Money Matters: Smart Financial Habits of Rich People Anyone Can Leverage

You have decided that this is the year that you will finally put your financial affairs in order. You are determined to clear up your bills and start putting savings aside. While these are worthwhile goals, you need to devise a concrete plan to make them work.

A good place to begin is with an assessment of your previous year’s expenditures, including credit card spending, unsecured personal loans, mortgages and other financial obligations. Project an estimate of your expenses for the upcoming year and balance your expected expenditures against your projected income. If your income falls short, use these personal finance tips to begin to get your finances into shape.

Gauge Your Obligations and Overall Financial Standing

It is nearly impossible to devise a workable budget unless you know exactly what your financial obligations are. Make a list of every bill that you must pay every month – not just the big ones such as rent or mortgage and heating bill but also an estimate of what you spend each morning for coffee and sweets on your way to work. You may be surprised by just how much you are spending.

Did you improve your financial standing last year or did you lose ground? Gather your bank statements and payment receipts to determine where you stand in terms of your overall financial circumstances. Even if the results are painful to face, doing so can help you begin to move things back in the right direction.

Set Your Priorities

Do you want to be completely debt free over the next twelve months? Do you wish to finally stop renting and purchase a home of your own? Set one or two major financial goals for the year ahead. For instance, if you want to become a home owner, determine how much you will need to put aside for a decent down payment, and then divide the amount by twelve so that you will have met your goal by the end of the year.  Place a picture of a home that resembles your dream home in a prominent place where you will see it often. Setting big goals and placing reminders in obvious places will serve to motivate you to keep moving ahead whenever you become discouraged.

Update Your Household Budget

Of course, you’re not still budgeting for diapers when your youngest is set to take school leaving exams. Nonetheless, your household budget may still contain outdated items. Taking regular assessments can help you determine your family’s priorities while eliminating unnecessary spending.

While you’re updating your budget, include an assessment of any loans that you might have. If you have a home loan, you may be a candidate for refinancing at lower interest rates.  Determine whether it is possible to accelerate your repayment schedule so that you can become debt free sooner.

Plan for Contingencies

No one likes to consider that a disaster or tragedy may strike. Nonetheless, setting up an emergency fund and writing a will should occupy top priority on your list of financial and personal goals for the coming year. Having a will provides concrete instructions for providing for dependents and ensuring that your final wishes are carried out. As for an emergency fund, start small. Set aside something each week until you have accumulated at least enough to cover your expenses for three months.

William Caine is a veteran of finance. He enjoys blogging about the ins and outs of savvy personal money management.

3,033 Responses to Money Matters: Smart Financial Habits of Rich People Anyone Can Leverage
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Money Matters: Smart Financial Habits of Rich People Anyone Can Leverage

You have decided that this is the year that you will finally put your financial affairs in order. You are determined to clear up your bills and start putting savings aside. While these are worthwhile goals, you need to devise a concrete plan to make them work.

A good place to begin is with an assessment of your previous year’s expenditures, including credit card spending, unsecured personal loans, mortgages and other financial obligations. Project an estimate of your expenses for the upcoming year and balance your expected expenditures against your projected income. If your income falls short, use these personal finance tips to begin to get your finances into shape.

Gauge Your Obligations and Overall Financial Standing

It is nearly impossible to devise a workable budget unless you know exactly what your financial obligations are. Make a list of every bill that you must pay every month – not just the big ones such as rent or mortgage and heating bill but also an estimate of what you spend each morning for coffee and sweets on your way to work. You may be surprised by just how much you are spending.

Did you improve your financial standing last year or did you lose ground? Gather your bank statements and payment receipts to determine where you stand in terms of your overall financial circumstances. Even if the results are painful to face, doing so can help you begin to move things back in the right direction.

Set Your Priorities

Do you want to be completely debt free over the next twelve months? Do you wish to finally stop renting and purchase a home of your own? Set one or two major financial goals for the year ahead. For instance, if you want to become a home owner, determine how much you will need to put aside for a decent down payment, and then divide the amount by twelve so that you will have met your goal by the end of the year.  Place a picture of a home that resembles your dream home in a prominent place where you will see it often. Setting big goals and placing reminders in obvious places will serve to motivate you to keep moving ahead whenever you become discouraged.

Update Your Household Budget

Of course, you’re not still budgeting for diapers when your youngest is set to take school leaving exams. Nonetheless, your household budget may still contain outdated items. Taking regular assessments can help you determine your family’s priorities while eliminating unnecessary spending.

While you’re updating your budget, include an assessment of any loans that you might have. If you have a home loan, you may be a candidate for refinancing at lower interest rates.  Determine whether it is possible to accelerate your repayment schedule so that you can become debt free sooner.

Plan for Contingencies

No one likes to consider that a disaster or tragedy may strike. Nonetheless, setting up an emergency fund and writing a will should occupy top priority on your list of financial and personal goals for the coming year. Having a will provides concrete instructions for providing for dependents and ensuring that your final wishes are carried out. As for an emergency fund, start small. Set aside something each week until you have accumulated at least enough to cover your expenses for three months.

William Caine is a veteran of finance. He enjoys blogging about the ins and outs of savvy personal money management.

3,033 Responses to Money Matters: Smart Financial Habits of Rich People Anyone Can Leverage
  1. Sandee Inouye
    February 14, 2019 | 8:12 am

    Great Post! I look forward to seeing more from you in the future. There are some very great ideas above.

  2. Best Call Agent Service
    February 14, 2019 | 8:50 am

    I truly appreciate this blog.Much thanks again. Really Cool.

  3. 토토사이트
    February 14, 2019 | 9:46 am

    although websites we backlink to below are considerably not connected to ours, we feel they may be actually really worth a go through, so possess a look

  4. Ismael Marcin
    February 14, 2019 | 12:25 pm

    I’m impressed, I have to admit. Genuinely rarely should i encounter a blog that’s both educative and entertaining, and without a doubt, you may have hit the nail to the head. Your concept is outstanding; the issue is a thing that too few individuals are speaking intelligently about. We are delighted i found this in my find something in regards to this.

  5. Tuan Dowey
    February 14, 2019 | 12:40 pm

    I really thankful to find this site on bing, just what I was looking for : D too bookmarked .

  6. Floria Suskay
    February 14, 2019 | 1:37 pm

    Oh my goodness! an incredible article dude. Thank you Nevertheless I am experiencing difficulty with ur rss . Don’t know why Unable to subscribe to it. Is there anyone getting equivalent rss downside? Anybody who is aware of kindly respond. Thnkx

  7. santo domingo to punta cana
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  8. Annie Ginsel
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  20. Kendrick Collom
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  21. Shawn Hegwood
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  22. Benny Sidi
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  26. 먹튀검증
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  27. Kenneth Bhandari
    February 16, 2019 | 3:14 pm

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  28. Rick Bawany
    February 16, 2019 | 3:31 pm

    Aw, i thought this was a very good post. In notion I would like to put in writing like that additionally – taking time and actual effort to manufacture a excellent article… but what / things I say… I procrastinate alot and no indicates apparently get something accomplished.

  29. Terica Truskowski
    February 16, 2019 | 4:29 pm

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  30. Children Book Publisher
    February 16, 2019 | 6:17 pm

    A round of applause for your blog article.Really looking forward to read more. Want more.

  31. Vern Crose
    February 16, 2019 | 6:23 pm

    i would love to munch so many italian foods, italian foods are the best in my opinion and they are very tasty.,

  32. Matthew Dermo
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Leave a Reply


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Trackback URL http://mynextbuck.com/money-matters-smart-financial-habits-of-rich-people-anyone-can-leverage/trackback/