💰Savings and Debt Management - Tips 💰
Here are some tips to help you take control of your finances, increase savings and manage debt
These tips may not work for every situation, however, can be adapted to suit each persons needs
Thread
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Here are some tips to help you take control of your finances, increase savings and manage debt
These tips may not work for every situation, however, can be adapted to suit each persons needs
Thread
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Tip #1 - Start a Budget
You probably guessed this first one. It's obvious, it works but many are not sure how to start and how to remain consistent. A budget doesn't mean you are perfect with your spending...it means you consistent track and measure where your money goes
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You probably guessed this first one. It's obvious, it works but many are not sure how to start and how to remain consistent. A budget doesn't mean you are perfect with your spending...it means you consistent track and measure where your money goes
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cont'd...
If you spend more than budgeted, think about why it happened and try to put measures in place to stop the habit or mitigate against the decision for the next month.
Also, look for patterns of spending that represent opportunities for savings.
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If you spend more than budgeted, think about why it happened and try to put measures in place to stop the habit or mitigate against the decision for the next month.
Also, look for patterns of spending that represent opportunities for savings.
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Tip #2 - Sort debts by highest interest rate and/or amount. Use one of the following methods to clear debts
1. Debt Snowball - clear smaller debts first using a set allocation per month. Over time you will clear smaller debts and can focus on the larger ones.
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1. Debt Snowball - clear smaller debts first using a set allocation per month. Over time you will clear smaller debts and can focus on the larger ones.
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2. Debt Avalanche - clear debts based on highest interest rate. Once cleared go down the list until all debts are cleared.
Use the Debt Snowball or Avalanche based on your specific situation.
After you have control of your debts and have a plan worked out...
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Use the Debt Snowball or Avalanche based on your specific situation.
After you have control of your debts and have a plan worked out...
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Tip #3 - Automate Savings
Set an amount you can consistently afford to save each month to a separate account. The recommendation is to build up an Emergency Fund - 6 to 12 months living expenses.
After you have your savings underway, you can focus on Investing
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Set an amount you can consistently afford to save each month to a separate account. The recommendation is to build up an Emergency Fund - 6 to 12 months living expenses.
After you have your savings underway, you can focus on Investing
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Tip #4 - Automate your Investing
Just as with Savings you can automate your investing as well. Get the details of your brokerage account added to your online banking and send funds over each month
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Just as with Savings you can automate your investing as well. Get the details of your brokerage account added to your online banking and send funds over each month
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Tip #5 - Seek Additional Income
Always look for opportunities for additional income. This will help offset expenses and increase your potential to save and invest
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Always look for opportunities for additional income. This will help offset expenses and increase your potential to save and invest
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Hopefully these tips were helpful. If they were, please take a moment to RT
#sotr #financetwitterja #learngrowinvest @guruintraining_ @Julianinvests_ @stocksondrocks @Trev_iBeMe @MsGillyJ
#sotr #financetwitterja #learngrowinvest @guruintraining_ @Julianinvests_ @stocksondrocks @Trev_iBeMe @MsGillyJ
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