10 Personal Finance Basics

1. Budgeting Is Your Friend

You can get a quick handle on your finances by going through your statements for the past several months and making a list of your average monthly income (after taxes).

2. Building an Emergency Fund

A common rule of thumb is to keep three to six months of basic living expenses set aside in a separate savings account.

3. Avoiding a Credit Card Balance

The reason is that credit cards have some of the highest interest rates out there, often over 20%. 

4. Paying Your Bills on Time

If you miss bill payments or make late payments, your creditors might impose late payment penalties.

5. Starting Early to Save for Retirement

You earn interest not only on your contributions, but also on accumulated interest, small amounts can grow over time.

6. Investing

For other long-term savings goals, you may want to invest additional money, keeping in mind that all investments have some level of risk and the market is volatile

7. Getting Insured

When it comes to insurance, sometimes it’s best to prepare for the worst.

8. Taking Advantage of Credit Card Reward

If you have a decent credit score, you can look into getting a credit card with rewards  

9. Checking Your Credit Reports Regularly

Checking your report can help you spot — and quickly address — identify theft.

10. Choosing Your Bank Wisely

Choose your bank wisely

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