Keep That Money in the Bank! Simple Ways to Get a Hold of Your Finances
By JESSICA REMITZ
Keep that money in the bank! Simple ways to get a hold of your finances. Everyone wants to be better about managing their money, but between hectic work schedules and long to-do lists, sitting down to figure out your finances can easily fall to the bottom of the priorities pile. Fortunately, we’ve brought the research to you, asking money management pros for their top tips on how to save more, pay down debt and bring in a little cash. Here’s what they recommend:
Know Where Your Money Goes
Before you start planning how to save, it’s essential to track your spending. Take a look at how much it costs to run your household each month, then see how much money you have left for discretionary spending, says Sophia Bera, CFP and founder of Gen Y Planning. If you notice any unnecessary debts or spending, try to pare down those expenses.
Got a pile of debt? Mary Beth Storjohann, CFP and founder of Workable Wealth, suggests either paying off the debts with the highest interest rate first, or tackling your smallest debts first and then, once they’re paid, moving on to the bigger ones. Websites like Mint and You Need a Budget can help you put together a monthly budget and track your spending.
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