New Year Finances!
Ready to get your finances in order? Try my Top 5 Financial Best Tips for 2020!
Refrain from spending money on your wants rather than your needs. Stay your ass out the mall. Wear what’s in your closet. Grocery shop with a list only. And please don't go shopping while you're hungry. Cut out the fast food and opt for a packed lunch instead. It's all about cutting costs where you can.
Do not save what is left after spending, but spend what is left after saving. It sounds tough but you can do it. I opt for the automatic withdraw into my savings account so I don't even have to see it. Save as much as you can, and please don't touch it. For annual trips or holiday shopping, set a separate small budget throughout the year so it's not a big chunk being removed from your account all at once.
I can't stress this enough. If there's more than one able-bodied adult living under your roof, they need a job. No matter how much income you bring in, you can't be the sole provider for long, as you may carry the load for what feels like a lifetime. You'll find yourself stressed and completely overworked trying to make ends meet.
Never test the depth of a river with both feet. I know how exciting it can be to start a new venture. We see dollar signs and want to jump head first into this "once in a lifetime" offer. But trust me, test the waters first. Don't invest it all at once. Crawl before you walk, walk before you run. Take some time and figure it out without putting yourself in financial ruin for the rest of your life.
And last but not least, get your credit straight! Enroll in credit monitoring, and clean up any old or negative reports if possible. Long term, we all want a nice car or home and your score determines interest rates that can become just as high as your initial payment. Pay bills early and keep credit card balances low.