Denice R. Preston
The Muse can help you find a job in a company with a culture that suits your personality. Choose the career path which aligns with your
Over the years, we have accumulated much knowledge on the Money Beat, from the hundreds of success stories of people who “got out of debt” to the countless psychological studies that link better financial decisions with behavior change.
We compiled our top 50 money tips in one super-helpful, juicy read, as it is Financial Literacy Month. These nuggets are still as relevant as they were when first published. They include tips on how to budget effectively and boost your earning power.
Create a Financial Calendar
You can set appointment reminders to remind you to do essential money tasks, just as you would for an annual car tune-up or doctor’s appointment. What’s an excellent place to begin? Our ultimate financial calendar.
Find out your interest rate
Q: Which loan should you repay first? A: The loan with the highest rate of interest. Q: What savings account should I open? A: The account with the highest interest rate. Q: What is the cause of our credit card debt? It’s the compound interest rate. The bottom line is: Interest rates can help you decide which debts or savings obligations to focus on.
You can track your net worth
The net worth of your business is the number that tells you how you are doing financially. It can inform you about your progress toward financial goals or warn you when you are slipping backward.
Consider an All-Cash Diet
This will help you break out of your spending rut. Do you not believe us? The cash diet has changed the lives of these three people. When the woman decided to go all cash, it was not as frightening as she had thought. Really.
Get a Daily Money Moment
Alexa von Tobel is the CEO and Founder of LearnVest. She swears that she spends one minute a day checking her finances. This 60-second action helps you identify problems instantly, track your goal progress, and set the tone for spending the rest of the morning!
At Least 20% Of Your Income Should Be Allotted To Financial Priorities
Priorities include building emergency savings, paying debt, and boosting your retirement nest egg. Is this a large percentage? Why loves this number?
Budget about 30% of your income for lifestyle spending
You can spend your money on movies, happy hours, restaurants, and other things that don’t meet basic needs. You can save and splurge by following the 30% rule.
Establish Specific Financial Goals
Use dates and numbers, not just words, to describe your goals for your money. What debts do you wish to repay and when? What is your destination for saving, and when?
Adopt a Spending Mantra
Choose a phrase that you find positive and can use as a guideline for your spending. Ask yourself, “Is [fill in the purchase here] better or Bali next year?” Or “I only charge $30 or more for items.”
Set small, bite-sized money goals
A study found that we tend to give up on goals the further away they seem and the less confident we are of their completion. In addition to setting big goals, such as buying a house, you should make smaller, shorter-term goals to achieve quicker results. For example, we save weekly money to go on a six-month vacation.
Get rid of toxic money thoughts
Hello, self-fulfilling prophecy! You’re setting yourself up for failure if you have negative thoughts before you start. Don’t be a determinist, and use more positive mantras.
You can get your finances and body in shape
A study found that more excellent exercise led to higher pay because you are more productive when you sweat. Running can help you improve your financial situation. For example, all the discipline and habits associated with running marathons are also associated with managing your money.
Money Buddy
A study found that friends with similar traits are likelier to learn good money habits. Try bringing together several friends to have regular money lunches. This woman did it and paid off over $35,000 in debt.
Talk about your company’s needs when you are discussing salary at work
Your employer is interested in something other than whether you want to earn more money or buy a larger house. It’s concerned about keeping an employee. When negotiating your pay or asking for an increase, emphasize the incredible benefit you provide the company.
Begin with small debts to help you conquer the big ones
Studies show that paying off small debts will give you the confidence to take on the bigger ones. Paying off a small balance on your department store credit card first can give you the confidence to tackle the more significant proportion. We recommend paying off the card with the most considerable interest rate first, but sometimes it is worthwhile to prepare yourself mentally.
Never cosign a loan
Your credit score can plummet if the borrower, whether a friend, family or significant other, misses payments. The lender may come after you to recover the money, destroying your relationship. If the bank requires a co-signer, they don’t trust that person to pay. Parents: Before you cosign for a private loan for your college student, check if they have exhausted all federal loan, grant, and scholarship options.
Students Should Complete the FAFSA
Filling out the form is still beneficial, even if you do not think you will receive aid. Last year, 1.3 million students missed out on Pell Grants – which don’t require repayment!
Select Federal Student Loans over Private Loans
Federal loans offer flexible payment terms if your plans for employment after college need to work out. Federal loans usually have lower interest rates. Be smart when you choose your loans and avoid other student loan mistakes.
