20 Smart Financial Decisions I Wish I Knew Sooner

      
    
  
   

   

What are the benefits of preparing a personal monthly budget?


    
   
  •  
  • I like to spend money-  
  • When our children’s birthdays, Christmas roll around at the end of the year, i do not panic, everything is budgeted for through out the year. 
  • I see where my money is  going, i know the areas i need to cut back on, and the areas i need to send money to.   
 
 
Ask for interest rate before making a purchase on credit, assess whether the interest rate is worth the intended purchase.
   Failure to make payments on time, affects your credit score, lower your future lines of credit, results in higher interest rates and late payment fees.







  •   
  • The money will quickly add up since a mortgage is a huge money pit, with unforeseen repairs etc.
  • Student loans will not prevent you from buying a house, but the effect your student debt repayment, monthly car payments, credit cards etc on your pay check will be the key deciding factors.
  •   
  •  
Paying off your mortgage earlier will decrease your total mortgage interest, this saves you thousands of dollars and you build equity faster.
 IRS   
  
 pays     
  •    
  •  
  • Continue saving the $550 every month, 12 months later, resell your current car, then upgrade to a better car. 






  •  
  • Financing a new car means you will be i higher debt, at the same time, the car will be losing value faster.
  •   

        
  
   increase your income  
If i had followed these simple guides, i would have avoided the above money mistakes, do not do the same mistakes i did, your life could turn out differently 10 years down the road.
SeeCloseComments