Top recommendations for personal financial stability
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Set big financial goals and share them with friends
Sharing your financial goals with friends, or even strangers through social media, can help you better understand what your goals are and also make you more accountable to achieving them. As the new year begins, you may consider sharing your financial goals on Facebook, Twitter, or on a goal-setting platform like Linkagoal.
Calculate your net worth
Knowing what you own is an important step towards building wealth. Therefore, take some time, at least once a year, to observe the numbers, the assets and liabilities you have to find out your net worth.
Maximize workplace benefits
If you are fortunate enough to have a job with good perks, make sure that you are able to take full advantage of those perks. In addition to salary, you should pay close attention to retirement plans, healthcare, medical insurance, accident insurance…
Utilize useful money-saving apps
Mobile apps make it easier to protect your bank account from thieves and save money. Some of the best apps include BillGuard and Key Ring.
Financial alignment with spouse
Reaching an agreement and coordinating your spending and saving habits with your spouse will not only lead to happier relationships but also mean more money flowing into your joint bank account. A monthly “meeting” to review finances and develop a 5-year financial plan are two ways that can help you spend more wisely every day.
Teach children smart money habits
Good saving habits start early. Financial experts often recommend talking about money and the importance of a budget to young children right from kindergarten. Guiding and allowing your children to buy, compare prices when shopping can help them improve their basic financial knowledge.
Simplify your digital life
If you are often tempted by promotional emails, great deals, you may want to consider unsubscribing from regular email notifications from retailers.
Stay fit while saving money
If you are looking to stay in shape while actively saving money, there are mobile apps available to help you do that. Runtastic Six Pack and Johnson & Johnson 7-Minute Workout are two free and useful apps that can help you not make excuses like saving or cold weather for skipping exercises.
Buy fewer clothes
Clothing can be a huge drain on your wallet. However, there are many ways to limit spending without sacrificing your sense of style, such as taking advantage of seasonal sales, swapping clothes with friends, or using rental websites like Rent the Runway for beautiful attire at formal events while still saving money.
Learn from young people’s spending habits
Youth is always at the beginning of their financial journey. Going through an economic recession, many young consumers may be smarter in using discounts and savings to the fullest. They also know how to cut back on expenses to save for traveling purposes.
More knowledge about finance
Financial literacy is an important factor in helping an adult accumulate wealth over time. If one understands the basic concepts when it comes to saving, investing, and compound interest, they are more likely to grow richer day by day. This is why self-study and self-education about personal finance, whether through workplace education programs or online tutorials, have meaning.
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