HOW TO BECOME FINANCIALLY HEALTHY

  

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Financial advice seems to come from everywhere these days: websites, TV shows, expensive advisors.  An ever-increasing selection of investment vehicles is advertised in our magazines and newspapers. We have more options than ever - but has this increase in choice taken away from our capacity to learn and practice simple, sound expense management?  Today’s post goes back to basics and reviews three principles you can use to get your financial health on track.

SPEND LESS THAN YOU EARN

This might seem like a no-brainer, but when’s the last time you took an honest accounting of your expenses and compared them to your income?  Even if you feel you’re in a good position, chances are you could still make a few positive changes. An easy way to know for sure is to use NumReciept’s online expense reporting.  Scan receipts from your purchases for a month, making sure you’ve accounted for mobile receipts received from utility and cable bills you may have set to auto-pay, and compare the total to your income for the month with NumReceipt’s Profit and Loss report.  If you’re unhappy with the result, think about how you might cut down on unnecessary expenses, like going out to lunch every day or canceling TV channels you never watch.


PAY DOWN YOUR MOST EXPENSIVE DEBT FIRST

If you’ve fallen into credit card debt in the past or are struggling with it now, you may have read literature suggesting you paying off the smallest debts first to gather momentum and motivation to keep going.  This strategy may be a great solution for some, but it’s worth keeping in mind that other debts with higher interest rates will continue to accumulate in the meantime.

SAVE AT LEAST 10% OF YOUR INCOME FOR RETIREMENT

Many financial advisors recommend setting aside 10 to 15% of your income for a comfortable retirement, according to CNN Money.  Even if you have student loans or other borrowings, it still makes financial sense to at least deposit the percentage of your salary that your employer will match - there won’t be many other opportunities to earn 100% on your investments!  And of course, the earlier you can start, the better.

We hope NumReceipt can support you in meeting your expense management goals.

 



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