As you sequentially pay off your debts, you’ll have more money to apply to the next debt on the list. Debt repayment requires action, some discipline and a lot of patience.
Paying yourself first is an effective savings strategy because it takes willpower right out of the equation. Rather than struggling to increase your self-control, you simply reduce your need to put it in action.
Find out a few creative ways that you can boost your local economy without spending a single cent.
It’s hard to do (especially if your retirement is decades away), but designing the life you want can be motivating.
Finding your dream career is challenging on its own, and only made more difficult by others’ expectations and our own biases. Be mindful of your goals—any job that helps you achieve them is a benchmark for success. Remember that interests and skills change and develop over time, and therefore the need to make and reassess your career goals will continue through high school, college and beyond. Your career is important, and it deserves some serious reflection time.
The act of creating a budget contributes to your ability to follow it through. It solidifies your values, it promotes competence and it highlights your achievements as you work through it. Incorporating Prioritize, Track, Reward into your budgeting method of choice will boost your motivation while tackling your personal finance goals at the same time.
While some of us dream of a wildly successful Internet career, the rest of us are happy to settle for online earnings that are a little more modest. Thousands of money-making opportunities are just a web search away. Whether you’re selling your old stuff, scoping out freelance opportunities or running your own digital storefront, there are tools and resources to help you along every step of the way.
Everyone has some idea of what it means to be money smart — however, whether or not you’ve acted on that idea is a different story! There are a few nuggets of financial wisdom in particular that are echoed so many times in articles, blog posts and TV segments that they become clichés, albeit practical ones. Curb your spending. Pay off your debt. Contribute to your savings early and often. Compound interest is your friend. Start saving now and watch your money grow.
Sorting through financial documents is a pretty straightforward process once you figure out how long you need to hang onto specific types of documents. Doing a periodic cleanup will save you time and hassle in the long run, and will keep your desk drawers and filing cabinets clutter-free in the meantime!
On the surface, home ownership can seem like a smart and appealing option, especially if your mortgage payments work out to be lower than what you would be paying to rent. However, rushing into a mortgage can set you up for a ton of stress (financial and otherwise). Before you buy, check in with yourself to make sure that you’re well prepared, that the timing is right and that you’re doing it for the right reasons.
We tend to be creatures of habit; as a result, it can be difficult to introduce change into our routines. Not every generic product you try will be a winner, but that doesn’t mean that there aren’t any generic winners out there! Instead of overhauling your entire shopping list all at once, try swapping out one or two products every time you go to the store and see what works for you. Over time, you’ll be able to keep your household running while saving some cash at the same time
Increasing the rate of return on your savings through investing is the best way to counter the effects of inflation, and it will help ensure that the money you save today will have the purchasing power to afford what you need in the future.
The reality is that emergency expenses come in many forms and that there are less traumatic examples out there that would be equally good at messing up your financial situation, so it might make more sense to think of your emergency fund as a “life happens” fund.
Budgets are like the New Year’s resolutions of personal finance. We all know we should have one and we all know it’s a fairly simple thing to follow—at least in theory.
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