NFL and Arik Armstead of the San Francisco 49ers promote financial literacy.

If you’re looking for advice on how to sack a quarterback, NFL defensive linemen are a great resource. However, you may be unlikely to ask that player for advice on managing his or her personal finances. But if that lineman is Arik Armstead of the San Francisco 49ers, he’ll have you covered there too.

Armstead and the NFL recently shared a video on Instagram about his top five financial tips, and as someone who edits articles on the subject every day, I think his advice is really solid. Here’s what the veteran player said:

1. Pay off your credit card bill every month.

Armstead starts by encouraging people to pay off their credit card balances each month. This is great advice for anyone to keep in mind, regardless of their bank account balance. Those with higher salaries can charge more on their credit cards each month, but they should only charge what they can afford to repay when the bills come due.

Carrying credit card debt each month can end up costing you more money no matter what you buy. This is because credit card interest is charged on the balance. According to Forbes, the current average credit card interest rate is 27.80%. Paying interest on your card balance makes it more difficult to pay off the entire bill. It’s a much safer bet to keep your credit card spending within what you can afford.

2. Talk to others about your finances

Well, I definitely like this piece (but I might be biased because of my job!). Talking about money to others can be nerve-wracking, but the saying “you don’t know what you don’t know” comes to mind. Maybe you don’t really understand how retirement accounts work. Or maybe you’re not sure whether you should switch to a high-yield savings account. Whatever your financial struggles, know that you don’t have to find all the answers on your own.

Reach out to friends or family members who seem to have a solid understanding of the topic you are interested in. Or, talk to a financial advisor who can give you professional, unbiased advice.

3. Create a monthly budget

Look, no one said every aspect of personal finance had to be glamorous. Creating a budget can feel like homework, and it can be uncomfortable to scrutinize where you’re overspending or decide where to cut. But think of it like a framework you’re setting that can help guide you.

Creating a budget doesn’t have to mean cutting out all the enjoyable expenses in your life. And honestly, you shouldn’t because that makes it impossible to stick to your plan. But if you can take an honest look at the money coming in and going out and adjust how you spend your cash, you will set yourself up for long-term success. There are many ways to create a budget, from simple spreadsheets to useful budgeting apps, so you’re sure to find one that works for you.

4. Save for an emergency fund

This is great advice from Armstead, and you’ll definitely see it repeated a lot here at The Ascent. Having an emergency fund is very important because you never know when unexpected expenses may arise, such as car repairs, appliance replacement, or health issues.

Armstead specifically notes that he has three months’ worth of expenses set aside. This is consistent with what many financial experts recommend. That’s because it provides enough of a cushion in case you lose your job or continue to have high bills. The right size emergency fund varies from person to person, so look at your expenses and income and decide if you want to have more money. From there, you can set aside a little bit each month to build up your emergency savings.

5. Follow your financial goals

I love that Armstead included this advice in his video. Comparing your situation to someone else’s is useless. Because the details are always different. As difficult as it is to keep blinders on, it’s important to focus on your own financial well-being and not anyone else’s.

This mindset can help you focus on what you can control in your life. You might dream of the beach vacations and expensive dinners your acquaintances brag about on social media, but it’s more productive to figure out how to achieve your own goals instead. You could take online classes to build your knowledge and get a promotion at work, or you could save up little by little to pay off debt and save for a down payment on a house.

Armstead’s advice is golden

I’m sure some people would be skeptical about a famous football player giving financial advice. But I hope many people take Armstead’s advice to heart. He’s been a star player in the NFL for nine seasons and has a generous salary to prove it (in fact, he’s detailed in other videos on his social media accounts), but his personal finance tips are powerful and can be helpful. A lot of people.

As a lifelong 49ers fan, I appreciate seeing a player take the time to talk about this topic. Now I’m hoping he’ll post another video on how to budget for a parade after this season.

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