There are many factors involved in building personal wealth. Increasing your income is just one. Building wealth requires attention to a number of areas of your financial life, but there isn’t a one-size-fits-all strategy. Here are a few key steps to building your own wealth.

Start with a Budget

A budget is always the first step to savings and wealth building. You need to account for the money that comes in every month versus what goes out. Every penny you spend, from your morning cup of coffee to the most expensive bill you pay each month, needs to be tracked. Determine how much is really left over after you’ve met all of your financial obligations.

Skip Banking Fees

Use your budget to plan how much cash you will need on hand each week, while maintaining minimum balances in your bank accounts to avoid monthly banking fees.

Also, balance your checkbook to keep from having to pay overdraft fees.

Pay Your Bills Before They’re Due

Late bill payments affect your credit score and rack up unnecessary late fees and penalties. Rather than give your hard-earned cash to creditors, pay your bills on time. Automating bill payments through your bank is a great way to ensure you’re always on schedule. These can be set up in your online and mobile banking account using OneUnited Bank’s free billpay feature.

Use Credit Wisely

Follow the golden rule of credit card spending: Only charge what you can afford to pay in cash. If you’re living off of your credit cards, it’s time to stop all spending and revisit your financial plan. Secured credit cards can help rebuild damaged credit with proper use.

Make Your Money Work for You

The money you save with proactive planning should be stashed in the right place, so it can grow. One United Bank has several great products that can help you grow your wealth. For example, opening a high-yield savings account is a smart first step toward building wealth. Automate deposits from each paycheck by setting up an automatic savings plan and allow your account to grow untouched.

As your savings account begins to grow, move your money into a high yield CD to maximize your savings. Stay on top of available products and services at your bank to ensure that you have what you need to succeed.

Take Advantage of Worthwhile Deals

Use your banking power to your advantage. Membership in one of One United Bank’s programs can help increase your savings via free services, high-interest savings options, and competitive rates oninterest-earning checking accounts and certificates of deposit.

Even if you haven’t begun an honest attempt to increase your savings and build a solid financial foundation, it’s never too late to get started. The more focused you become on your savings potential, the stronger your financial life can be. As you pay off financial obligations, commit to placing any extra money into a savings vehicle that you can grow over time. As you begin to see your bank accounts blossom, you’ll be motivated to save more and spend less.