- WHY IS IT IMPORTANT TO HAVE GOOD FINANCIAL HABITS?
BASICALLY, NOBODY'S GOING TO SAVE FOR YOU.
YOU'VE GOT TO START NOW, START YOUNG BEFORE YOUR
EXPENSES INCREASE OVER TIME WHEN YOUR
RESPONSIBILITIES INCREASE.
BUDGETING, KNOWING WHERE YOU'RE SPENDING YOUR MONEY
AND HOW YOU'RE SPENDING YOUR MONEY, IS GOING TO GIVE YOU
THE ABILITY TO SAVE AS WELL AS HAVE THE EXTRA MONEY THAT YOU
KNOW YOU CAN SPEND WEEKLY, MONTHLY TO COVER THOSE THINGS
THAT YOU WANT.
THE IMPORTANCE OF A BUDGET WOULD BE TO MANAGE YOUR
EXPENSES BASED ON WHAT YOUR INCOME IS.
AND THIS WAY, YOU KNOW YOU HAVE YOUR RENT AND YOUR
UTILITIES AND SO MUCH MONEY FOR FOOD FOR THE WEEK, SO MUCH
MONEY FOR GAS FOR THE MONTH.
CREDIT CARDS ARE GOOD.
YOU JUST DON'T WANT TO COLLECT CREDIT CARDS AND HAVE 15
CREDIT CARDS IN YOUR WALLET JUST BECAUSE YOU WERE SENT
PREAPPROVAL IN THE MAIL.
THIS WAY, THE CREDITORS ARE SEEING THAT I'M ABLE TO PAY
BACK THE MONEY THAT I'M BORROWING AS WELL AS
ESTABLISHING THE CREDIT, STILL.
YOU LIKE TO MAINTAIN A GOOD CREDIT SCORE BECAUSE THAT'S
HOW YOU'RE GOING TO GET APPROVED FOR A MORTGAGE WHEN
THERE'S A NEED FOR YOU TO PURCHASE A HOUSE.
FIRST I WOULD RECOMMEND CHECKING AND SAVINGS, ALSO
AN ADDITIONAL CHECKING.
THE ADDITIONAL CHECKING WILL BE FOR THOSE MONTHLY ALLOWANCES
THAT YOU PUT ASIDE FOR YOURSELF AFTER YOU DETERMINE
WHAT'S EXTRA IN YOUR BUDGET.
I WOULD ALWAYS SUGGEST PUTTING SOME MONEY INTO SAVINGS
BECAUSE YOU WANT TO HAVE AT LEAST 3 MONTHS OF BILLS
IN YOUR SAVINGS ACCOUNT.
IN THIS ECONOMY, I WOULD ACTUALLY SUGGEST 6 MONTHS
OF TOTAL BILLS TO COVER IN CASE THERE WAS A PROBLEM
WITH YOUR JOB, YOUR HEALTH.
I WOULD SUGGEST IF YOUR EMPLOYER HAS A 401K TO
AT LEAST PUT 8 TO 10% INTO THE 401K BECAUSE MOST COMPANIES
NOWADAYS ARE GOING TO MATCH A GOOD PORTION OF THE MONEY THAT
YOU PUT IN.
THAT WAY, YOU'RE GONNA EARN MORE MONEY FOR YOUR FUTURE.
GOING OUT AND SPENDING $5.00 ON THAT TOP-OF-THE-LINE COFFEE
EVERY DAY.
MAKING A SANDWICH AND BRINGING IT IN IS GOING TO HELP YOU AS
WELL BECAUSE YOU CAN BUY THE LUNCH MEAT FOR YOURSELF
AT HOME, AND IT'S GOING TO COST YOU 50 CENTS TO $1.00 TO
MAKE A SANDWICH INSTEAD OF $4.00 OR $5.00 BECAUSE YOU'RE
GETTING THAT SODA AND THAT WATER.
BOTTLED WATER CAN RUN YOU ANYWHERE FROM $2.00 TO $4.00
RIGHT NOW.
COOK A SENSIBLE DINNER AT HOME INSTEAD OF GETTING TAKEOUT 3,
4, 5 NIGHTS A WEEK.
TAKEOUT COULD COST YOU OVER $100 IN ONE WEEK
FOR ONE PERSON.
YOU CAN LIVE YOUR LIFE.
JUST MAKE SURE YOU KNOW WHERE YOUR MONEY IS AND WHERE
IT'S GOING.
YOU WANT TO GO ON A CRUISE NEXT YEAR.
OPEN UP A TRAVEL ACCOUNT.
ESTABLISHING THE RIGHT HABITS TO SET YOURSELF UP FOR YOUR
FUTURE, CHANGING YOUR SCHEDULE A LITTLE BIT TO HELP
BENEFIT YOU.
IT'S VERY, VERY IMPORTANT FOR YOU TO START SAVING NOW
AND NOT WAIT UNTIL YOU WANT TO CALM DOWN A LITTLE BIT AND PUT
SOME MONEY ASIDE BECAUSE SOMETIMES IT'S GOING TO
BE TOO LATE.