Learn more about moneyandinvestments with this collection
Identifying and eliminating unnecessary expenses
How to negotiate better deals
Understanding the importance of saving
How to Prepare for Rainy (Financial) Days
- Make savings part of your monthly budget.
- Keep your savings out of your checking account, as it may prevent you from spending it.
- Open a savings account at a different bank than where you have your checking account so it won’t be too easy transferring between them.
- Direct deposit to your savings account so only the money you want to spend goes to your checking account and your savings are preserved as they stay out of your mind.
- Consider switching to a credit union; they could be the place to go for better customer service, kinder loans, and better interest rates on your savings accounts.
- Only use your emergency savings account if you’ve lost your job, have a medical emergency, a car break, emergency home expenses (like a leaky roof), or you need to travel to a funeral.
- Think about investing if you have more than six months’ savings in your emergency account (nine months if you’re self-employed), and you have enough socked away for your short-term financial goals.
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How To Best Build And Track Your Credit
- Reviewing your credit report and your credit score regularly can save you money
- Keep your credit use below 30% of your total available credit, as it can ding your credit score. You calculate it by dividing the total amount on all of your credit cards by your tota...
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How to Get Properly Insured
- Get more life insurance on top of your company’s policy, as it is often far too little.
- Get renters insurance and be covered from robberies, vandalism, natural disasters, and even things like the medical bills of people who get hurt at your place, damages you cause at s...
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How to Shop Smart
- Evaluate purchases by cost per use. Higher cost products may last longer, but go unconsidered because of their initial price.
- Spend on experiences, not things, as they give you more happiness for your investment.
- Shop solo to avoid buying unnecessary thin...
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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 ser...
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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 in...
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How to Save Right for Retirement
- Start Saving ASAP. Money you put in your retirement fund now will have more time to grow through compound growth.
- Avoid cashing out your retirement account early as it prevents your money from being invested and leads to penalties and tax bills.
- Contribute mo...
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How to Amp Up Your Earning Potential
- When negotiating a salary, get the company to name figures first, otherwise you can’t know if you’re lowballing or highballing.
- Try to negotiate more than just your salary. Work hours, official title, parental leave, vacation time, and which projects you’ll work on cou...
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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 dif...
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How to Keep Debt at Bay
- Paying off the little debts can give you confidence to tackle larger ones. It’s recommended to focus on debts with the higher interest rates, but sometimes a moral boost is worth it.
- Don’t cosign loans. If the borrower misses a payment, your credit score plunges and the...
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How to Approach Investing
- Pay attention to the fees you pay in your funds, also called expense ratios, as they can eat into your returns. It’s generally recommended to stick with low-cost index funds.
- Rebalance your portfolio once a year. You need to take a look at your brokerage account every o...
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Other curated ideas on this topic:
20%: Savings
Finally, try to allocate 20% of your net income to savings and investments. This includes adding money to an emergency fund in a bank savings account, making IRA contributions to a
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...
The 4 Phases Of Personal Finance
Consider where you find yourself as each phase requires a different strategy.
- From nothing to something. This is where you live from paycheck to paycheck without any savings. Try to build a financial buffer of at least one month of expenses.
- Gainin...
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