Personal Financial Tips to Consider
to Give You the Confidence Needed to Win
the Battle on the Road to Financial Independence:
- Create a Financial Calendar
- Check Your Interest Rate
Excessive Credit Card Debt can cause a BIG set-back.
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- Track Your Net Worth
- Set a Budget!
- Consider an All-Cash Diet
- Allocate at Least 20% of Your Income toward Financial Priorities
- Budget About 30% of Your Income for Lifestyle Spending
Financial setbacks add to distress and can keep us from accomplishing or reaching our goals.
The first step in improving your financial health is to have emergency savings. Emergency savings will help you weather any unexpected expenses that occur. Having emergency savings keeps you from going further into debt when the unexpected happens. Saving any increase in take-home pay is a painless way to increase your savings.
Once you have emergency savings, paying down debt is a good step to take to improve your financial health. Setting a goal to reduce your debt by 5% to 10% is a way to make progress. Paying down debt also has a positive effect on your credit score. The higher your credit score, the less interest you will pay when you borrow money. This means you save even more money.
Having both emergency savings and paying down debt will bring you closer to achieving those goals. Spending money for fun and relaxation is not investing and will not bring you closer to your resolution of improving your financial health. However, with a little thought and preparation, you can still have some fun and relaxation.
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