12 steps to better money management
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Managing your money can be a tricky process. Sometimes we form habits when we are young that have carried over into our adult lifestyles, and other times the concept of making wise financial decisions seems intimidating. While financial literacy will be vital to making long-term investments and choices to manage your wealth, not everyone feels ready to wade through the financial lingo that makes up our complicated monetary system. That being said, we hope that this article gives you some helpful tips on how to start making better choices with your money right now. Though we aren’t financial advisors, we want to help you cross the bridge into at least basic financial understanding so you can feel confident in your ability to build better habits to protect and preserve your wealth. You can read more about each of these steps on our blog at: http://blog.silversaver.com/12-steps-to-better-money-management/TRANSCRIPT
“ “TWELVE STEPS
Money Managementto better
Adjust your mindset
Decide to be mindful, frugal and thoughtful with money, even when you donʼt feel like it. Changing the way you manage your finances is a choice!
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Pay DebtsList your debts from least to greatest and start paying them off! Once you pay off one, transfer that amount you were spending and add it to the next biggest debt. Youʼll need long-term
Track expensesIncrease your awareness of your spending habits. Record every purchase and evaluate your decisions at the end of each month.
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debt
Create a budgetBudget out how much youʼll spend in different categories each month. Be realistic and stick to your plan!
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Emergency FundStart by saving $1,000 for an emergency fund. This will pay for unexpected expenses like accidents, illnesses, or being out of a job temporarily.
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6Start Saving
Once youʼve become more disciplined in saving, you should set up other savings funds for future expenses such as vacation, a new car, or having a baby.
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Cut the CreditBe mindful about cutting back on credit and racking up debt. Monitor your credit card spending by not carrying the cards with you for daily purchases.
Purge. Sell. Donate.
Remove the chaos and clutter in your life by purging unused items. You can sell them on Craigslist, eBay and or at a garage sale. Donate whatever you donʼt sell to charity.
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10Shop smarter
Make lists of what you need to prevent temptation at the store. Check out a thrift store, shop at Aldi, or use coupons to save on basic purchases!
Collect experiences
Experience whatʼs already around you! Find free ac-tivities and events in your city or visit a state park! Donʼt forget to enjoy the people youʼre with in the place youʼre in right now.
DiversifyMake wise investments that will bring you a profit. Investing in precious metals is affordable, liquid, and low-maintenance! You can learn more about gold and silver at SilverSaver.com.
Share your journey
Share your struggles and successes with people you trust. Your vulnerability will help keep you accountable and inspire others onto a path towards financial wellness!
vision, but it will be worth it!
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