11 Financial Tips That May Change The Way You Think About Finance

Create a Financial Calendar

If you have a habit of forgetting to pay the quarterly taxes or regularly pull a credit report, it is best to set appointment reminders for such necessary money due dates in the same way that you would a car tune-up or an annual doctor’s visit.

Check Your Interest Rate

The loan that pays off first would be the one with the highest interest rate. Also, consider opening a savings account with the best interest rate. Paying attention to interest rates can help inform you about the savings or debt commitments you should focus on.

Track Your Net Worth

Track

A good measure of where you stand financially is your net worth. The difference between your assets and debts is known as the net worth of a person, and it is the big-picture number that can help you decide what you can do with the money you have. Keep an eye on your net worth as it can help keep you informed about the progress you have been making toward your financial goals, or potentially warn you if you seem to be backsliding.

Set a Budget

A budget is the starting point for every other goal in your life. A budget gives you a limit for purchase, expenditure and helps keep your priorities in check.

Consider an All-Cash Diet

If you seem to be continually overspending, an all-cash diet will be able to break you out of that rut.

All-Cash Diet

Take a Daily Money Minute

Set aside one minute of every day to check on your financial transactions. These sixty seconds can help keep track of goal progress, identify problems at the earliest and set the tone for expenditure for the rest of the day.
Set Aside at Least 20% of Your Income Toward Financial Priorities
Here financial priorities include paying off debt, building up emergency savings, and padding your retirement money.

Budget 30% of Your Income for Personal Expenses

This includes restaurants, movies, passions: basically, anything that does not cover basic necessities. By sticking to the 30% rule, you can spend and save at the same time.

Draft a Financial Vision Board

Financial

Everyone needs the motivation to start adopting better money habits, even if it is for their own financial gains. Therefore, if you create a vision board for yourself, it can help remind you to stay on track with your financial goals.
Set Specific Financial Goals

Use numbers and dates to describe what you want to accomplish with your money and not just words. For example, keep track of how much debt you wish to pay off and when, how much you want saved, and by what date.

Adopt a Spending Mantra

Pick out a phrase that acts as positive reinforcement or a rule of thumb for how you spend. Put your priorities first before spending on something you know might sabotage something you have been saving for a while.

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