personal finance tips

Personal Finance Tips: Money-Savvy Advice that Will Alter Your Worldview

We appreciate that choosing and managing your own assets may not be high on your to-do list. Fidelity Go allows you access to expert money management on your terms so you can spend more time focusing on what is important to you.

And it’s easy to get started. There’s no minimum to open an account. You may even be able to convert an existing Fidelity brokerage or retirement account.

In order to help you move ahead financially, here are ten tips.

personal finance tips

  • Get paid what you’re worth and try to keep your spending in check.

It may sound straightforward, yet many people struggle with this first rule. Make sure you know what your job is worth in the marketplace, by completing an appraisal of your skills, productivity, job tasks, contribution to the organization, and the going rate, both inside and outside the firm, for what you do.

Negative effects of underpayment add up quickly over time, even if it’s only $1,000 per year. If you spend more money than you bring in, it doesn’t matter how much money you make.

Often it’s easier to spend less than it is to make more, and a little cost-cutting effort in a number of areas can result in savings. And, it doesn’t necessarily have to mean making major sacrifices.

Read More: Christian Bale Is Willing to Do Another Batman Movie if Christopher Nolan Calls Him.

  • Second, always use a budget.

Creating a budget is a crucial step in your pursuit of financial success. After all, how can you know where your money is going if you don’t budget?

With no idea of where your cash is going, it’s impossible to save or spend wisely. You need to build up a budget whether you make thousands or hundreds of thousands of dollars a year.

  • Finally, settle your credit card balances

There is no greater financial roadblock than credit card debt. Those little pieces of plastic are so convenient to use, and it’s so easy to forget that it’s actual money we’re dealing with when we whip them out to pay for a transaction, large or small.

Even though we pledge to pay the balance off fast, the reality is that we typically don’t, and end up paying significantly more for things than we would have paid if we had used cash.

  • Contribute to a Retirement Plan

If your employer offers a 401(k) plan (or another sort of employer-sponsored retirement savings program), you should consider contributing to it if you can afford to. Often, with 401(k) plans, your employer will contribute the same amount that you put toward your account up to a specific percent.

This is often referred to as an “employer match.” If your workplace doesn’t offer a retirement plan, consider an IRA.

  •  Have a Savings Plan

You’ve heard it before: Pay yourself first. If you wait until you’ve satisfied all of your other financial commitments before evaluating what’s left over for saving, chances are you’ll never have a healthy savings account or investments.

Resolve to set aside a minimum of 5% of your salary for savings before you start paying your bills. Better yet, have money automatically withdrawn from your paycheck and transferred into a separate account.

  •  Invest

If you’re contributing to a retirement plan and a savings account and you can still manage to put some money into other investments, all the better.

Try Alternative Ways of Making Money

One of the less known but increasingly popular ways of earning money online is via money-making apps.

Some of those apps will require you to do various tasks, like transcribing, watching videos or ads, playing games, participating in online surveys, etc. While others can offer a more passive approach.

A good example of this is the passive income app Honeygain, which will pay you money in exchange for your excess bandwidth. All you have to do is download the app, register, and leave it to run in the background of your device.

  • Maximize Your Employment Benefits

Employment perks like a 401(k) plan, flexible spending accounts, medical and dental insurance, etc., are worth large amounts. Make sure you’re maximizing yours and taking advantage of the ones that can save you money by reducing taxes or out-of-pocket expenses.

  •  Review Your Insurance Coverages

Too many people are talked into paying too much for life and disability insurance, whether it’s by adding these coverages to car loans, buying whole-life insurance policies when term-life makes more sense, or buying life insurance when you have no dependents.

On the other hand, it’s crucial that you have enough insurance to cover your dependents and your income in the case of death or disability.

  •  Update Your Will

personal finance tips

In 2021, just 33% of Americans have a will. If you have dependents, no matter how little or how much you own, you need a will.

If your scenario isn’t too intricate, you can even do your own utilizing software like Quicken WillMaker from Nolo. To better safeguard your loved ones, consider making a will.

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  •  Keep Good Records

If you aren’t attentive to keeping thorough records, you’re probably not claiming all your permitted income tax deductions and credits. Set up a routine today and use it all year.

It’s a lot easier than scrambling to find everything at tax time, only to miss items that would have saved you money.

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