Who doesn’t want to get richer in 2013? Well it’s not going to happen on it’s own. Luckily for most people it doesn’t take much improve your personal finances and get headed in the right direction. With a little effort anyone can do it with the below tips.
How many pennies, nickels, and dimes do you lose over the course of each year? Whatever the number is the fact is you’re literally throwing money away. Set up a jar to collect all that change you don’t want to carry or that you find under the car seats. Just think of it as savings for that new car or house one day. You’ll be surprised how much is in there after 3, 5, or even 10 years.
Challenge a friend to save more than you! Or least have a competition to see who can save more. It doesn’t matter how much either of you make if you calculate the total percentage of savings from your earnings. For the loser? Happy hour is on them.
How many commerce catalogs and/or emails do you get? Get rid of them! If you’re serious about saving than you can’t be tempted into buying things. Even more importantly get rid of those daily flash sale emails. We all love the deals but they also encourage impulse buys for things you didn’t realize you needed until it was only $50!
More and more banks have added/changed the fees in their accounts. These could be minimum balance bees, overdraft fees or a variety of other little charges you might overlook. Call your bank and make sure you know the fee structures for your account. You can even ask to have certain fees removed or just go shopping for a bank with a better deal.
Pop quiz: What is your monthly financial goal? You can’t say “save more” or “better manage my money”. How are you doing this? Be specific and set a number or a specific costly habitat to break.
Money management can be intimidating for many people. However, in most cases the steps needed to better manage things are not that hard. No fancy degree required or pricey financial analyst. Set time aside to read up on personal finance each month. Subscribe to a handful of blogs or websites (hint hint Under30Finance.com) and make time to browse them. You’ll be surprised how quickly you feel more comfortable handling your money.
Setup a retirement account
If you don’t already have one, open an IRA and setup an automatic payment into it. It does not have to be big! Start small and work your way up. The easiest way to save money is to never have it in your hands in the first place.
Learn to cook
For some of us this might take a little practice. However, it will pay off in the long run. Eating out everyday is not only expensive but often unhealthy. Learning to cook will save you hundreds of dollars and you will always know the exact things you are putting into your body.
Use online tools
There are a variety of online tools to help you manage your money. Check out sites like Mint.com, Learnvest.com, and a new one called Smartasset.com. They are free and and with only a little bit of effort will give you some great insight into your spending.
Lose the gym membership
How much is your gym membership? It’s free to run, bike, walk, or hike. You can also easily setup a home gym with used equipment or basic things that will payoff in no time.
The Under30Finance Team
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