Four Tips on How to Tackle Your Personal Finances for Future Success

Summary: Living on a small income may make budgeting seem impossible, but with small steps, overcoming the fear of budgeting and finding financial freedom is easy.

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Many of us don’t have the luxury of having enough money set aside to not live paycheck to paycheck, especially in the beginning of our careers. It has been estimated that two out of three Americans live paycheck to paycheck. Luckily it is possible to master our finances so that we don’t have to be worried about money. Follow these tips to master your personal finances.

• See Financial Freedom Leads to a Happy and Successful Life for more information. 

1. Take a moment each day to glance at your money. Use the time when your breakfast is cooking or in the elevator at the office building to look at your account to make sure you are still on budget. Put the app you prefer to check your account next to the apps you use daily such as Facebook, Twitter, Instagram, etc. so that you have a daily reminder to check your money status.
2. Organization is essential, so create a separate email account just for your bills. This will allow you to forward electronic bills to that email so that you can keep track of when they were paid in more than one place should an issue arise. You can also make a separate savings or bank account specifically for big expenses coming up in the year – such as the several weddings you know you will be attending. When you have a separate account that you don’t see, you will be more likely to not touch it.
3. Not all debt is bad debt. When you pay off debt on assets, you are gaining value for the future. An example is a home loan. Bad debt is things like credit cards because you are paying off things that you don’t get a return on.

Being able to balance a budget and maintain healthy spending habits may seem intimidating, but it does not have to be. Starting with small steps will help you form good habits for years to come.




Photo: mymoneycoach.ca



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