Being a Budget Socialite, I am always finding ingenious ways to being fabulous without having to crack open my sample sale kate spade wallet. I have devised this top 10 list that can get you on your way to becoming the financially savvy socialista that I know you can be.
1. Set a short term financial goal. What financial goal(s) would you like to see within the next 5-10 years?
2. Set a long-term financial goal. Think about what age you would like to retire and how much you will need to live comfortably without having to worry about finances.
3. Train yourself to be financially independent. Create a budget and not rely on credit cards for purchases. If you must use a credit card, make sure that it is for a purchase that you can pay right off.
4. Buy a home. This is a great time to purchase a home with the housing market rates.
5. Fund or continue to fund 401(k) or IRA account.
6. Have at least 6 months worth of salary saved up for a crisis.
7. Pay off credit card debt if you have any. Start with the highest interest rate card 1st.
8. If you have children, now is the time to start saving for college. No age is too early.
9. If you have student loans and you are having a hard time making the monthly payments, call your loan holder to reevaluate your payment plan. If you call, they will work with you.
10. Think about starting a business. There are a numerous amounts of tax advantages for small businesses.
Let us know what you think or if you have your own ways to being more financially savvy.
Contributor | Charlene Bey |