HERE ARE 10 SMART MONEY TIPS FOR LIFE:
1. Spend less than you earn.
2. 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.
3. Never expect that your “future self” or anyone else will bail you out of your dumb mistakes today and remember that only you can make better choices for yourself.
4. The quickest way to financial recovery is to get a grip on your spending impulses.
5. Life is going to hand you emergencies, so keep at least $1,000 in your savings account for those emergencies.
6. Be completely open with your spouse about every single dime that comes in and every single dime that you spend.
7. Buy items that will last for a very long time at the best possible price and you’ll rarely be unhappy with them.
8. If your employer offers matching on your 401(k), take as much of it as you can get.
9. When you’re deciding how to invest, remember that past performance does not indicate future returns and focus instead on the fees and expenses.
10. 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.
A final “bonus” life and career tip: treat every single person in your life as you would like to be treated, regardless of whether you’re in the workplace or in everyday life.
Source: The Simple Dollar (www.thesimpledollar.com), Trent Hamm, November 24, 2013.
If you have any questions, need help with your budget, or need to get your personal finances under control, please don’t hesitate to call our office. Don’t struggle on your own — confidential personal financial coaching and counseling services are available.
SMART MONEY TIPS are published to provide practical personal financial tips relating to budgeting, saving, spending, debt, credit, financial wellness, planning for the future, and other personal finance topics. For comments or questions, please e-mail us at at Linda@financialfreedomcoaching.com. We are located in the Tampa Bay, Florida area and are dedicated to educating you to take control of your personal finances and financial future. Services include confidential personal financial coaching and mentoring, personal financial counseling, and financial education through financial literacy seminars. Linda A. Stortz is a CPA and financial literacy advocate, having earned the Accredited Financial Counselor and Certified Credit Counselor credentials. For more tips, please go to http://www.financialfreedomcoaching.com.