Here are our Top Ten Financial Tips
Every year people make resolutions to improve themselves both physically and financially, but you don't have to wait until the start of a new year to begin. Here are ten ways to get ahead with your finances, they are basics but extremely useful when applied
1. Spend Less than You Earn and go and get paid what your worth
It might not sound like rocket science buts its the one thing that people have a hard time with. If you have a specific career or talent that you have just learned or are already good at, know what other are being paid for the same type of tasks, knowing what the rates are per hour or job, there are lots of people out there not getting paid enough and losing thousands because they havent taken the time to become informed.
If you spend more than you earn you will never get ahead in life financially, all this requires is sitting down and looking at what you spend in a given month and looking for ways to do the same for less, you dont have to make massive sacrifices but you do need to make some changes.
2. Stay true to your budget
Budgeting, how many people actually do it? Those who do, usually have more than enough because they understand what they can and cant spend, how can you save if you don't know where its going.. take time to create one.
3. Clear all your credit debts
This is a biggie and a challenge that many people worldwide face, its so easy to let it slip and before you know it you are up to your eye balls in charges. Cards are helpful when used right. Determine if you can avoid something before you put it on the card, if you dont have it in the bank, dont put it on there unless its extremely critical.
4. Contribute to a Retirement Plan
Another one that people overlook. I guess people expect that money will be there when they stop working or that the money they have paid the government is going to be more than enough. Wrong! Do not rely on what your job takes out of your pay and puts aside for your pension. Ask your employer if there is a 401 K plan or something similar in place, look at ways to increase your contribution if you already are doing it. If your employeer doesnt have a plan, contact your local bank they will be able to help.
5. Always be Saving
Most people pay everything first then they look at what they have left before they set money aside for saving and most of the time that never happens.. start as soon as you get your pay check, look at how much you want to put aside and do it. You should be able to do at least 10%
6. Investments
How about looking at ways to invest your money, I know you might be saving and have a retirement plan but if you have enough left consider investing.
7. Increase your Benefits through Employment
Your employment will usually have benefits, look at way to add a little more in so that you can save money in the long run.
8. Stay on top of Insurance Coverages
Ok so you already have insurance for health, your car, dental and life but do you know how much you are paying and what other companies out there are willing to provide you for less? Rates are constantly changing, Its important to cover your family just in case anything happens.
9. Create a Will or Update it
Most people dont even have a will, if anything happens where will your kids go? where will all your belongs go? Take some time to create a will with a lawyer or you can even create your own with software called WillMaker
10. Stay Organized
When it comes to running a business make sure you are keeping good records, a nice clean paper trail, Start right and you wont be searching around for details later.
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