Take control of your money
Don't let your money control you. Tell your money who's boss. Get things done, paid off, and under control. I know that's a little easier said than done, however it's not impossible!
With so many videos, info graphics, and news articles out there it's hard to know what sources to trust and what's important for your situation. My fellow Spokester, Aly from Young & Free Indiana shared an awesome article earlier this year going over 10 personal finance tips to live by. Keep reading to get the details!
But alas, I've come across 10 tips that really lay down the framework to conquer your personal finances. Here are 10 sentences to live by when it comes to managing your money, complied by the Lifehacker:
- Spend less than you earn.
- If you're facing a pile of debts, make minimum payments on all of the debts but the one with the highest interest rate, then make the biggest payment you can each month on that high one.
- Never expect that your "future self" or anyone else will bail you out of you dumb mistakes today and remember that only you can make better choices for yourself.
- The quickest way to financial recovery is to get a grip on your spending impulses.
- Life is going to hand you emergencies, so keep at least $1,000 in your savings account for those emergencies.
- Be completely open with your spouse about every single dime that comes in and every single dime that you spend.
- Buy items that will last for a very long time at the best possible price and you'll rarely be unhappy with them.
- If your employer offers matching on your 401(K), take as much of it as you can get.
- When you're deciding how to invest, remember that past performance does not indicate future returns and focus instead on the fees and expenses.
- If you have dependents who rely on you, you ought to have life insurance, but ignore any salesperson who tries to sell you anything other than a term policy.
[All credit to this list goes to this Lifehacker article.]
I would suggest saving this article, printing it out, or copying it down somewhere! This is as simple as it gets. And if you can apply these 10 tips to your personal finances, you can do anything!