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5 Personal Finance Tips Most People Wish They'd Known When They Were Younger | My Money Coach
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2 Basic Rules Of Financial Decisions
- Carefully evaluate any financial decisions you plan to make.
- Ask for advice before finalizing your choices. Seek out people and sources you trust to help you.
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5 personal-finance tips for young people
- Start saving early to have a good start on building retirement savings before beginning a family and career.
- Understand that credit cards are not a safe net, using it ...
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SIMILAR ARTICLES & IDEAS:
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3 Financial Basics
- Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
- Check Your Interest Rate: Pay off loans, open saving accounts and negotiate credit debts based on interest rates.
- Track Your Net Worth: The difference between your assets and debt — it tells you your financial standing.
Budgeting Like a Pro
- Consider an All-Cash Diet, as limiting yourself to physical currency combats overspending.
- Set aside 1 minute a day to check on your financial transactions, to identify problems, track goal progress and set your spending tone.
- Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
- Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
- Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
- Set specific financial goals stating the reason, the way, numbers and dates.
- Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
- Love yourself. Taking control of your finances is part of that.
- Make bite-size money goals. Make the bigger ones but also small step goals to get there.
- Don’t be a financial fatalist, and switch to more positive mantras.
- Get your finances and body in shape. The discipline associated with regular exercising translates to managing your money well.
- Appreciate what you have now, instead of being a consumerist.
- Get a Money Buddy. Studies indicate people pick up good habits from friends with similar traits.
Refinancing your home
When mortgage interest rates get low, refinancing isn't always the best choice.
Deciding when to refinance your home loan depends on several factors besides whether you can get a better mortgage rate.
Reasons to refinance your mortgage
The two big reasons to refinance are:
- To reduce your monthly mortgage payment
- To save on the overall interest you will pay on your house in the long run.
Refinancing does not always reduce the monthly payment or save on the overall interest.. A loan officer or mortgage broker can help you run scenarios that show you the cost and potential savings of refinancing.
How long you keep your home
Generally, it makes sense to refinance if you plan on staying in your home for many years.
If you plan to sell the property soon, don't refinance. Refinancing could take years to break even and begin saving you money.