Five Ways to Help Give Your Money a Makeover


1. Prioritize Your Financial Goals

Sign Up for E-News

Even with a limited budget, it’s still possible to achieve your financial goals — but you do need to prioritize! Add up your monthly necessities, such as housing costs and utility bills, and try to limit those expenses to under 50 percent of your monthly net pay, says Forbes. Next, allocate roughly another 20 percent to your financial goals like retirement or paying off your car loan, and then the remaining 30 percent is available for discretionary spending, such as eating out, clothing or entertainment, says Forbes.

2. Know Your Retirement Number

It may be a good idea to figure out the amount you need to save each month for retirement, says Forbes. Use an online calculator to help determine your number. For example, a 30-year-old who wants to retire at the age of 65 may need to save roughly $770 per month to comfortably do so. Once you’ve determined your number, you may want to consider adding it to your monthly financial goals.

3. Buy Less

Have you ever looked at your closet or garage and thought to yourself, “How did I accumulate this much?” While shopping online sales and “buy one, get one” deals can be a great way to save money, unless you’re stocking up on paper towels, it’s easy to end up with items that you simply don’t need or won’t use enough to justify the purchase. When shopping, you may help avoid impulse buys by waiting 20 minutes to really think if this purchase is necessary, says MONEY.

4. Save Money on Food

Plan your meals for the week and then shop only for ingredients you’ll need. Menu planning may help cut down food waste and expenses by utilizing the same perishable ingredients multiple times during the week and helping you avoid purchasing items you don’t need.

5. Coordinate With Your Significant Other

Being honest about your finances may be awkward at first, but it’s better to have these conversations rather than waiting until something happens like an expensive car repair or a job loss to do so. You may want to come together on some common financial goals and visualize achieving them together. According to Forbes, it may be easier to accomplish these goals when there’s a set plan between the couple.

With a little preparation, you can start to makeover your money to help build a stronger financial future tomorrow.

Let’s block ads! (Why?)


Source link

What's Your Reaction?

Cry Cry
0
Cry
Cute Cute
0
Cute
Damn Damn
0
Damn
Dislike Dislike
0
Dislike
Like Like
0
Like
Lol Lol
0
Lol
Love Love
0
Love
Win Win
0
Win
WTF WTF
0
WTF

Comments 0

Your email address will not be published. Required fields are marked *

You may also like

More From: Makeover

DON'T MISS

Choose A Format
Personality quiz
Series of questions that intends to reveal something about the personality
Trivia quiz
Series of questions with right and wrong answers that intends to check knowledge
Poll
Voting to make decisions or determine opinions
Story
Formatted Text with Embeds and Visuals
List
The Classic Internet Listicles
Countdown
The Classic Internet Countdowns
Open List
Submit your own item and vote up for the best submission
Ranked List
Upvote or downvote to decide the best list item
Meme
Upload your own images to make custom memes
Video
Youtube, Vimeo or Vine Embeds
Audio
Soundcloud or Mixcloud Embeds
Image
Photo or GIF
Gif
GIF format