I’ve recently been on a kick to figure out my future and my financial situation. I’ve been looking to Facebook profiles of some of the most renowned with advice from Warren Buffet all the way to Igor Cornelsen.
1. Set a budget that you believe that you can realistically follow. This should be another top priority. Don’t beat yourself up if you don’t succeed every time, you can’t expect yourself to be perfect and life sometimes brings unexpected expenses. The latter is another reason that you shouldn’t hide your paycheck or bills from yourself, your roommates or your partner.
2. Be sure to pay especially your credit card bills on time. Even one missed credit card payment can take your FICO score down by as many as a couple of hundred points and it typically stays on your credit record for seven years. If cards are your primary means of payment, consider getting a debit card since it simply makes the electronic transfer directly out of your bank and doesn’t come with a bill.
3. Order your credit report at least annually. There are several places, such as Equifax at which you can do so for free. It shows your credit status and allows you to check for any potential errors as allowing these errors to continually show up can ruin your credit score for the next seven years.
4. If you do tend to have guilt issues over the idea of having plenty of money yourself, one good way to assuage this is by making a habit of setting aside to donate (or tithe if you prefer) no less than 10% of your net balance to a religious organization, a place or even to someone who has had a positive impact on you as of late. You can even divide it out to more than one of the above if you desire. It’s very easy, all you need to do is to take your current balance and divide it by 10%, then if you’re planning to give to more than one entity, divide it by that number. The idea may seem erratic at first glance but giving first to an entity that has been inspirational to you is actually a good way to re-train your mind to think in terms of plentiful when it comes to money. However, even though you can give more than 10% if you so desire, don’t give to the point where you make yourself struggle even more, this is a sure way to almost guarantee that you’ll be out on the streets within a month or less.