10 Tips

For Use In Your Financial Future

#1

FINANCIAL PLANNING

They started off strong; this tip may be one of the most important! The document provides three starting steps:

1. Define your financial goals.

2. Make plans to reach your goals.

3. Take action until your goals become a reality.


This tip is all about thinking of money as more than just something to spend; but something you can grow in order to help reach your dreams. If you are specific and record what these goals are and exactly how you are going to reach them, you're more likely to succeed!

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#2

FIND THE BEST DEAL FOR YOUR CHECKING ACCOUNT

Make your money work for you! Banks can be great places to grow your money, so don't just leave it under a mattress somewhere. Having a checking account enables you to write out checks for bills and use debit and ATM cards. Research different banks and financial opportunities to find out how to most effectively grow your money. Learn about different types of interest and accounts that will add up over time.
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#3

SEPARATE NEEDS FROM WANTS

Solidifying what you actually need and what you WANT, but isn't necessary will help tremendously in the long run. It will make you think when spending money, and ultimately save you money and help achieve your goals faster.

#4

STRETCH YOUR MONEY

Little unnecessary purchases will add up over time. To reduce this, try keeping less cash on your person, make lists, clip coupons, and keep more money in the bank! You will be less likely to spend it on the little things.
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#5

CREATE A BUDGET

Budgets are great! They force you to think about everything you're spending your money on, and provide you with your total monthly and annual expenses. Once you know these numbers, you'll discover how you can decrease them!
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#6

BUILD GOOD CREDIT

Recognize that if you own a credit card, the development of your credit score has already begun! The better your credit, the more financial opportunities you will be able to take advantage of. To obtain good credit, pay your bills on time! Bad credit can come back to bite you in the future when taking out large loans.

#7

PAY YOURSELF

This tip is all about getting into a habit of putting a percentage of your money recieved away before you spend it, every time. To make it easier on yourself, you can set up direct deposit or make a goal for that saved money. Once you get into this routine, you will see significant savings.
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#8

LOOK INTO SAVINGS AND INVESTING OPTIONS

You have so many options in the world of saving and investments! Do some research and find the best option for you. Depending on your risk profile, you can invest in anywhere from penny stocks to CDs. Either way, you're making your money work for you.
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#9

AVOID CREDIT CARD PUSHERS

Credit card companies are a business designed to make money anyway they can-including soliciting from uninformed teens! Do not fall for their trap, instead, educate yourself. If you do not become aware of EXACTLY what you're signing up for when you get a credit card, debt is inevitable.
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#10

GET HELP

If you find yourself in ANY sort of financial situation you are wary of, don't be afraid to ask for help. Breaking into the world of credit, checking, banking, investing, and more can be complicated- and shouldn't be done alone. Contact anyone from a financial advisor to your parents. If you stay silent in the face of trouble, you're only digging yourself a bigger hole.
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