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Simple, but Effective. 10 Ways to Get (or Keep) Your Finances on Track
September 2019

Sep 30, 2019 | Business Owners | Cash Flow | Families | Retirees

1. Track your income and expenses.

Knowing how and where you’re spending your money is the first step towards using it more wisely.

2. Make sure that you’re adequately insured.

Adequate insurance is a cornerstone of a solid financial foundation.

3. Build an emergency fund by saving money every month in a high-yield online savings account.

Emergency funds allow you to sleep better at night knowing that your prepared to handle a large, infrequent, and perhaps unexpected, expense when it arrives.

4. Pay yourself first and save at least 15% of your pre-tax income.

Make your lifestyle conform to your budget rather than the other way around.

5. Start saving early and make it automatic.

“Compound interest is the 8th wonder of the world.” – Albert Einstein

6. Maximize tax-advantaged savings vehicles like 401(k)s, IRAs (and Roth IRAs), and 529 accounts.

When the government encourages you to save by reducing your taxes, take advantage of the offer.

7. Pay off your credit card bill in full and on time every month.

Carrying a balance on a credit card is a red flag that you may not be managing your finances appropriately.

8. Keep your debt to a minimum.

Too much debt reduces your financial flexibility and makes you more susceptible to a financial shock.

9. When buying a car, buy a used one – for cash.

With few exceptions, cars are depreciable assets and only lose value over time.

10. Live small.

Living small is environmentally friendly and leaves you with more money to spend on the experiences that you value most.

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