Your Money’s New Year Resolution
So if you could ask your money one question what do you think it would say? Maybe it would say, “Please do not spend me so quickly on frivolous items...” It also could say, “Put me in a savings account and keep me forever and ever!” Well aren’t we glad money can’t talk, but maybe it can.
It is a new year, with a new President, and where is all your money? If you answered that question with GONE, then this blog is for you! The new year is here and it is time to think about that new years resolution, but not for you, for your money. Three guidelines can help you keep your money around longer and maybe even help it grow bigger and bigger. Now let's hit those rules and get the ball rolling.
The first guideline is learn self control. Self control is crucial when talking about finances and spending habit. If there is no self control when dealing with money, it can be catastrophic. Self control means not going outside our income and keeping track of every dollar we spend. The trips to the coffee house, gas station, and even ATM needs to be accounted for. Remember that those small ATM fees can add up into big amounts. Having self control around the holiday time is of big importance. The easiest time to overspend your money is during holidays and birthdays.
The second guideline is to have an emergency fund also known as savings. We unfortunately do not have a crystal ball that can tell us the future so we must prepare for unforeseen things. The repair costs of a car and even an emergency room visit can seriously cost a lot of money but with a savings account the funds will be there in times just like that. If you are living paycheck to paycheck start by putting 5 to 10 percent of your money into a saving account, you can even find one that accumulates interest. For example, if you make $350 a week, by saving 10 percent you can have $140 dollars a month in savings. $140 dollars a month might not sound like much but talk to me in a year when you have almost $1700 dollars!
The last guideline is, and this is a biggie, get some financial education. I know what you are thinking, “I already finished school or I don’t want to go back.” You do not have to go back to school to get some financial education. The best place to go is your local credit union, which’s ready to give you lots of support and information regarding finances. If you do not belong to a credit union, then join one! Another option is what you are doing right now, research and read on the internet, but remember to check the validity of the source we reading articles. Chances are if a site is telling you to throw all your money into a selling ice over the internet, I would take what they said with a grain of salt!
I know that 2009 is going to be a great year for many people, so make sure you are one of them and get a hold of your money! Shout back and share a story about how you have gotten better about your money give us a holler!
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