Most of us are carrying some sort of debt, whether it be student loans, credit cards, car loans, or other personal debt. There is no one right way to pay off your debt, but it’s wise to get it paid off as soon funds management platform as possible. Some people focus on paying off their highest interest rate debts first. There are free online tools that can help you keep track of your debt payments and see the progress that you’re making.

When I was ready to get serious about turning my financial situation around, I really threw myself into reading a lot of personal finance books. The books I read covered a variety of personal finance advice, from money mindset to budgeting to getting started with investing. If you have credit card debt, consider getting another card that charges a lower interest rate and doing a balance transfer. You may be able to take advantage of a card with a low, introductory rate.

Checks and debit cards offer proof of payment so you have a record of transactions showing where your money goes. The FDIC insures money in a savings account for up to $250,000. Handling your finances the right way should be a priority, and it should drive your daily spending and saving decisions. Personal finance experts advise taking the time to learn the basics, from how to manage a checking or debit account to how to pay your bills on time and build from there. Most people drop quite a big of money during the holidays but don’t prepare for it ahead of time. In fact, I see a lot of people put all of their holiday expenses on a credit card, and then pay interest on it for the next six months while they try to pay it off.

If not, keep in mind that the sooner you learn the fine art of delaying gratification, the sooner you’ll find it easy to keep your personal finances in order. Although you can effortlessly buy an item on credit the minute you want it, it’s better to wait until you’ve actually saved up the money for the purchase. Do you really want to pay interest on a pair of jeans or a box of cereal?

However, money management requires a little more than simply saving money. The first step is, of course, saving money but post that you need to set aside a separate emergency fund. You see your savings are for you to use in case you need to pay for a well thought out lifestyle expense like your first car or maybe even to put some cash down for your first home. The emergency fund, however, is for real crisis situations such as medical emergencies, loss of a job or even a recession. Make sure you create a separate fund for this – it could even be a Fixed Deposit to ensure you aren’t tempted to touch it outside of emergency situations.

Over the life of an average student loan, borrowers can save up to $20,000 if they choose to refinance. By refinancing your student loans, you can secure lower rates and consolidate your debt, making your payments more affordable and convenient at the same time. Parting with your hard-earned money is hard – even if it is for your own good. This is why most people fail to invest regularly and inconsistent investments can often be the worst kinds of investments. You need to invest regularly to grow your wealth and a wealth management app like Cube Wealth can help you with that. The best part is it’s free and gives you the benefits of a scientifically sound, data-driven app along with human advisors who will guide you through the tough decisions.

By leveraging resources—like age, talent, money and the ability to establish good habits—you can build a long-lasting nest egg. To be financially literate is to know how to manage your money. This means learning how to pay your bills, how to borrow and save money responsibly, and how and why to invest and plan for retirement. You can also open an Individual Retirement Account if you don’t have access to an employer-sponsored retirement plan. Every bank, investment firm, and most life insurance companies sponsor these accounts, so be sure to shop around to see who can give you the best service. Some IRAs charge annual account maintenance fees of $50 to $100 per year, but many do not.

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