Set Financial Goals
Determine your short, mid- and long-range money management goals.
Know Your Financial Situation
Determine your monthly living expenses, periodic expenses and monthly debt payments.
Make A Budget
Follow it closely and evaluate it regularly, comparing actual expenses with planned expenses. See our financial tools.
Don’t Exceed Your Income
Pay down on credit cards, pay more than the minimum amount and don’t charge more on the card than you are paying to your creditors.
For periodic future expenses, try:
- Saving 10% of your net income.
- Accumulate 3 to 6 months salary in an emergency fund.
- Put money in an Individual Retirement Account (IRA)
Pay Bills on Time
If you’re going to be late making a payment, contact the company and work out a payment schedule.
Distinguish Between Needs and Wants
Take care of needs first.
Use Credit Wisely
Know the payment you can comfortably afford out of your budget.
Keep a Record of Daily Expenditures
Detail how you spend money on a daily basis, so you can adjust your budget as needed.