bucket list throughout the 7-tanks. Just remember to balance these ‘wants’ while working through the system.
The 7-Tank System gives you a proven roadmap for your money.
It starts with spending less than you make. We call it Financial FUEL.
Build Financial FUEL
The 7-Tank System
Anytime, anywhere, any device: the SmartPath app makes it easy for you to track your money, compete with colleagues, build your financial literacy and connect with your Financial Concierge.
Tracking Your Money
Need to chat with a coach? Our in-app or over-the-phone Concierge Service connects you to an advisor to set financial goals, assess financing offers, deal with creditors and more. Ask them anything!
Tracking my money has made me much more aware of how and where I’m spending. Awareness is key – and if I know I have to track it – I think twice before spending it.
SmartPath has helped me get out of my “automatic payment” comfort zone. I proactively planned for a one time large expenses instead of reactively shuffling money around to make it work.
This app has been great. It’s very straightforward and easy to use. This past month was an eye opener into how I allocate my funds and where I need to make some adjustments.
Tracking my money has helped me plan better. I like to travel and shop. When I have a trip coming up I always make a goal to have a certain amount of spending money to splurge on vacation. SmartPath helps me maintain the FUEL I need for future events.
SmartPath has really helped me to fully understand my spending habits. It gave me a vision of what I spend in a day, week, and month and helped me to realize that I need to save more than I spend!
The biggest benefit to tracking my money on here is that it keeps me aware of how much money I’ve already spent in a month, so I can avoid spending more than I have budgeted for.
It’s nice to keep track of where my money is going and how I can spend it more wisely. I’ve never done budgeting before, and I think this app is great for getting in the habit of keeping track of my money.
What I really enjoy about the app is that it really allows you to focus on where your money is going. Sometimes it feels like once you receive your paycheck it’s gone the next day.
This app is so much easier and intuitive than YNAB which I’ve used in the past. Thank you!