Sunday, December 31, 2017

4 Signs You Disrespect Money by Tammy Moore

Did you know how you handle your money is a direct correlation with how you feel about yourself? Think about when you set personal goals, 99% of the time they always include finances and yet those are the goals you neglect the most next to your health. Here are my top 4 signs that show you disrespect money and a few suggestions on how to change these behaviors!

1. You don’t track your expenses and organizes your monthly obligations
Get Organized! Separate your bills monthly or categorize them by type. Review them each month to see where your money is going. Track your monthly expenses so you’re always conscious of the fluff in your budget. There’s extra money there, you must get organized and find it!

2. You don’t have realistic monthly household budget
A budget will help you plan for debts and activities. Spending money sporadically will end in disaster. If you’ve planned for the day of shopping, you don’t have to come back home and figure out which bill you have to skip because you had an unplanned expense. Now don’t get me wrong, of course you’re not going to follow your budget to the tee 100% of the time but, let’s shoot for 90% and it will be a game changer for your financial outlook! You work hard for your money so don’t waste it all, spend and track it wisely!

3. You’re not paying yourself first!
If you don’t plan for your future or care about your finances why should anyone else? You can reduce your stress levels by putting a little money away each month. You need two types of savings accounts, long term and short term. Long term is your company 401(k) plan (why not take advantage of the company match if offered, hey it’s free money), certificates of deposits and investment accounts. These accounts you put the money away and watch it grow! But you also need an account that you have access to with monthly reserves. One month reserves equal 1 month’s expenses. Rule of thumb, you need 6-12 months reserves. But you have to start someone. Start with one month and build from there. It will make a world of difference when you have any unexpected expenses that arise, you won’t have to miss a bill or play catch up. Never stop saving and you will pat yourself on the back after a few years when you see your money growing and net worth increasing and stress decreasing!

4. You don’t know your credit score and you don’t pay your bills on time!
Your credit report is you on paper. Nowadays credit is required for everything (insurance, employment, business start-up). Take some time to check your credit scores and work to increase your scores so you will qualify for the best interest rates. This will save you thousands of dollars when you go to purchase a home or car. Get your finances in order so you can pay your bills on time and even pay a few dollars extra each month, it will do wonders for your score.

Remember it’s not if you can take control of your budget, credit and finances...it’s when!

Learn more about Tammy Moore via her website at www.tammypmoore.com and follow her on Twitter @tammypmoore

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