56 Tips On Finance To Make Better Money-Related Decisions

Learn how to be frugal, not cheap.

Prioritise your spending instead of spending less on everything.

Spend on the real you — not the imaginary you.

Don't fall into this trap, if it doesn't fit you now – don't buy it.

Don’t make impulse purchases.

If you want to make an impulse purchase, try to wait a week, you might change your mind.

Don’t ever cosign a loan.

If the borrower—your friend, family member, significant other, whoever—misses payments, your credit score will take a plunge, the lender can come after you for the money, and it will likely destroy your relationship.

Spend on experiences, not things.

By spending money on experience, you will get emotions and memories that will last.

Plan for the unexpected.

This is the money to give you peace of mind that if something unexpected crops up – the car break-down or you chip your front tooth - then you’re able to deal with it.

Keep your savings out of your checking account.

If you see you have money in your checking account, you will spend it.

Stick to a budget.

It is important to keep a track of your money and set up spending goals.

Pay off credit card debt.

It is easy to forget that you are spending your money when you use a credit card. It is easier to keep track of how much you spend when you actually see the amount of money you are spending on something.

When you get a raise, raise your retirement savings, too.

Every time you get a bump in pay, the first thing you should do is up your automatic transfer to savings, and increase your retirement contributions.

Create a financial calendar.

It is a good way not to forget to pay your quarterly taxes or track your expanses and income.

Focus on your situation.

Don't compare yourself with others. Beware of your financial situation, you’re only competing against yourself.

Get paid what you're worth and spend less than you earn.

Make sure you know what your job is worth in the marketplace. No matter how much or how little you're paid, you'll never get ahead if you spend more than you earn.

Set specific financial goals.

Use dates and numbers in order to complete your goal, be specific.

Learn how to savor.

Appreciate what you have instead of getting more things that might make you happy.

Evaluate purchases by cost per use.

Try to understand whether you need it or not, and how often you will use it, before buying something.

Make bite-size money goals.

Create small short-term goals to see quicker results.

Start with small debts to help you conquer the big ones.

Paying off the little debts can give you the confidence to tackle the larger ones.

Open a savings account at a different bank than where you have your checking account.

If you keep both your accounts at the same bank, it’s easy to transfer money from your savings to your checking.

Review your credit report regularly—and keep an eye on your credit score.

A less-than-stellar credit score has the potential to cost you thousands.