Guide to A Better Financial

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Personal FinanceFor so many people personal finance is a mystery that seems impossible to figure out. The average American will make about one million dollars in a lifetime, but will still retire with only a small fraction of that money available. Here are some tips to help you get in your way to a better financial status.

Keep Track of Your SpendingUnderstand where your money goes by writing down how much you spend every day. Try writing things down on a whiteboard in your kitchen or somewhere else that is visible. You will pass by it all day so it stays in your mind.

Set Aside 10-13% of Your Paycheck in A Savings Account

Make sure that you are taking about 10-13% off your paychecks and putting them aside into a savings account. This will help you out greatly during the tough economic times. Then, when an unexpected bill comes, you will have the emergency funds to cover it and not have to borrow and pay interest fees.

Pay Off Your Debts

The amount of interest on loans is very high, and the longer you take to pay them off, the more you pay in interest. Additionally, you should always pay more than the minimum that is due on your loan or credit card.

Pay Your Bills On Time

Landlords are more likely to help tenants who are in good standing with them. If you make them wait extra time to get their rent then you can guarantee that when you have a problem they will not be in a rush to help you.

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