Improve Your Financial Health
Your financial health is a lot like your physical health: You know there are things you can do to get healthier, but you might not know where to start.
Following are five things you can do to get yourself headed toward better financial health.
Do the math. It’s simple but we hate to do it: Figure out your monthly income and expenses. Tally up your bank accounts and your debts. This will give you a solid sense of your situation.
Make a written plan. Write out a spending plan that allows you to live within your means. It doesn’t have to account for every penny, but the more exact it is the more it will help
Put savings on autopilot. Set up automatic withdrawal to redirect some money into a savings account. If you have access to a retirement plan, deposit into it directly from your paycheck. You might feel a pinch at first, but you’ll be better off in the long run.
Start an emergency fund. Few things hit harder than an unexpected expense. Create a cushion with an emergency fund that will keep a medical bill or car repair from knocking you for a loop.
Pay off debts. Monthly payments on credit cards and purchases can seem convenient, but they’ll bleed you dry over time. Work to eliminate debts and then try to pay off credit cards in full every month.
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