Money tip – A Few Financial Basics
Here are a few financial basics which one should always be considering in order to maintain a healthy financial status.
Create a Financial Calendar
If you don’t trust yourself to remember to pay your taxes or periodically pull a credit report, think about setting appointment reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up.
A good place to start would be to set up a financial calendar for yourself.
Check Your Interest Rate
Which loan should you pay off first is something you might ask yourself at some point in time? The one with the highest interest rate.
Which savings account should you open would be another question? The one with the best interest rate.
Why does credit card debt give you such a headache, this is a big one? Blame it on the compound interest rate.
Track Your Net Worth
Your net worth (the difference between your assets and debt) is the big-picture number that can tell you where you stand financially. Keep an eye on it, and it can help keep you track the progress you’re making toward your financial goals or warn you if you’re backsliding. So take care of your financial basics.
Until next time.
The MoneyShop Team
This article has been prepared for information purposes only and it does not constitute legal, financial, or medical advice. The publication, journalist, and companies or individuals providing commentary cannot be held liable in any way. Readers are advised to seek legal, financial, or medical advice where appropriate.