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Health & Fitness

5 HEALTHY HABITS OF FINANCIALLY SAVVY PEOPLE

While the economy appears to be making a comeback, many current home renters are now considering the prospect of returning to the buyer’s market.

With that being said, lending requirements are no longer as loose as they were 7 or 8 years ago, so adopting healthy financial habits can make all the difference.  Still, setting lofty goals can be tricky when it comes to your finances, especially when your core habits may need some tweaking. 

Therefore, pay attention to these five practices which can make all the difference:

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1.) Automate Saving—Making the commitment to invest in your savings can be a difficult process because it often requires so much self-control.  Fortunately, since virtually all of our bills can be paid through automated systems, the transfer of funds into a savings account or IRA can be just as simple. 

2.) Track One Expense—Instead of driving yourself crazy by trying to track every penny you spend, pick one key area that you feel could use some improvement and focus your energy there.  Once you understand how to dial down your spending in that category, you can move on to the next one.

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3.) Learn Daily—While many of us may think that building successful finances is about simply spending less and saving more, the truth is that success comes when we truly understand how money works.  Therefore, set aside time to learn daily.  Whether it’s reading financial blogs or tackling that investment magazine, a little education will pay off in the long-run.

4.) Audit Your Monthly Bills—In business, we know that audits are important.  They help us understand where our money is going and whether it’s being used in the best way possible.  The same can be said for your reoccurring monthly bills.  Make it a habit to examine them and get rid of any services you don’t really need.  Instead of only saving once, you’ll be saving month-after-month.

5.) Track Your Progress—You can’t improve what you don’t understand.  Create a personal balance sheet which lists everything you own and everything you owe.  By keeping an eye on your progress, you’ll have a better feel for where you stand with your finances.


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