Step 18: Follow Where The Money Goes
For most people, financial health doesn’t depend on how much they earn, but how much they spend. To help you find out where your money is going, the next three steps involve tracking expenses.
Step 17: Save For Your Goals
Most likely, reaching your financial goals will require you to commit to saving. That is one reason saving is an essential part of any money management plan. Set money aside each month to save for your short-, mid-, and long-term goals. If you are having trouble establishing a nest-egg, don’t despair.
Step 16: Make A Commitment
One trick to keeping your financial goals is to remind yourself of your goals on a regular basis. At the very least, you should document your high priority goals and post them where you will see them every day.
Step 15: Secure Your Financial Future
Don’t despair if you are behind on your retirement goals. If it is any consolation, you aren’t alone; studies show many households are not adequately prepared for retirement.
Step 14: Expect The Unexpected
Unfortunately, bad things sometimes happen to good people. In fact, bankruptcy filers often site an “unforeseen” event as the cause of their financial demise. In addition to long-term savings, financial experts agree that consumers should aim to have three to six months living expenses saved for emergencies. By learning to expect the unexpected, you can keep a minor financial setback from turning into a major financial crisis.