Learn more about moneyandinvestments with this collection
Identifying and eliminating unnecessary expenses
How to negotiate better deals
Understanding the importance of saving
How to deal with your debt
Try to transfer your debt onto a zero-interest credit card (also known as a balance-transfer card). It will give you a limited time window where your debt won't accrue interest and allow you to get rid of your debt faster. But ensure you can pay it off within that window, otherwise the interest rate will skyrocket again.
- If you're confident in your ability to pay your debt off, you can start saving at the same time.
- If you are still paying a high-interest rate on your current credit card debt, then wait until your debt is paid off.
Once the debt is gone, put that same amount of money toward your emergency fund instead.
56
595 reads
MORE IDEAS ON THIS
Consider the size of your emergency fund
Calculate the minimum amount you could survive on if things got tight, then multiply that amount by three. That is your starting goal for your emergency fund.
Eventually you'll want to save enough to live on for three to six months if you had to.
68
689 reads
Calculate a bare-bones monthly budget
Write down your expenses from the past few months (look at your debit and credit card bills, your bank statements, etc.)
Next, see what is essential to support your basic needs and what you can cut if you had to.
59
766 reads
How to follow through with saving up an emergency plan
Some people are disciplined enough to manually set aside "leftover" money at the end of every month into a high-interest savings account. Others take the decision-making out of the equation and automate the entire process. Most banks have a feature that allows you to set up recurring transfers fr...
58
624 reads
Emergency funds
Having some extra cash is helpful when the world falls apart. But emergency funds, while great in theory, are very difficult to put into practice. That is why so few people get around to saving one - most people have more urgent financial demands.
However,...
57
792 reads
CURATED FROM
IDEAS CURATED BY
"Many people are in the dark when it comes to money, and I'm going to turn on the lights. " ~ Suze Orman
Related collections
Other curated ideas on this topic:
Things To Do Before Focusing On Building Wealth
- Create a budget and stick to it
- Pay off your debt – especially high-interest credit card debt
- Learn how to save money to cover unplanned expenses
- After establishing an emergency fund and becoming debt-free, go all-in on building wealth!
Manage your Debt wisely
In case you have a lot of debt to shoulder, start paying off the most expensive one.
The credit card has been regarded as the most expensive form of debt. As soon as your salary gets credited each month, pay off your credit card balances in full. Don’t fall for the lure of paying off the m...
Credit Card Debt
The trickiest form of debt, which is literally bleeding our finances, is the credit card debt. Make sure you know what the interest rate being charged is. Know that a 2% interest rate per month is actually 24% per annum.
If you stay out of debt by paying the total due on t...
Read & Learn
20x Faster
without
deepstash
with
deepstash
with
deepstash
Personalized microlearning
—
100+ Learning Journeys
—
Access to 200,000+ ideas
—
Access to the mobile app
—
Unlimited idea saving
—
—
Unlimited history
—
—
Unlimited listening to ideas
—
—
Downloading & offline access
—
—
Supercharge your mind with one idea per day
Enter your email and spend 1 minute every day to learn something new.
I agree to receive email updates