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6 Essential Money Habits for Success

A lot contributes to being financially sound and healthy, but there are essential money habits that help put you on the right path. Start with these basics now and grow your financial savvy from here. 

Set short and long-term financial goals
Setting both short and long-term financial goals will help guide your financial decisions and budgeting. Without having set goals it is easy to spend a lot of money on activities and items that are not important to you. 

Know where your money goes 
Do you ever end the month and wonder where all your money went? Once you have goals set, track and monitor where you spend your money each month. This will help you determine if there are areas you can cut-back or reduce and if your budget needs to be updated to reflect higher than projected areas of expense. 

Pay your bills on time
Establishing and maintaining good credit is important and paying your bills and loans on time directly impacts your credit. Be sure to stay on top of when your bills and loan payments are due and when possible pre-schedule payments using home banking and mobile apps to be sure they are always made in a timely manner.  

Save for retirement
It’s never too early or too late to start saving for retirement. You should ideally save 10% of your income for retirement, but if this isn’t possible, start by saving as much as you can and increase your savings percentage each year. 

Spend less than you earn
This is an important habit to establish early, and one that can be surprisingly challenging to accomplish. If using a credit card for daily expenses be sure to stick to your budget and only spend what you have enough money to pay for each month. Additionally, be sure your budget leaves plenty of unspent money each month to accommodate for unexpected expenses. 

Compare prices before making purchases
Comparing prices is easier than ever with online shopping so be sure to take a little extra time to find the best price not only for larger items like appliances and cars, but also for everyday expenses such as clothing, food, and gas. These everyday items can have a big impact on your budget. 

Posted: 11/13/2017 with 0 comments

Categories: Budgeting, Finances, Money, Saving

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