Money concerns are worries that many people share. It is a common misconception that you need to make big changes to get yourself out of debt or to save up for something expensive. The truth is that if you make some small, simple changes you will be in a much better financial situation with a little bit of time.
Creating good finance habits will go a long way to changing your life and the way that you think about money.
Simple Personal Finance Tips From Polk Partners
Make Use Of A Financial Planning Calendar
Time goes by so fast and it is so easy to forget an annual payment that is becoming due, as well as making note of when tax submissions are due.
If you have an annual financial calendar on hand it is easy to plan for all your monthly payments as well as all your other payments and financial commitments that may be due annually or quarterly.
Pay Attention To Interest Rates
Checking your interest rates is, according to Polk Partners, one of the best ways to pay off your debt fast, save more money and pay less.
Paying off the loan with the highest interest rate first will help you to pay off debt faster. You will also be able to save more money if you choose a savings account with the best interest rate.
Make Small Money Goals As Well As Big Ones
Yes of course your goals may be to pay off all your debt, buy a new house, buy a new car and go on an overseas holiday.. but if you are not in a good financial position right now those goals may seem like a mountain to climb and they may stay on your wish list that than become a goal.
Making smaller financial goals that are much easier to obtain will not only give you a sense of achievement but it will also set you well onto your path towards achieving your bigger financial goals.
Get Wise About Your Salary
Get the company to reveal figures rather than letting them know your current salary right in the beginning. This means you will have the upper hand when it comes to negotiating your salary since you won’t run the risk of asking for a salary that is lower than they were planning to offer or asking for a salary that is way higher than they were expecting to pay.
Keep in mind that it is not all about the money that you receive. There are many things that you can negotiate on such as retirement fund, medical insurance, working hours, maternity leave and annual leave.
Start Saving For Retirement Now
Many people don’t consider their retirement until it is too late. Start saving for your retirement as early as possible, even if it is just a small amount each month. If you don’t want to continue working your entire life you need to start planning for that when you are young.
If you have a retirement fund make sure not to dip into it. This will undo all the hard work you have put into saving for your retirement. Early withdrawals from your retirement fund will also result in hefty penalties that are unnecessary. You will also be taxed on withdrawals from your retirement fund. So leave your retirement fund for your retirement.