People set ambitious goals when the new year hits, but one of the best goals you can make is to improve your finances and the way you handle them. This article outlines 4 financial rules that you should live by this year.
If you do not already have a savings account set up, now is the time to do it. You might have lots of money in your checking account, but it’s a good idea to have a separate account set up specifically for saving. This way you won’t spend it without thinking. You do not have to add every extra penny to the new savings account, but adding a nice chunk to get you started it a good start. It will motivate and inspire you to continue saving. You should also leave a little money to have fun with. Once you have a saving account you can decide how much you will save every month.
It’s fun to treat yourself to things now and then, but if you’ve made a habit out of treating yourself to a $5 coffee every day or a new piece of clothing every time you get a pay cheque, you are overindulging and spending money that you don’t need to be spending. Just because you have money doesn’t mean that you need to spend it. By cutting out three coffees each week, you will save money automatically.
Credit cards have made the need to save seem obsolete. This isn’t the case though. Once your credit card bill comes in, you still need to pay for whatever you bought. If you don’t have the money in your account when you buy the item you want, then it’s better to not buy it. Save up for what you want and then buy it. You’ll appreciate things more when you save for them before rushing out to buy them.
It’s important to your credit score that you pay off all bills in full and on time. If you tend to forget what you’ve bought and what your balance is going to be when you get your bill, hold on to all receipts so that you can add them up. If you don’t pay off your bills on time, the interest will add up and it’ll be even more difficult to pay off.
Improving the way you deal with money will not only help you this year, but also for life. Good money habits will last you forever.
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