PERSONALFINANCE TIPSTHAT WILLCHANGEYOUR LIFE

DOUGLAS MELZER

DOUGLASMELZER.COM

CHECK YOURINTEREST RATE

Your interest rate is the deciding factor in several

finance decisions you have to make. For example,

when

deciding on a savings account, pick the one with the

best interest rate. Pay attention to compound interest

rates in credit card debt. If you don’t pay attention to

your interest rates, you won’t know which debt or

savings commitments to focus on.

MAKE A FINANCIALCALENDAR

Forgetting a payment or any other financial to-do

could

be quite detrimental to your finances as a whole.

Combat this by creating a calendar devoted to

finance. If you would remind yourself about a doctor’s

appointment or a car tune-up, why not remind yourself

of these crucial tasks as well?

BUDGET AT LEAST 20%OF YOUR INCOME FORFINANCIAL PRIORITIES

These priorities include emergency savings, money to

pay off debt, and money to prepare for retirement. It

is

important to have funds set aside for such situations.

Therefore, even if your debt is in excess of 20%, you

will need to find a way to save.

ALLOCATE AROUND 30%OF YOUR INCOME TOWARDLIFESTYLE SPENDING

Going out to dinner with your partner, or to the bar with

some friends, should not feel like breaking the rules.

This is why you should set aside some money

for restaurants, happy hours, movies, and anything

else

that doesn’t cover basic necessities. This is a part of

the 50/20/30 rule, which says that you should divide

your budget into three distinct categories.

ADOPT ASPENDING MANTRA

Finance rules are great to follow, but you must come

up

with an individualized plan that fits your life. A good

example of this would be to ask yourself “Is this

purchase better than a trip to Bali next year?”. You can

also set a price and only charge items that are higher

than that particular price.

IN CONCLUSION

Achieving a healthy financial life can be difficult. But

with these tips, getting your finances in order will be

easier than ever. Change your perspective on money

by

changing your habits to live your best financial life.