In the month of love, we thought it was important to share our tips on how to show your money some love so it can help you attain your goals. While we could add many more tips to the list, the 10 below are an excellent place to start when thinking through your financial strategy.
1. Don’t Wait
“Oh, I’ll do that tomorrow… or next week… or next month.” We can all find excuses about getting fit, starting a diet, cleaning the house or… taking care of our finances. When it comes to showing your money some love, the first step is to put the excuses aside and take action. Money problems are associated with stress, relational challenges and decreased happiness. Waiting to take care of your finances only prolongs the hurt.
2. Save First
When a paycheck comes in, it can be tempting to pay the bills, buy a few things on the wish list and head out to a nice steak dinner. While it may be well deserved, saving before splurging can really show your money some love. When money is saved, it earns interest and the more interest it earns the more money you have later. Savings accounts, 401(k)s, IRAs and other investments are all part of a good saving strategy.
3. Look for Tax Free
Many retirement plans, such as a 401(k), allow you to save with certain tax advantages. Look into your employer’s retirement plan and possible matching programs, as well as other available programs such as the 529 plan for college education savings. Financial advisors, like the team at Sharkey, Howes and Javer, can be excellent resources when it comes to creating a smart saving strategy.