I truly believe money does not bring happiness, but being in a financial trap is even worse. Christmas 2019, a friend, more like a brother, bought me a book about finances. I was never really a big book person, but because my friend gave it to me I made sure to read it. I actually learned some good things that I'm implementing right now. One being to pay down debt with the higher interest rate first. That was one of the smartest things for me to do especially since I have high credit card debt. Being that I'm getting older and more interested in finances, I've taken action to be sure to get everything in order so that in a year, I can be in a much better place, financially.
One thing that's good to do is to look for free finance courses. In my research, I came across a great resource! CleverGirl Finance has free personal finance courses and resources that you MUST get your hands on. Here are 10 tips that they share to get your finances in order:
1. Have a checking and a savings account, so that you can be sure to separate your spending money from the money you're supposed to be saving.
2. Be honest about outstanding debt and high expenses that are harmful.
3. Make a budget so you can see how you want to spend your money. Check your finances daily. Manage your expenses to see where you can cut down on spending.
4. Set money goals and where you want to be in the next year, next two years, or next 5 years.
5. Consider a side hustle, maybe one you can work from home doing.
6. Pay down the debt that has the highest interest rate.
7. Understand your credit score. Visit websites like credit karma to keep track of credit inquiries and balances and be sure they're correct. Understand the three major bureaus and FICO.
8. Create an emergency fund in case of emergencies, like your car needing a repair, a medical bill, etc.
9. If you have access to a retirement plan, use it!
10. Build knowledge. Knowledge is power! Find finance books to help you learn more about ways to save, pay down debt, and be financially stable. CleverGirl Finance has three amazing books to get you started.
I hope these steps are helpful for you! Even if you can't implement every step right away, start off with 3 that you can definitely get started on. I would say to be sure to have a checking and savings account, create a budget, and start paying off debt with the highest interest rate. If you want to know more, click the button below to navigate to their blog post.
MAY BOX FEATURE:
MONEY DIARIES BY LINDSEY STANBERRY
This amazing book by Lindsey Stanberry is one you don't want to miss out on. She goes into detail about the different ways to save money, make money, and live smart, financially.
We've all "been there done that" as far as falling into some sort of financial trap, for the most part. If you want to get your hands on a good book, click the button below.