Best Financial Health

Best Financial Health

Best Financial Health

Most people want to feel the liberation of financial freedom. The burden of not having enough money to pay the bills is stressful, and not having enough extra cash to be able to do fun things like go on vacations is a drag. Most of us have to deal with home loan repayments. However, there are many other areas where we can watch our spending and save extra money and can improve our financial health.

Where to Start

First off, you have to know where you stand before you can take steps to do anything about it. It is helpful to sit down and start making a list of everything going on in your financial life. Breaking this list up into categories is a great way to start. Consider everything you are doing well with your finances. This could include having savings for retirement, having varied sources of income, and maximizing all tax deductions. Then take a look at things that may not be going well. Perhaps you have a lot of credit card debt, no emergency funds, or no savings.

Next Step

Once you have an idea of your financial strengths and weaknesses is time to figure out how to improve the weaknesses and how to build more strengths. Even the process of just sitting and figuring it all out is one step toward improving your financial situation. Coming up with a plan, and setting small goals for yourself is key in beginning to build a solid financial future.

Areas to Explore

When brainstorming the list of strengths and weaknesses in your financial health, it good to focus on these areas that are common to most people.

Transportation Consider using public transportation or participating in a carpool to save on commuting costs. If you must drive, be sure to keep your car in good repair so maximize gas mileage. Plan errands to similar geographic locations to complete at one time to save on gas costs.

Health Care Enroll in prescription drug discount plans and purchase generic prescriptions when possible. Visit your doctor regularly to maintain good health and avoid bigger problems that will increase medical expenses.

Utilities Be sure to turn off lights and unplug unnecessary appliances when not in use to save electricity costs. Keep thermostats a few degrees cooler in winter and a few degrees warmer in summer to save on heating/air conditioning costs. Consider eliminating extras like cable, or consolidate phone services and switching to one mobile phone. Contact utility providers and ask for specials or discounts that can help you save on your monthly bill.

Banking A quick way to waste money is to wrack up overdraft fees and interest fees from banks. By being mindful of account balances you avoid penalties from the bank and can save yourself a lot of money. Consider one trip to the bank each week to withdraw the amount of cash needed for the week, this will help avoid convenience fees and can help control spending.

Convenience Most convenience items cost more money. While they may save us time, they usually are not worth the money. This is true of convenience stores too. The prices are usually higher. Plan ahead for weekly meals, skip the drive through (including take out coffee), and you'll see big savings.

Credit and Debt Some debt we generally can not avoid like mortgage payments or car loans. But be responsible and make all payments on time and try to pay early to reduce interest fees. Eliminate all credit cards if possible and do not open any more credit accounts.

Diversity It is a good idea tonot have all your financial eggs in one basket. Think about getting a part time job or side business along with your full time job. If something happens with one job, there is a back up. Learn how to sell items on ebay to help earn extra cash (and eliminate unnecessary items from your home). Invest in many areas, including stocks, retirement accounts and savings plans.

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