PERSONAL FINANCIAL TIPS HOW TO
PERSONAL FINANCIAL TIPS FREE

PERSONAL FINANCIAL TIPS HOW TO

If you want to learn how to take control of your finances, you need to read. Spend 1-3 Hours Per Week Reading About Finances I like the online savings builder account from CIT Bank, which can help you build an emergency fund. Whether that is a savings account at the same bank or a different bank where you don’t touch the money unless for emergencies. But a simple personal finance tip, move what you want to save to a separate account. You’d be surprised how many people do not do this. Separate Your Savings From Your Checking Account If you reverse the roles, you are more money-conscious to pay your bills on time and reduce frivolous spending. Too many times you pay everything else first (like bills), and then by end of the month, there is hardly anything for you to save. Sounds somewhat controversial, but having this mindset will keep you on your savings targets. This philosophy has been around for some time now, but I didn’t really come across it until reading the book Rich Dad, Poor Dad. I used a spreadsheet that laid it all out with how much cash should be going towards savings and investments. Don’t! This is how you fall back into old non-savings habits. Many times you get a rhythm going, then you slowly get a little lazy.

When just getting started with your personal finances, you need to create a savings plan and actually stick to it. How original! I know, I know! But it needs to be said. Looking to improve your credit score? Check out my ultimate guide to getting a good credit score and maintaining it.ĥ. I’m not necessarily a fan of how credit report companies operate, but it’s still good to get your score above 700. It can affect you getting future car loans, mortgages, apartments, and affects what kind of interest rate you might get.

If your score is really low, start work on improving this number. And it can help you prevent identity theft too.

PERSONAL FINANCIAL TIPS FREE

Credit Karma is free and doesn’t hurt your score to look at your reports.īut, monitoring your credit can help you catch mistakes, overdue bills, info about your loans, and just overall how your score is doing. Understanding your credit scores and credit report is another important personal finance tip for beginners. It’s okay to live comfortably, but don’t live beyond your means. With social media, trying to keep up with friends, and our consumer mentality, we fall into a trap of overspending on things we don’t really need to keep up appearances. If you have a limited salary and high debt, by no means should you be upgrading to a brand new car, getting an expensive apartment, going out to eat every day, etc. Such a simple concept, yet most of us do not practice it well. Nothing like seeing close to $50,000 in debt when you have $1,000 only in the bank, but that opened my eyes a bit more. It helped me organize what should be paid first, if I should make extra payments, and beyond. Not only the total amounts, but interest rates, amount of the minimum payments, loan length, etc. Now, your budget and net worth might give you some insight, but I like to write down all my current debt separately. There are some cool apps and online tools to simplify this process like Mint and my favorite, Personal Capital. It also can keep you on track and help you visualize where you are financially. The difference between this and budgeting? I actually look at my net worth monthly. Similar to a budget, it’s important you calculate your net worth, no matter how ugly it might be. To Understand Your Finances, You Have to Track Your Net Worth Visualizing and seeing these numbers can help you catch issues or make your eyes pop from some rough-looking numbers. By no means am I a fan of obsessing over my budget calendar, but when you are first starting out you need to do this.Ī budget gives you the big picture of how you are spending, what income you are bringing in, etc. If you have not created a budget, even in a spreadsheet, DO IT. Ready to get started? These 29 personal finance tips below blend various categories of finances like budgeting, saving, investing, and more. If you are interested, you can dive into my about page here. How have these finance tips helped me? I self-manage my investments, have a 70%+ savings rate, improved my career worth and salary, and much more. I’ve seen posts with like 75+ tips and I’ve seen articles with just a handful of very general tips.Ĭertainly not knocking on those articles, but I wanted to write one more focused on the must-haves.Īnd secondly, all of these finance tips are things I started doing in late 2014 and really were key to how my financial life has changed. Well, for one this is a collection of the very best ones that beginners really need to know. If you search the Internet, you’ll find numerous personal finance tips available.

Personal financial tips