Having financial peace of mind can make life much less stressful, yet many Americans are living paycheck to paycheck and are consumed with worry about their financial futures. If you want to go from money woes to financial confidence, commit the following personal finance tips to memory and put them into practice today:
- Get Out of Debt – And Stay There!
- Build an Emergency Fund of at Least $1,000
- Purchase Life Insurance to Protect Your Family
- Shop for New Car, Home and Health Insurance Deals Annually
- Create a Monthly Budget – And Live by It!
- Live Below Your Means and Save Every Month
- Cancel Unused Memberships and Subscriptions
- Make a List for the Grocery Store and Don’t Deviate From it
- Make Lunches and Dinners at Home More Often than You Eat Out
- Contribute to at Least One Tax-Advantaged Retirement Account
- Be Aggressive with Investments
- Understand Your Investments and Actively Manage Them
- Pay Attention to Unnecessary Fees from Banks, Investments and Retirement Accounts
- Maintain Good Credit
- Stop Worrying About “Keeping Up with the Joneses”
- Set Big Goals for Your Future, and Plan Out Small Steps to Get There
- Teach Your Kids Early On How to Manage Money
- Don’t Withdraw from Your Retirement Accounts Early
- Be Smart About When You Start Collecting Social Security
- Utilize a Financial Advisor
If you’re just beginning your personal finance journey, the above list can seem overwhelming. If you find yourself in this boat, simply choose one or two steps to start with, then gradually tackle the remaining tips. No one can do it all, but by educating yourself and paying close attention to your personal financial habits, you can begin to reap the rewards of financial health now and well into the future.
Image via Flickr/Mike Cohen
