• Spend less than what you earn. Never overextend yourself financially because getting out of that hole will not be easy.
• Learn how to control spending in order to effectively manage your debt and live in good financial health.
2. PUT MONEY AWAY
• It’s important to establish a habit of saving consistently. You should have long-term savings, savings for retirement, and an emergency fund.
• Always maintain funds for an emergency, such as medical bills, car repairs, or dealing with the loss of employment.
3. ELIMINATE RELIANCE ON CREDIT
• Some types of debt are worse than others. You may not be able to avoid student loans or medical bills, but you can avoid depending on credit to survive
• Avoid accruing any debt that you cannot reasonably pay off quickly.
4. INVEST REGULARLY
• Create an investing plan that you can stick to.
• Your goal should be to eventually have your investments working to support you.
• Wise investments can go a long way in preparing you for retirement and helping you achieve the standard of living that you desire.
5. MAINTAIN A FINANCIAL PLAN
• Planning is essential to getting where you want to go.
• Your plan may change over time, and this is fine, as long as you have a basic idea of where you’re heading.
• Your financial plan will help you stay in good financial health by helping you prepare for the future.