Ten personal finance strategiesDraw up a budget. A budget is essential to living within your means and saving enough to reach your long-term goals. Your goals, along with an emergency fund, will help you stop making financial decisions based on fear and help you take control of your situation. Paying off high interest rate debt is one of the best investment measures, and the average interest rate of 17% on unpaid credit card balances is a major obstacle to building financial security.
Once you’ve built up your savings and want to start investing to increase your wealth, talk to a financial planner to help you make wise investment decisions. Be sure to think about the big financial picture; that may mean alternating between saving and paying down debt to meet your most pressing goals. If you have more than six months of savings in your emergency account (nine months if you’re self-employed), and you have enough savings for your short-term financial goals, then start thinking about investing. This information may be different from what you see when you visit the website of a financial institution, service provider or specific product.
It doesn’t have to be a difficult experience to get your debts paid off, save money and move toward your financial goals. You need motivation to start adopting better money habits, and if you make a vision board, it can help you remember to stay on track with your financial goals. You can’t pay off your unsecured credit card debt, medical bills or personal loans in five years, even with drastic spending cuts. Another plus? If you stick to these five tips, your financial woes can begin to diminish, and you can start reaping the rewards of lower debt, saving for the future, and a solid credit score.
We have spent many hours reviewing loans from over 30 personal loan companies to find the best online loan rates and features. Many of these personal finance apps connect directly to your bank account and update automatically, making it easy to track spending and budgets in real time. So, since it’s Financial Literacy Month, we’ve decided there’s no better time than now to round up our top 50 money tips in one juicy, super helpful read. This one comes straight from LearnVest founder and CEO Alexa von Tobel, who vows to set aside one minute a day to check your financial transactions.
Creating a financially secure life can seem like an overwhelming task that requires the skills of an expert cartographer and GPS programmer.