Regardless of the type of work you do, it’s possible to take action now to start creating a bright financial future for you and your family. When you start now, then things like a raise or better-paying job will become the icing on the tasty cake you’ve already made, and add to your pleasure, rather than having to bail you out of a financial jam.
Try these strategies to ensure your financial outlook is bright:
1. Save at least 15% of your paycheck. This amount will give you something to fall back on when times are especially lean or funds to invest so your money can be working for you.
* For example, if you clear $500 a week, ensure you put back at least $75 dollars for your future.
2. Find a stock broker you trust. As you save your dollars, it’s wise to have an overall investment plan to earn the most interest over the long haul. However, look at the facts and listen to your gut when it comes to making the final decision on making a particular investment.
3. Have just one major credit card and use it sparingly. Charging a small amount on it each month and paying that amount back before the end of the month builds your credit and keeps you out of debt at the same time.
* Keep the major part of your credit allowance open for emergencies.
4. Vow to never pay finance charges again. Of course, you’ll likely be paying a mortgage and perhaps a car loan that include finance charges you may be unable to avoid. However, outside of those two payments, paying finance charges is like setting fire to your dollar bills. Take steps to insure you pay as few finance fees as possible.
5. Pay all your bills on time. There are a few good reasons to do so:
* You build a positive credit record.
* You keep money in your pocket instead of wasting it on late fees.
* You build confidence that you can manage your money responsibly.
6. Find a competent tax preparer and accept his financial advice. A great tax accountant will tell you how you can pay fewer taxes and how to rack up some helpful deductions. He may even offer helpful guidance about how much money to put into your Individual Retirement Account (IRA), Roth IRA, or a 401(k).
7. Set limits with your kids about money. Teach them from the time they’re young that they must earn their own money and save at least 25% of it. They’ll gain an understanding of money management that will serve them well the rest of their lives.
8. Apply $500 to $1,000 yearly extra toward your mortgage principal. If you prefer, pay an additional mortgage payment each year. It will save you thousands in interest. Plus, you’ll pay your home off years earlier, freeing up your funds for whatever you want.
9. Keep your resume up to date. You never know when you’ll want to apply for a promotion, change careers, or develop side projects for extra streams of income.
10. Consistently accept part-time, short-term, or temporary second jobs. Bringing in extra money occasionally in addition to your full-time work pads your bottom line.
11. Hone your computer skills. Those who know their way around a computer are more likely to be successful at work. Broaden your horizons even further by learning about new software in your industry.
Put the above strategies to work to strengthen your money situation. Care for your finances and nurture your financial situation today and every day. When you do, you’ll live the incredible life you’ve always wanted!