Here are 10 tips that can help any person become more responsible at managing their finances.
1. Get paid what your worth, and spend less than you earn – Make sure you know what your job is worth in the marketplace, by conducting an evaluation of your skills, productivity, job tasks, contribution to the company, and the going rate, both inside and outside the company, for what you do.
2. Stick to a budget – You need a budget whether you make thousands or hundreds of thousands of dollars a year.
3. Pay off credit card debt – Credit card debt is the number one obstacle to getting ahead financially.
4. Contribute to a retirement plan – Ask your employer if they have a 401(k) plan (or similar plan), and sign up today. If you’re already contributing, try to increase your contribution. If your employer doesn’t offer a retirement plan, consider an IRA.
5. Have a savings plan - Resolve to set aside a minimum of 5% to 10% of your salary for savings BEFORE you start paying your bills. Better yet, have money automatically deducted from your paycheck and deposited into a separate account.
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