It's March, and it's never too late to get your finances in order. By now you may have given up on your new year's resolution. Don't worry if you gave up. Every day is an opportunity to change tomorrow.
Here are five habits to help you on your financial journey this year.
Having an emergency fund is so important to have. As Dave Ramsey says carry your umbrella because it is going to rain. How many months should your emergency fund be? Your emergency fund should be 3 to 6 months of your monthly expenses. My answer to that question is you know your finances better than anyone else. Think about what you would need to survive when a crisis arrives. How much money do you need until you get another job or whatever the crisis may be.
I've talked about a budget before in my blog "5 ways to stop bad money habits". Your budget should be done every month. After you pay yourself first, every dollar should have a place. This will keep you from spending the extra money and going over your budget. You can save a lot of money when you start to budget. If you need help with getting started with a budget, you can start with Dave Ramsey's every dollar. To check out every dollar click here.
Financial goal sheet
Start keeping a sheet or chart of your financial goals. Seeing a chart every day will keep you motivated on staying on track with your financial goals. It's like having a vision board but a vision for your finances. Really sit down and think about how you want your finances to look moving forward.
No one likes to think about getting older, but the reality is that we all will get older one day. What we do now will determine how our retirement is going to look when we get there. Look into a financial coach and discuss with them where you see yourself in 20 or 30 years. They can help you get on the right track, so you know what steps you need to take in the future.
I know when you saw the word give, you thought to yourself I'm trying to save not give. Yes, I understand that, but giving is apart of being a Christian. If you do nothing else but pay your 10 percent to the church, if you are not a believer, give to a charity or cause that you believe in. When you give from your heart, I believe that god notices that and he will give it back to you plus interest.
I hope these tips start you on a good path toward your financial future. Let me know what habits you plan on adopting this year.
To help with your Budget