No matter where you are with your finances, there are ways to have your money work for you. It can be difficult sometimes to have a financial plan and to start the journey of saving your money. Here are 10 tips and ideas on how to Boss up your finances.
1. Check your credit
Your credit score play a significant role in your life. When you are ready to make a large purchase, you want to be able to get the best interest rate possible.
You can obtain a free credit report from various sources like www.creditKarma.com.
2. Open a bank account
It is important to establish a good relationship with your bank or credit union. This is also great place to receive valuable tools or information about where and how to make your money work for you.
Invest in your 401k, stocks, real estate properties, etc.
Check with your employer and/or bank to see what type of savings options they provide.
4. Set up an Emergency Fund
Now this can be hard to do especially when your funds are tight. One simple way to start an emergency fund is to save all of your loose change and put it in a jar. This method will add up over time. You can even add dollar bills to it.
5. Put yourself on a budget
Creating a budget can be a difficult task. Consider eating more cooked meals from home instead of eating out. Also limit the amount of shopping, events, parties, etc.
6. Write down your financial goals
Start with writing down your monthly expenses so you can see what you have to pay out each month and where you can save. Writing out your bills will certainly give you a reality check! Also, write down what goals you want to achieve and the time frame you want to achieve them by. This will give you a clear picture of what adjustments, if any, needs to be made.
7. Pay your taxes, student loans and child support
There isn’t much to be said about these 3 things except pay them! Make the necessary arrangements, if needed, to pay these no matter what.
8. Insurance coverage
If you own a home, make sure you have homeowner’s insurance. If you rent, you need renter’s insurance. If you drive a vehicle, you need car insurance.
Also you may want to acquire life insurance. Most employers offer life insurance but if not, speak with an insurance agent about purchasing some.
9. Get a Will
A will is important even if you don’t feel the need to have one. Some families are torn apart over the smallest things that a love one may leave behind. Getting a will done may eliminate discrepancies.
10. Commit to doing steps 1-9
Make a commitment and take the necessary steps to Boss up your finances.
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