- Write down every cent you spend for one month: gas, food, clothes, bills, etc. – anything and everything you spend any amount of money on. It will give you a perspective into some bad spending habits that you can cut out before it gets too far in the year.
- Start building an emergency fund. Start by putting aside a few dollars each month and double that amount each following month. If one week you find that you can spare a few extra bucks to put into this fund, go ahead and throw it in.
- Start paying your debts as soon as you can. List every single outstanding balance you have and their interest rates. List them in priority of what needs to be paid first and most frequently in order to clear the debt while paying the lowest amount of interest. Each month, pay the minimum on each account. For the highest-rate account, pay the highest amount you possibly can.
- Discuss your goals and resolutions with your family so you can not only seek their support, but also have people on your side to hold you accountable for sticking to your financial goals.
- Educate yourself on finances. There’s probably a lot you don’t know about credit cards, home loans, car loans, etc., and knowing more about them will help you become more financially responsible once your name is attached to one.
For more information and tips on personal wealth and finances, look to Rob McKell. Whether you are just starting your college years or are a university graduate, financial health should always be a priority. Contact Rob McKell today for additional guidance on personal finance and wealth management.