Eleven things to say you are Smart with Money
whether you work hard or work smart for your money once you have it there are clear signs whether you're smart with it or not
one thing harder to do than make money is to hold on to it we're going to take a look into 11 signs that you're smart with money
Number One
number one you know what you know and what you don't people who are smart with money
don't pretend to know everything and seek advice from experts that means finding a trustworthy financial advisor on top of that
there's so much great stuff out there that you can read and watch to get great financial knowledge on topics that confuse you
Number Two
number two if it ain't broke you don't replace it people who are smart with money
only spend it when they need to they don't replace a tv if their current one is still doing the job the same for cars sports gear or tech and while it's always nice to splurge and spoil yourself with something new
people who are smart with money show that they aren't on a never ending quest to always have the latest and greatest and except that there will always be upgrades and improved versions of things this is also a common trait of old money too
Number Three
number three you have a budget if you ask around most adults have a rough budget but when it comes to how much they actually stick to it numbers seem to drop it's a one thing to have a budget
but people smart with money stick to it this way they're reminded what their end goals are which helps them keep on track when the temptation to spend arises in an insider article tamara durbin a chicago based personal finance coach and certified financial educator said that
it's important to know exactly how much money you make and where it all goes each month and we tend to agree
Number Four
number four you have the end in mind while a quick spend or a car upgrade is tempting people who are smart with money have a great end goal in mind perhaps
it's to be able to retire by a certain age or become financially independent from your employer whatever it is if you're always looking to your big goals instead of giving in to the impulse purchases then you're showing signs of having money smarts
but is there a golden rule to end all of your money woes yup there is keep listening because it's coming up
Number Five
number five you buy luxury with money you have they say rather the devil you know than the devil you don't well the same can be said for money rather spend the money you have than the money you don't
those who are smart with money make sure they aren't enjoying a luxury lifestyle on credit that they don't possess not only is it really expensive it's also a dangerous game to play before you know it
you'll be enjoying the view from the sidewalk while sitting on that couch you bought on credit that you couldn't afford the highest interest is paid on short term loans like retail credit deals and credit cards smart money knows this
and to avoid it but not all credit is bad which brings us to
Number Six
number six you leverage credit wisely smart money knows there's plenty of opportunity to grow your wealth through credit
but this is in very particular circumstances where the item you're buying on credit continues to gain value that exceeds the interest you're paying on it this is usually the case when it comes to buying property or businesses
Number Seven
number seven you don't pay unnecessary bank fees bank fees are nearly impossible to avoid altogether but there are plenty that you should never have to pay with a little smarts
you won't have to pay exorbitant bounced payment fees late fees or short term interest understand the banking products you have make use of the free transactions like online payments or setting up debit orders instead of doing an eft check to see the bank perks that you get are worth it
some of the time you're being charged a monthly fee that far exceeds the benefits you're receiving
Number Eight
number eight you shop for necessities with a plan you know we love a list lists mean you have a plan and failing to have a plan means planning to fail
when you shop for a home or business it's always wise to shop with a list that has your budget in mind it's easy to get caught up in the frenzied spending in shops or online stores
they are literally designed to cause this having a list means you won't be waylaid or end up with armfuls of non essentials and nothing that you actually need
Number Nine
number nine you have insurance accidents happen but people who are smart with money don't get bothered by this their monthly contribution to short term insurance ensures they have peace of mind that
their property both personal and business is insured against loss or damage that way in unforeseen circumstances of loss they're covered it's one way of predicting future financial longevity instead of having to constantly maintain a huge backup bank balance just to keep you safe
Number Ten
number ten you have an emergency saving fund people who are smart with money have nerves of steel because they're able to maintain an emergency savings fund
this is a feat of strength like no other on the planet having money available and not spending it and continuing to add to it is a real life superpower
if you're finding it hard to start then take a tip from us automate your savings even if it's a small amount at first set up a monthly or weekly transfer into a savings account so that you don't have to have the personal strength
it takes to make the payment yourself once you see that savings balance grow the payoff becomes clearer and you'll find it a lot easier to increase that amount
Number Eleven
number eleven you protect your salary smart people don't rely on their employer for security they take their financial security into their own hands
this is done with a salary protection policy whether it's an add on benefit to your banking or through a financial insurance broker adding a salary protection policy is essential to upping your financial iq
so ensure you protect your monthly income while you give yourself some time to find some new income
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