Ten steps to financial well-being
Improving or maintaining your financial situation can be a complicated subject. The right decision for one person may not work for someone else. There are, however, some basic things that can help everyone build healthy finances:
- Pay your bills on time
- Track your expenses and follow a monthly budget
- Make more than the minimum payment on credit cards
- Be aware of credit card rates: use one with a low rate or try to have your current rate lowered
- Try to build an emergency fund to cover at least 3 months of living expenses
- Comparison shop on large purchases
- Make sure you pay enough income taxes during the year (on the W-4 form if you’re employed), so you are not surprised with a big tax bill at the end of the year
- Read your bank accounts statements regularly
- Try to contribute to a retirement account, especially if your employer has one and will match your contribution
- Check your credit report and fix any mistakes; if your credit rating is low, make a plan to fix it.
Adapted from Bankrate.com
“You may not be able to do all of this at once. But with slow steady progress, you will be able to set and achieve your financial goals.”
Leon Veal, Project Read
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