Ten Key Tips for Having Good Personal Finances

After years of writing about personal finance, I come across things all the time that people shouldn’t be doing with their money.: Accumulating huge bills, using stockbrokers as “financial advisors” and not saving for retirement.

People often have wrong ideas about money. It’s not complicated: save as much as you can and live within your means. Here is a list of 10 things that I think work..

I paid off the debt of killing

High-interest debt can eat into your savings, so focus on paying it off first. This means paying off your credit card within the monthly grace period

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invest in your education

sometimes, Spending on personal development yields greater returns than savings. Can I get a certificate or master’s degree? Better yet, will your employer pay for it? Not much education.

Save on needs, splurge on experiences

Allocate resources for unforgettable experiences that enrich your life. Plan your trip when there are fewer people. You will get a better quote.

Don’t skimp on insurance

Cutting corners on insurance can cost you dearly in the long run. Make sure you have enough insurance to replace what you need.

Emergency protection

Weigh the benefits of liquidity against the opportunity costs of greater profitability. Always have an emergency fund. You don’t have to be great.

Say no to extended warranty

Their costs often outweigh the potential savings. They are all pure profit for the people who sell them. Spend a little more and get a higher quality product with a good warranty.

Spend on quality products

Invest in high-quality, durable items that will save you money over time.

Don’t forget your cube

I find a balance between saving for the future and enjoying the present. Always keep three sections: short-term bills, medium-term bills (taxes, down payment), and long-term savings (retirement)..

Beware of fake offers

Discounts and promotions can lead to impulse buying and overspending. There are a lot of scams out there. Perform a comparison search.

Support your local businesses

Spending at local businesses helps boost the economy and benefits your community. You can even find better prices.

In the end, the end result is always the same. Don’t spend until you forget and save for short, medium and long-term expenses. Continue to put money into your “rainy day fund” and retirement funds. Make sure the money you spend adds value to your daily experiences and values.

*Information from Forbes USA