Our Wellness Build Up is serving up some valuable tips for building your financial future. These tips may seem simple, but when put into practice they can produce huge results.
From Principal, our 401(k) administrator, here are 5 lifelong financial habits you can practice starting now:
Live within your means.
Living within your means allows you to save money for your financial goals. It will give you a cushion in case an emergency arises and you need some extra cash. It’s also important to make a simple budget and trim expenses where you can.
Manage your debt.
Most of us carry debt of some kind, whether credit cards, a home or a car loan. By paying off debts sooner, you can avoid paying high interest — and free up space in your budget when it’s paid! One simple strategy is to pay the smallest-balance debt first, giving you momentum to keep going to the next one.
Retirement plan.
Did you know that some forms of retirement investments give you “free money”? Whether that’s tax savings or matching contributions, it can add up! Integrity offers 401(k) matching, which means Integrity adds to the amount you are contributing.
“Rainy day” fund.
If an unexpected $500 expense would put a real dent in your budget, you are not alone. Nearly 60% of Americans are in the same position, and it is nothing to feel bad about. Even better, you can do something! Set aside money slowly for emergencies, even if it’s just a little each paycheck. It might take months before you have a few hundred, but you’ll feel such relief when it’s there and that next expense comes up.
Keep learning about money!
This tip is simple — start by staying curious and invested in how your money can shape your future. You’ve already done a big part of it just by reading this email. Nice work!
For more in-depth detail and tips, read the full article on Principal’s website.