How’s your financial health? Are you economically okay or fiscally ill? Do you end up with too much month at the end of your money?
If you want to improve your monetary well-being, consider the following tried-and-true suggestions culled from the world’s best wealth gurus and consumer credit counselors:
Make a Budget
If you don’t have a written plan for where your money goes, then it will go anywhere it wants. Nearly every competent financial advisor says that making and following a monthly budget is the key to success.
Remember to list every known source of income and every expense. If there’s anything left over, guide it to a savings account. If there’s a shortfall, get busy looking at those expenses and eliminating or lowering some of them. Most people find that they can save a lot by eating at home more often and cutting down on convenience store visits.
Save 10 Percent of What You Earn
The old rule is the best rule. Strive to save 10 percent of every penny that comes in. If you can’t do it, chop out a few expense items and slightly change your lifestyle to make the numbers work.
Two years from now, you’ll be glad you made the effort. Save means put the money in a savings account or a time-locked account that only allows deposits, but no withdrawals, until a certain amount of time has passes.
File Your Taxes on Time
Learn how to file a simple tax return even if your is complex. It’s important for adults to know how the tax system works. Then, if you hate the entire tax process so much, you can always hire someone to file for you. The cost is minimal and you’ll be putting the job into competent hands. If you wonder, “All I really want to know is how to find my tax bracket,” then you have company.
The IRS says that “Where’s my refund,” and “What’s my tax bracket,” are the top two questions people ask. At IRS.gov, the official government site for all things tax related, you can simply search on tax bracket and instantly find a detailed chart with all the relevant brackets.
Plan Now for Retirement
No matter your age, now is the time to begin planning, and saving, for retirement. Not only do you have to factor in living expenses, but also insurance needs, with the hope to still being able to maintain the same quality of life as you do today. Younger people have a huge advantage in this category but, sadly, often miss the boat. The advantage they have is time.
Money grows exponentially as years pass, so a 23-year-old need only save a small amount each month to build a large retirement fund. Whether you are 20 or 60, start now putting something aside every month toward your post-work savings.
Join a Shopping Club
Would you like a quick way to improve your fiscal health? Join a shopping club. Experts say it’s the single best way to cut grocery expenses.
Most memberships cost less than $50 per year, but the average adult stands to save more than $1,100 annually by shopping at one of the national membership clubs. So, plunk down that membership fee and start saving today.