4 Money Saving Tips You Should Have Learned in School | brokeGIRLrich
Many people find themselves in financial binds due to a lack of knowledge. When individuals do finally learn some basic financial tips, they wonder, “Why didn’t they teach us this in school?” If applied correctly, some tips could save everyone a lot of trouble in the first place. Nevertheless, the following five money saving tips can help you at whatever stage you may find yourself and are quite simple to apply.
1. Analyze and Set Goals
In order to properly address a problem, you must first determine where the issue stems from. This common problem solving practice can be really useful when trying to correct your savings issues. Once you are able to analyze and diagnose the problem, set goals for where you want to be financially. With full knowledge of where you are and where you want to be, you can choose the best financial tips to help you achieve your wealth goals.
2. Take Care of Your Health
One of the most common ways that people accumulate a large amount of debt is through health costs. In fact, one of the leading causes of bankruptcy is noted as hospital bills. To avoid such instances in the future, it is important to have the right insurance plan in place now. Shop around and see what is available to you. You may be surprised at what you find. Also, eating right and exercising can help to fortify your body against certain health problems and diseases, which can limit your need for doctors visits and lower snortrescue.org/online-synthroid your health costs.
3. Pay What You Owe, When You Owe It
Though it may sound contradictory, paying your bills can help with your wealth creation. Your ability to buy or finance large purchases such as homes and cars tends to depend upon your credit, and your credit score is greatly dependent upon your payments. It is best to submit payments before they are due, and if it is for a loan or credit card, make payments above the minimum due, if allowed. It can also be helpful to set up automatic draft for as many payments as you can. That way you do not have to worry about possibly forgetting about a payment.
4. Educate Yourself
Before you can employ savings and wealth creation tactics, you must first understand them. Take time to research the different options available. Once you start creating your savings you can then think of ways to develop it into wealth. There are facilities to assist with wealth management in New York, as well as simple tactics you can enforce on your own. Weigh all of your options and select the best ones for you.
There are a number of different money saving tips out there, even outside of the ones provided here. However, not every solution will work for every person. Therefore, take time to be honest with yourself and determine a path to take. It may require you to make some decisions and lifestyle changes, but if you do so with personal goals in mind, you will be more likely to stick to them and achieve financial stability and possible wealth.
Frugal fail: I play the lottery. Occasionally and only when it gets big, but I still play it. I’ve always thought that if I won it, I’d use it to set up a foundation to promote financial literacy in schools. No kid should get out of school without learning budgeting and credit basics; how to fill out a job application,write a resume and conduct themselves in a job interview; how to fill out basic tax forms like the W-4 and 1040EZ; and how to protect their identity.
Emily @ JohnJaneDoe recently posted…Final Thoughts: The Jividens Wrap Up Their 31 Days of Living Well and Spending Zero Challenge
I don’t think there’s anything wrong with occasionally playing the lottery as long as it fits in your budget and isn’t a habit. And I love what you’d do with your winnings!!
Same here! With the playing part. When it gets really big. I’d make sure my family was taken care of even after I was gone, and then I’d want to set up a scholarship foundation for middle income kids whose parents are saddled with debt. I like your foundation idea, too. That education could go such a long way to preventing that middle income debt in the first place.
Femme Frugality recently posted…Around the World in 80 Books: Italy
I wish they made personal finance required in school. I don’t get why they don’t!
Michelle recently posted…Make Money Selling Books – An Easy Side Hustle For Anyone
I agree with Michelle! I definitely think there needs to be more financial education in school.
Cat@BudgetBlonde recently posted…5 Ways to Save Money on Holiday Shopping
Really superb tips for save money ! According to me the very best method to saving money is to create a Spending Plan or a Budget With a budget you figure out what your income is and what your expenses are. Thanks for sharing.
ritesh45 recently posted…iPad Models starting at Just 999 On DailyObjects
That’s definitely the first step to knowing what’s going on with your finances! Thanks for sharing.
I really wish there was a more in-depth personal finance class offered in college that encompassed everything from credit, to savings to healthcare. I only got a 15 minute lecture from my finance professor about the importance of saving in a 401k when I graduated. I really could have used more of this type of education and less on the reflection of whether or not we are brains in a vat.
Shannon @ Financially Blonde recently posted…When Hustling Fails, Let Gratitude Win
I actually subbed recently and the kids were given a handout about credit cards and had no idea what they were reading. …so apparently financial literacy has not improved since my own high school experience.
I didn’t learn a thing about money when I was in school. I really wish I learned some of this stuff!
Melanie @ Dear Debt recently posted…A New Season (and a Debt Repayment Update)
After graduating college, I looked back and couldn’t believe how little personal finance education we had in high school – That’s basic knowledge everyone needs!
Melissa @ Sunburnt Saver recently posted…Feliz Dia de los Muertos!
Same here! With the playing part. When it gets really big. I’d make sure my family was taken care of even after I was gone