By Kristian Borghesan

January 13, 2021


Having a plan for your money is arguably one of the best financial tools you'll ever have. It's equally important to make sure you're reviewing and updating your plan regularly. 


Without goals, you aren’t able to track progress and celebrate milestones. When forming goals, it’s important to make them “S.M.A.R.T” goals: specific, measurable, achievable, relevant and time-bound.


Forming a budget is important because you should always know how much money is coming in and going out of your accounts each month. If not, chance are you'll end up with a pile of debt.


To make this a financial habit, get creative. You don’t need to invest a ton of money into something to get a return. You could rent a room out in your home or even rent out your car on the weekends!


An emergency fund is a critical safety net to ensure you don’t dip into your other funds designated for your routine expenses. If you don’t have one, your chances of accumulating debt greatly increases.


It’s time to forget the myth that carrying a balance on your credit card is better than paying it off in full each month. If you can’t pay off your credit card in full each month, aim to keep it under 30% utilization.


Are you guilty of buying a coffee and bagel on your way to work or grabbing a sandwich on your lunch break? If so, you could be wasting thousands of dollars each year. If you're working from home, avoid ordering takeout.


Being able to have open conversations with friends about money is a great way to learn new approaches and money tips, and also to get over any existing fears about money.

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