Want to become financially fit? There are a few things that you can do to make it happen for you. Some may be harder for you than others, but all are worth trying.
The first thing you should do is pay yourself. This may sound strange, pay yourself? You have bills, what does this mean? This means that when you go to work in the morning, direct at least the first hour of pay toward your retirement savings, no matter how you are saving for it. This helps in the long run, and it also helps you to remember to keep putting money into your retirement savings.
You need to save money automatically. If your money gets deposited into your account automatically, have it set up to have a percentage of that go into different accounts. Have more than one savings account. Have a savings account specifically for retirement, one for emergencies, regular savings, etc. This will help you to save money without having to think about it, making it easier to save.
One thing that is incredibly important is to pay down your debt. Do not worry about investing until you have your debt paid down. This is going to save you money. For instance, if you have credit card debt, paying your balance down faster is going to save you money on interest. Then that money you save can be put into other things, such as a retirement savings account or investments. Keep in mind that debt reduction is the key to financial freedom and security, so you need to get really serious about paying it off.
If you have a mortgage refinance from a 30 year loan to a 15 year loan. This will save you a significant amount in interest. Having a shorter loan often means having a lower interest rate. Paying off your mortgage faster also will leave you with more money to save for various other things such as retirement. Another good thing about a 15 year loan is that all of that money you save in interest can be used to purchase something else you need such as a new car.
Get educated. Getting educated about your finances, options, and needs will help in the long run. It will help you to make better decisions and to pay less on interest. It will help you get to where you need to be for your future. After all you do not want to be retirement age and not have the money to retire. Being financially educated can help you get to a point where you can get what you want and need and still be able to retire comfortably. Look for places that offer classes to help you be financially responsible, and prepared for anything.
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