A Spending Plan – Know what comes in and what goes out. Keep track of your finances by using an Excel spreadsheet or another computer application that will help you to create order. Knowing what you have left over after paying living expenses and any debts will give you a better idea of what you can use for play.
Good Credit – Try NOT to use credit cards for every purchase. Do you really need to purchase those Manolo Blahniksnow? Take care of necessities first and put money aside for goodies, so that the purchase won’t leave you short.
Emergency Money – Open an account for emergencies only. Investigate different accounts that will accumulate more interest, but allow for emergency withdrawals without being penalized.
Retirement Funds – Don’t wait until the last-minute to start a retirement fund. Start NOW so that enough money accumulates for you to enjoy your golden years comfortably.
Life Insurance – It’s not just about having dependents! Every one should have life insurance. If you die, it will help to take care of debts, such as college loans, mortgages, taxes and other items. Most experts advise carrying six to ten times your annual income.