If you want 2019 to better financially than 2018 you really need to have a plan. It doesn’t have to be complicated, sometimes a simple plan works the best. A plan based on foundational aspects of money management can actually be easy to follow and requires only 6 steps.
What does it really mean that you should save first?
This means before your start spending your deposit money to your savings. This includes having deductions to 401k and deposits to your emergency or other savings account automatically setup out of your check. This way, savings always happens regardless of what other expenses might happen during the year.
How can we avoid impulse buys that often derail budgets?
The best way to accomplish this is to have a 24 hour rule before buying any item over $100 or any item not on your shopping list. Being thoughtful about spending is important. You have to know where you are going to reduce if you are going to spend more than you plan.
Why is the “Make it to Monday” concept so powerful?
It’s a weekly spending plan for discretionary expenses instead of a monthly budget and by starting it on Monday you can better control your weekend spending. The weekend is when most people have the greatest number of discretionary expenditures.
How important is it to pay everything on time?
Paying bills and loans late costs you money in terms of late fees and could possibly harm your credit score. A poor score can indirectly can cause you to pay more for loans or other services. Keeping a high score means you will get the best pricing on loans possible and save thousands over your lifetime.
How are ways we can look to save more on everyday purchases?
Whether it’s using loyalty cards or coupons, get in the habit to look for deals and discounts on everything you buy. This habit also helps curb impulse buys as well plus if you are always looking for deals and discounts, it will require doing comparison shopping more often.
What are examples of costly habits we should eliminate?
If you have costly habits like smoking or premium coffee stops, cutting out these habits can save you money each week as well has have long term benefits such as improved health. Look beyond the obvious for habits or behaviors to change if you want to save the most money.
It really can be SIMPLE to improve your financial situation.