Financial health. That’s something you don’t always hear about until a bill is due. But just as your physical health is necessary for you to live, your financial health is just as important. Having money and resources is not evil and managing both of those is your duty for yourself and your family.
So we’ve comprised 5 simple tips to help you along the way to having a stronger, healthier financial life.
Try to Use Cash as Much as Possible – We know that this is the digital age, but cash can help you save money. In a recent Harvard study, it was found that people who make purchases using their credit card spend 4 TIMES the amount that they would spending cash. It’s a psychological thing. Use cash, you can literally “feel” the money leaving your fingertips, so you don’t spend as much.
If you can’t use cash, use a debit card that immediately takes the money away. Remember, credit is just that: credit from someone else that you have to pay back–with interest! If you think you want to buy something, save up for it, THEN buy (that may be a little real for many of you).
Go Old School – Nowadays, many people’s idea of balancing their bank account is simply checking their balances, but that’s not it. Create a simple spending plan that tells you where you want your money to go every month. Don’t leave any dollar out. “Miscellaneous” dollars are the ones that are spent mainly on impulse buys and things you don’t need. Take a hard look at what you spend one month then the next month, create a spending plan for every dollar you make.
Create A Job – There’s an old saying that says, “The best cure for unemployment is a job”. And with the invention of the internet, there are a ton of money making ways you can create including selling old, used goods to…
5 Financial Health Tips was originally published on blackdoctor.org
