Financial Tips for 2019
It’s the beginning of a new year, and we know that many in our apartment community are thinking about renewing their resolutions and goals. If you plan to gain a better hold of your finances this year, then make sure to keep reading. Today, The Estates 3Eighty Blog is sharing a few simple financial tips to enhance financial stability. While there are steps you can take beyond these, we’re giving you the first three tips toward a financially abundant future from SmartDollar. Start practicing them today in your Little Elm, TX apartment!
Get On a Budget
If you haven’t gotten on a budget yet, the first step toward financial stability is getting on one! We could obviously write numerous blog posts on this topic alone, but that’s not our focus for today. To put it simply, budgeting requires that you know how much of your income is spendable each month, that you can spot the patterns for how you typically spend that income, that you set goals in terms of where your money will go each month ranked from most important need to simplest want, and that you are ready to make adjustments when necessary. For more specific budgeting tips, a simple google search will provide you with a wide variety of options and methods to choose from.
Build Emergency Savings
Perhaps you’re consciously saving money every month for a new car or an upcoming expense that you’re anticipating, but it’s crucial to build emergency savings for unexpected expenses as well. SmartDollar recommends that your basic emergency savings fund be at least $1,000 so that any unexpected car repair or doctor’s visit won’t send you plunging into debt. It might take you a few months to build up $1,000, but you’ll be glad that you did it next time you truly need that money. Remember to replenish your fund when you need to use some of it!
Pay Off Debt
Between student loans, credit cards, and car payments, you probably have a few different sources of consumer debt. Once you’re on a budget and you have emergency savings set aside, the next big step is to pay all of it off. SmartDollar suggests that you list all of your debts from most to least expensive, and then pay the minimum payment each month on each of those debts. If you have leftover money that you’d like to be putting toward debt reduction, then put it towards paying off your smallest debt. Use this debt snowball calculator to see how it works. While this process may feel counterintuitive, it works! Paying off any debts you have in full, no matter how small, will make your load that much lighter. Repeat this process until all of your debts are gone!
Thanks for reading! May your 2019 be a year of success and financial stability.