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Personal Finance: Sound Money Habits To Start Now

“I just got my tax refund, it’s time for a vacation!” I can’t tell you how many times I’ve heard this growing up and now see it every day on social media. I recognized early in life that the way I managed money was very different from most people I knew. It always confused me because I never quite understood how people could spend money without ever giving a second thought to saving or retirement. Here are some basic habits you can start now to help ensure your financial security in the future:

1. Saving for retirement as early as possible is the most beneficial thing you can do. Even if it’s just $50 a month, which is the minimum for most plans, you could be setting yourself up for thousands and thousands of dollars at retirement. The sooner the better. For example, a 25-year-old who saves $200 a month until age 65 and earns exactly 6% on saved funds each year would accumulate about $400,000. But a 40-year-old contributing the same amount each month at the same earnings rate would accumulate just $139,600 by age 65.

2. Never carry a balance on a credit card with interest. This is one of the fastest ways to build up an amount of debt that could burden you for the rest of your life. When you need to use credit and you can’t pay in full each month, look for a 0% interest card. Many promotions are from six moths to a year or more. When used responsibly, they are essentially a free loan. Just make sure to pay off their entire balance before the end of the term or you’ll end up with retroactive interest that could add hundreds of dollars (if not more) to your debt.

3. Instead of buying a new car or leasing, try saving up and buying a good used car for cash. What you save between interest, depreciation, taxes, plates and insurance will save you thousands. According to Edmunds.com, buying a car that’s two years old is your best bet because you avoid the most depreciation. Owning it for three years and then selling will also benefit you because you see another big drop after year five due to long-term maintenance that is generally required at that point. If you can’t afford a two-year-old car without having to take out a loan, then a slightly older one with the long-term maintenance repairs done (and low miles if possible) is your best bet.

4. Avoid eating out if you can. The average American eats out 4-5 times a week spending an average of $232 per month or approximately $2,700 per year. If you skipped eating out for two years, you would actually have saved enough to buy a good used car like point three above.

5. The last thing, and probably the most important, is to think long term. The worst way to justify spending is to do it individually against the monthly or yearly total. Take eating out for example: while it might only cost you $10 a meal, don’t fail to consider that if you did it three times a week for a year, you’d be spending over $1,400. This same logic can be applied to almost anything – clothes, vacations, furniture, coffee, fast shipping, etc. Every time you are about to spend money think to yourself, ok, how much is this going to end up costing me every year.

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