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Work On Your Habits For Success With Money

October 1, 2014

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Here are some helpful tips to help you get smarter with money.

 Motivation is what gets you started. Habit is what keeps you going… Jim Ryun

* Re-posted from April 2013

Sometimes, we get so busy with life that we forget to pay attention to our money. For most of us, this is a recipe for financial disaster.

Think hard about some of your money habits, especially the bad ones. Do you spend on impulse or carry over a credit card balance from month to month? Are you incurring high bank fees by not having the right type or structure of accounts to meet your needs? Do your investment fees make sense given the income you earn from your investments? Here are a few quick tips to help you develop smart financial habits.

Get Organized

Develop a system that works for you to pay your bills on time and track your money. Keep a filing system (on-line or manual) for your financial records so that you can easily retrieve important information. Plan and save for major purchases. Keep an emergency fund for unanticipated expenses like a flooded basement or broken dishwasher.

Keep It Simple

Use on-line banking- its easy to see at a glance where you stand. Consolidate your money and investments with 1-2 financial institutions. Keep credit cards to a minimum, perhaps 1-3. Make sure you negotiate the best value from your chosen financial suppliers. Remember that your investments do not need to be complex to be successful.

Knowledge Is Power

Understand and monitor your financial situation regularly. Know how much you earn, spend, save and owe. Recognize when and where to find help from a trusted/reliable source, if needed.

Automatic/Regular Savings Plan

Just like your debt repayments, make your savings automatic. Set up a regular transfer on pay day into your savings or investment account and watch it grow.

And finally, don’t strive for perfection. Any improvement in your money habits will make a positive difference!

 

Proud founder of this blog Let’s Talk About Money, Patricia Gass, CPA, CA, provides personal finance coaching and education to improve your money skills

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