Engineer Your Finances

A Systematic Approach To Money

  • About Us
    • Disclosure
    • Privacy Policy
  • Contact Us
  • Toolkit
  • Security
    • Credit & Debt
    • Banking & Saving
    • Psychology
    • Other
    • Optimization
    • Education
  • Self Discipline
  • Improve Returns

Financial Tips To Adopt In 2013

Share

The New Year is here, beginning another twelve-month cycle of financial obstacles to overcome. Increasing financial stability is a common new year’s resolution made, but it can be difficult to accomplish if you do not change your financial habits. Here are some financial tips that you should consider adopting in 2013 to increase your financial security and help you build wealth.

Set Aside Savings First

Many people are content to save what they can at the end of the month after all of their spending has been done. This frequently results in very little to nothing being saved for the future. By changing this habit and saving for yourself first, you will find that more money is saved and the balance of your savings account will increase quickly. Try to save at least 10% of your income in an interest bearing savings account. If your employer allows direct deposit, have the savings percentage automatically deposited into your savings account.

Commit To A Spending Budget

Reducing your spending is one of the best ways to increase the amount that you have available for saving. Sit down and create a reasonable budget that takes into account your monthly expenses, your necessary discretionary spending, and setting aside a specific amount for saving. Once this budget is completed, commit to sticking to it as closely as possible. This will help you control your spending so that you are not wasting money and will be able to save more for future needs.

Pay Off Your Debts

Carrying debt only ensures that you are paying the creditor additional money that could be better used buying the things that you need or saving for your future. Make a plan to pay off your debt as quickly as possible so that you can stop paying interest to your creditors. It may take a considerable sacrifice, such as foregoing vacations for the year or restricting your purchases of new clothing, but you will be much happier and substantially more financially secure if you eliminate these debts from your life.

Create An Emergency Fund

Unexpected financial emergencies can occur at any time and 2013 might be the year when one strikes for you. If you do not already have an emergency fund with at least two months of expenses in it, commit to creating one in 2013. A credit card should not be used as emergency funding because you may have difficulty paying off the balance in a reasonable time period, leading to hundreds of dollars in additional interest payments made to the credit card company. Leave the money placed in the emergency fund alone except for true emergencies, such as emergency repairs to your vehicle or home, unexpected medical expenses, or paying necessary bills after losing your job.

Comments

  1. krantcents says

    December 31, 2012 at 11:59 AM

    Good points! I do all these things although I have very little debt (Mortgage & car loan). I am making additional principal payments to pay both off early.

    Reply

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

FOLLOW US

Join Our Newsletter
  Thank you for Signing Up
Please correct the marked field(s) below.

1,true,6,Contact Email,21,false,1,First Name,21,false,1,Last Name,2





Our Favorite Posts

  • How Much Interest Does 1 Million Dollars Earn Per Year? by Trey LaRocca
  • 3-Month Performance Review by Fin Engr
  • Rooting Out The Devil: Kathy Kristof Interview by Fin Engr
  • Money Hackers Carnival #117: Wedding & Marriage Edition by Fin Engr
  • Interview: What’s it all about? More than Money! (Part I) by Fin Engr
  • How to Compare Rates for Mortgage Refinancing by Fin Engr
  • Want To Erase Bad Credit Instantly? 6 Hacks That Work Fast by Trey LaRocca
  • FinEngr Joins The Million Dollar Club by Fin Engr

Blogroll

  • Blonde and Balanced
  • Budget and the Bees
  • Cash Cow Couple
  • Cash the Checks
  • Clever Dude
  • Dinks Finance
  • Enemy of Debt
  • Get Rich Slowly

Categories

Our Friends



Great Investing, Simplified: Get Stock Advisor for Just $99/year!

Need to find a loan? Got a Car? Compare title loan offers near me and get the best rate.

private real estate investors

Order custom essay from professional essay writers.

Visit 123 Term Papers and you’ll receive help from the qualified writers.

Thesis writing help for all the students!

Copyright © 2021 · Runway Pro on Genesis Framework