Guest Post by: Mary Shannon (from SeniorsMeet.org)
Putting yourself in a stable financial position won’t happen overnight. It takes planning, strategy, and most of all, consistency - doing the same things month after month so you eventually start seeing a difference in your finances. It’s hard work, but it’s well worth the effort to be rewarded with a bigger bank account and less money-related stress.
Check out the following tips from Ellis County Det 1452, Marine Corps League to help you get ahead.
Build a budget
The first step is to build a budget by determining exactly how much your household earns in a month and how much you can afford for all of your different expenses. Be sure to include large expenditures, including your rent and grocery bills, as well as seemingly-small expenses that tend to eat up more of your funds than you realize, such as entertainment.
6 Reasons Why You Need a Budget
How to Create a Budget in 5 Steps
Prioritize your savings
Most financial planning experts agree that saving is an important part of achieving financial wellness, but surprisingly few Americans save enough money to pay for unforeseen events or even expenses they know are coming. Even if you can’t afford to set much aside, be sure to work on building some sort of savings. You can increase or decrease this amount as circumstances allow, but you should always be funneling something into this account.
35 Simple Ways to Save Money Every Month
7 Savings Goals Totally Worth All Your Time And Money
9 Reasons You Need an Emergency Fund
Grow Your Wealth Through Home Buying
Owning a home is the cornerstone of the American dream. And these days, it’s possible to buy your first home even with minimal credit history or a down payment. What’s important is to make the right type of purchase, and to ensure it’s something you can afford.
Homeownership Is a Key to Building Wealth
How Much House Can I Afford
How to Get a Mortgage: 7 Steps to Success
What Is a VA Home Loan
Don’t put off saving for retirement
Ideally, it’s best to start saving for their retirement in your mid-twenties, but it’s another financial matter that’s easier said than done. The good news is that even if you don’t have an employee-sponsored retirement plan, there are options for putting funds aside that you can use later in life.
The Best Retirement Savings Plans for Freelancers
How Much Should I Contribute to My 401(k)
Budgeting, saving and thoughtful money management are the pillars of a solid financial future. If you’ve been putting off making sure you’re fiscally prepared for the present and future, there’s no time like the present to get started.
Courtesy of Pixabay.com.