How Do You Get Money to Work For You?
The challenge is we often don’t realize the financial mistakes we are making and instead, let money be in the driver’s seat and steer the wheel for us. Lame analogies aside, that can be completely true!
Making money work for you simply means that you are in control of your money, you are working towards financial stability, and are putting your money somewhere specific where your money can grow on its own over time.
What Does It Mean to Make Money Work For You?
1. Learn how to budget
Creating a budget does not have to be complicated or too detailed. Start by simply tracking where your money is going. Either export your bank statement to an Excel sheet, or use a budgeting app like Savology that can keep track of everything for you.
How Do You Get Money to Work For You?
2. Get out of debt
If you have credit cards and are paying 15% – 20%+ in annual interest, then paying off your consumer debt as soon as possible will save you potentially thousands in interest.
How Do You Get Money to Work For You?
3. Establish an emergency fund
Make sure to research the best savings account, and be aware that some do set limits on how much money you can withdraw per month or year.
How Do You Get Money to Work For You?
4. Master your credit scores
A good credit score will offer you a much better interest rates when you’re taking out a loan. And having a great credit score is an excellent way to put your money to work because it can save you thousands in interest payments.
How Do You Get Money to Work For You?
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