Tips on your Finances

We all want our money to extend to the end of our lives and to live comfortably.  There are always some tips and tricks that can help your dollar stretch a little further.  Finances can be complicated, but some things just make financial sense.

List it – This is the hardest and scariest part of your finances.  List your debt and list your assets and by the debt you have accumulated, put the interest rate you are paying.  Highest interest rate debt should be paid off first, if you come into extra money.

Pay more than the minimum – This goes for any credit card or loan you have with interest.  Even if you are paying $5 more, it will help because it will lower the amount of money in which you are paying interest.

Auto save – This is the biggest trick, get an auto savings account that puts back $5 – $10 every week or so.  You won’t miss it and all of a sudden you will have a nest egg waiting for your next emergency or vacation.

Annual review – Look at your finances for the year and determine if you can pay some things off and if you can afford to make new purchases.  Maybe some extra side work may be necessary to get over some added or unexpected debt for the year.

Set up auto pay – Make sure you are on top of all of your bills. Set up auto pay when you can and set up reminders for other bills to ensure that you are paying them on time and not getting any late fees.

Raises – If you get a raise, up your retirement contribution.  You will not miss the money that you have never had.  Adding a little bit more to your account will amount to much more in your retirement account.

Check your score – Make sure to check your credit score regularly to ensure there are no mistakes or hidden debt you forgot about.  This is a great way to stay on top of your finances.

Bank apps – Download your bank apps and keep track of your finances daily.  Check in and see what your balance is like and curb any unnecessary spending if you are able.

Monitor spending – Use an app to monitor your spending.  Input what you are spending your money on and determine places you can cut spending.  When you actually see where your money is going, you can stop the leak.

Sell items – Look for items that you are no longer using and put them for sale online.  Some of your trash may be someone else’s treasure.  It also frees up space in your home and helps with de-cluttering.

Tweak your budget – Take the time to tweak your budget annually.  There may be life changes that will increase your budget, like a child.  Figure out what you can afford for the year and what you may need to cut back on to make room for the new.

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