Today’s blog contains 25 personal finance tips that every adult should know and follow, especially if they’re trying to do their best to save money, cut down on spending and fund a healthy retirement account. They are easy to implement, make a lot of financial sense and, more than likely, you are not doing them yet. Working them into your financial plan should be done slowly but surely and, once you’ve experienced a bit of success, you can add more.
The simple fact is that changing your financial habits and behaviors isn’t something that will happen overnight but instead is a process that requires you to take 1 step at a time and follow the steps with proper planning, budget setting and following your goals. With that in mind, let’s take a look at these 25 excellent personal finance tips. Enjoy.
- Evaluating the cost of your current lifestyle is vitally important if you’re trying to get your finances in order.
- Do you know your net worth? If you don’t you simply have to determine the dollar amount of all assets that you have and subtract all of your financial liabilities. Once done, you’ll know what your net worth is exactly.
- The next time you get a raise at work, instead of using that money for something frivolous put it all towards your 401(k).
- Every time you go grocery shopping, make sure to check your fridge and cupboards first to make sure that you don’t purchase something you already have.
- Once a week, plan out your food menu for the week and make a list of items that you’ll need in order to make it happen.
- Whenever you can, donate the things in your home that you don’t need to charity. In most cases you’ll be able to get a nice tax reduction but in all cases you will definitely feel good about yourself.
- If you don’t have actual stuff to donate to charity, donate your time instead.
- Instead of purchasing expensive gifts for birthdays and holidays, make them yourself and save a bundle of cash.
- No matter what you’re going to purchase, do a bit of research and find the best prices for that item that you can’t. Using coupons and keeping track of sales is much easier these days with the many apps that you can download for your mobile phone.
- Speaking of apps for your smart phone, you definitely should download one that will help you to track your expenses, to be financial tips and even provide you with coupons that you can use on your next purchases.
- For two weeks straight track every single penny that you spend. The results of this two-week tracking spree may very well shock you into realizing how much money you’re wasting on a regular basis.
- Save your change in a large container like a 5 gallon jug and let it accumulate over the course of many years.
- Go to the big three credit reporting agencies and request your yearly free credit report every year, going over it with a fine tooth comb to make sure that there are no omissions or mistakes.
- Every week make a point of changing 1 of your spending habits and any money that you save doing this put into your savings or retirement account.
- Do your very best to pay more than the minimum payment on your credit cards, mortgage payment and any other payments where interest is regularly being accrued.
- Make sure that you take care of your own financial responsibilities before you try to take care of the financial responsibilities of others, even if they are close family members.
- Give yourself a cash allowance for food and entertainment every week and don’t go over this amount no matter what.
- If you are a parent make sure that you teach your children financial responsibility and also the difference between something that they want and something that they truly need.
- Only go shopping if you have a specific purchase in mind. Going shopping when you don’t actually need something is a recipe for financial disaster.
- Before you sign for any type of credit agreement, know the exact terms and conditions that you will be getting yourself into.
- Say “no” to all bank fees by only using ATMs in your bank’s network and diligently keeping track of your balances so that you don’t overdraw your account.
- Keep track of coupons but, unless you actually need or use the item, don’t use them.
- Unless you’re fully prepared and financially able to pay for someone else’s loan, never cosign for it.
- Recycle your clothing by donating it to charity or, if it’s expensive clothing and gently used, selling it through a consignment shop.
- If you aren’t sure where you are financially and need financial advice, make an appointment with an expert financial advisor to get the advice you need. (In many cases, the initial consultation is free.)
We hope you agree that the 25 financial tips that we’ve shared with you today are valuable. (We sure think they are.) Even if you only follow half of these tips you’ll start saving money right away and also start putting much more towards savings and your retirement. If you have any financial questions or need financial advice in any way, please let us know and we’ll be sure to get you some answers and solutions right away.