Quick Tips For Financial Success

 

I became an entrepreneur in my 30's and it made me realize how careless I was with my money when I was working in Corporate America and how I wish I knew this information in my 20's it would have definitely made my transition easier.  So I'm sharing a few quick tips that helped me get my financial health in order. 

• Evaluate your expenses, and live frugally:  Track your expenses. Then evaluate how you’re spending your money, and see what you can cut out or reduce. For example: I left Verizon my bill was close to 200.00 a month and went to T-Mobile where my bill is 90.51 each month. I also cut my cable off and invested in a ROKU box and signed up for Netfilx and Hulu which are both $7.99 monthly. I enjoy regular TV with an adapter so I can watch Empire and How to Get Away with Murder and more!
  
• Make savings automatic: This should be your top priority, especially if you don’t have a solid emergency fund yet. Make it the first bill you pay each payday, by having a set amount automatically transferred from your checking account to your savings. Don’t even think about this transaction — just make sure it happens, each and every payday.
• Eliminate and avoid debt: If you’ve got credit cards, personal loans, or other such debt, you need to start a debt elimination plan. List out your debts and arrange them in order from smallest balance at the top to largest at the bottom.  Then focus on the debt at the top putting as much as you can into it until its payed off. Continue this process until the list is complete.
• Read about personal finances: The more you educate yourself, the better your finances will be. 
• Look to grow your net worth:  Do whatever you can to improve your net worth, either by reducing your debt, increasing your savings, or increasing your income, or all of the above. Look for new ways to make money, or to get paid more for what you do.
•  Know what's on your credit report: Credit reports may affect your mortgage rates, credit card approvals, apartment requests, or even your job application. I highly recommend checking every 6 months. I use www.annualcreditreport.com this is a free service.
• Use Budgeting Apps: Effortlessly manage your cash flow, budgets and bills from one place. I use Mint and Prism but you can search the iTunes and Google Play store for more apps if these doesn't work for you!