The Finance Blogger

Do you often wonder why some people seem to have more money to spend than you do? They might even make less than you do, yet can go on trips and have a nicer home. How do they accomplish this feat. The answer is actually quite simple, Be Smarter about Your Money and how you manage it. We have compiled a list that consumers should consider. Applying these ideas will help almost everyone Be Smarter about Your Money and make it last much longer.

Be Smarter About Your Money

Salary – review deductions, eliminate unneeded deductions as appropriate, take advantage of share plans, contribution plans offered by the company, use direct deposit
Saving – designate 10% for future needs, never to be touched unless there is an extreme emergency. This is in addition to retirement savings.
Avoid credit card debt – pay off all credit card debt and avoid the high 19% + interest charges
Live below your means – and you will always have money to save and provide independence during retirement years
But credit itself is important – you need to have a good credit rating. Borrow some money and pay it back on time and never miss a payment
Understand your spending habits – keep a budget and track expenses. Make decisions about miscellaneous expenses that cause you to fritter away your money
Automate everything – utility payments, taxes, mortgage payments, loan payments etc to avoid ever missing a payment. Missed payments are expensive in terms of fees and credit card ratings.

Get the big purchases right

Save big dollars by negotiating, comparison shopping and only making the purchase once you have worked out your budget and payment
Build up that savings account – for emergencies that will always come up. This is in addition to the 10% we mentioned earlier
Cover your insurable needs – including mortgage, loans, education for the kids, etc
Always get the match. To 401(k) plan to get the employer match – this is like a bonus and can add thousands of dollars to your retirement savings plans
Save a little more each year – when you get a raise, your savings amount should go up accordingly
Choose your friends and neighborhood wisely – it is tough competing with wealthier friends or big spenders. Don’t! You will not be tempted.
Talk about money – with the family so that they understand your goals and how they can contribute.

Material purchases won’t make you happier in the long run

Focus on friends and family

Read a book, or 10 – There are countless personal finance books out there.
Know where you stand – prepare a financial plan every year and assess your progress towards your goals
Taxes matter – minimize taxes owed every year as much as possible
Make more money – get another job to help meet your goals
Don’t think about retirement, but financial independence – meaning when you have enough to retire, you are now independent and can pursue other dreams or continue working

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