Your ability to keep more of your money greatly impacts every aspect of your life. If you’re like many people, then you probably wish you had more money than you do right now. The good news is by taking the following steps, you’ll be on your way to keeping more of the money you earn.
Watch Your Credit
The state of your credit score has a big effect on your buying power as a consumer. It determines whether or not you can buy a car or a home or even whether or not a landlord will rent to you. One way you can increase your credit is by repairing your credit, which can help you get a loan. An improved credit score also means you’ll have an easier time getting credit cards, renting apartments and sometimes, getting certain jobs. Making your payments on time, reducing your debt-to-income ratio and keeping your new credit inquiries down are just a few of the ways that you can increase your credit score.
Find a Budgeting System That Works for You
It’s nearly impossible to get a handle on your money situation without a budget. In this situation, it’s easy to overspend without realizing it, in part because digital tools, like debit and credit cards, make it easy to do so. However, having a budget forces you to keep track of the small purchases, like your daily latte, that can add up quickly. One simple budgeting method that works is the 50/30/20 method. Under this plan, you spend 50 percent of your money on your necessities, like housing and food. Thirty percent goes toward entertainment, shopping, and other “fun” activities. You then spend 20 percent of your income on savings and debt.
Get Out of Debt
Having a lot of debt weighs you down financially. It seriously curbs your spending power, and if your debt load is significant enough, you’ll spend most of your time working to get out of debt. This severely impacts your ability to save money for a new home, vacations or retirement. If the debt is an issue for you, then make sure you do everything you can to pay it down, using either the debt snowball or debt avalanche systems.
Getting control of your finances has many benefits. It allows you to get loans, pay off debt and save for important events, like retirement. However, it’s not enough to just take care of your finances only occasionally. To have a lasting impact on your finances, you must keep track of them regularly over the course of your life.
Here’s another article you might like: 5 steps that can improve your credit score in 100 days or less
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The idea of saving enough money for retirement can be overwhelming, and on top of that, sudden volatility close to retirement can drastically reduce quality of life in retirement. Follow these tips to help protect yourself and secure a source of income in retirement. Learn how by reading the full Medium article here.
When a young person turns 18, it’s an exciting time full of possibilities. Being able to vote and no longer adhering to a curfew is just the beginning. Now an official adult, it’s time to begin a new chapter that sets the foundation for the rest of their life, including their financial wellness.
Most people wish they had more money. However, too many of these people don’t have enough financial literacy to make this a reality. If you’re among them, then you know the frustration. Fortunately, obtaining financial wellness requires knowledge and discipline more than anything. Here are a few things you can do to improve your financial health.
Don’t Agree to Anything Too Quickly
Most people can get caught up in the moment when they’re out shopping, and many will agree to deals that aren’t so great for them because of it. This is why it’s important for you to have some discipline when it comes to impulse spending, particularly when you’re making big purchases. Shopping around ensures that you get the best deal. It’s okay to not buy something until you have all of the facts laid out before you.
At the End of the Day It’s Your Money
If you live in the modern world, then it’s likely that you feel like everyone wants a bit of your money. However, when financial difficulties arise, the people asking you for money aren’t going to be the ones to bail you out. That’s why it’s important to remember that it’s your money. You can spend it (or not) any way you choose. Learning to say “No, thank you” is also important. Here’s an example. Say you’re working with a real estate agent to buy a home and need financing. You should know how to break it to them if your agent was the one trying to find you a lender, but you found a better one. It may make the transaction a bit uncomfortable in the short-term. However, not honoring your financial wellness will have detrimental effects for you long after your real estate agent goes away.
Learn to Budget
It turns out that one of the secrets to financial wellness isn’t such a secret at all: budgeting. However, most people detest budgeting,which is why so many people have trouble with their finances. They don’t know how much they bring in nor what they spend their money on. This leads to overdrafts, excessive credit card uses and other financial mishaps. Don’t be one of those people. It’s important to learn how to budget and commit to keeping your spending within the limitations of your budget. Budgeting is the key to having more money and more financial wellness in the end.
Getting control of your finances is a key component of financial wellness. However, that may be easier said than done. It doesn’t have to be this way. Once you realize that it’s your money and what happens to it has a direct effect on you, it becomes easier to take care of it and yourself in the process.
Practical advice to get started making your financial future better - read the full Medium article here.
Winning a scholarship can be as competitive as gaining entrance to the college of your choice. While academic performance, extracurricular activities and character all matter, your success often boils down to discovering scholarships that fit your credentials and properly promoting your accomplishments. These tips will help you prepare scholarship applications that get you noticed — and could get you some extra cash to help pay for school. Read the full Medium article here.
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