How Long Can A 5 Month Old Go Without Eating Personal Finance: Sound Money Habits To Start Now

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Personal Finance: Sound Money Habits To Start Now

“I just got my tax refund, time to go on vacation!” I can’t tell you how many times I heard this growing up and now I see it everyday on social media. I recognized early in life that the way I managed money was very different from most people I knew. It always bothered me because I never understood how people could spend money without ever thinking about saving or retirement. Here are some key habits you can start now to ensure your financial security in the future:

1. Saving for retirement as early as possible is the most beneficial thing you can do. Even if it’s just $50 a month, which is the minimum for most plans, you could be setting yourself up for thousands upon thousands of dollars in retirement. The sooner the better. For example, a 25-year-old saving $200 a month until age 65 and earning exactly 6% on the savings annually would have accumulated about $400,000. But a 40-year-old contributing the same amount each month at the same rate of earnings would have accumulated only $139,600 by age 65.

2. Never carry an interest-bearing credit card balance. This is one of the fastest ways to build up an amount of debt that could burden you for the rest of your life. When you need to use credit and can’t pay in full each month, look for a card with a 0% interest rate. Many offers are from six months to a year or more. Used responsibly, it’s essentially a free loan. Just make sure you pay off their balance in full before the term ends, or you’ll end up with back-to-back interest charges that could add hundreds of dollars (if not more) to your liability.

3. Instead of buying a new car or a lease, try to save up and buy a good used car with cash. What you save between interest, depreciation, taxes, plates and insurance will save you thousands. According to Edmunds.com, buying a two-year-old car is your best bet because you avoid the biggest drop in depreciation. Owning it for three years and then selling it will also benefit you because you see another big drop after the fifth year due to the long maintenance generally required at that point. If you can’t afford a two-year-old car without having to take out a loan, then your best bet is to get a slightly older one with long-term maintenance repairs done (and low miles if possible).

4. Avoid eating out if you can. The average American eats out 4-5 times a week spending an average of $232 a month or about $2,700 a year. If you skipped eating out for two years, you would actually have saved enough to buy a good used car like point three above.

5. The last thing, and arguably the most important, is long-term thinking. The worst way to justify spending is to do it on an individual basis versus the monthly or yearly total. Take eating out for example: while it might only cost you $10 a meal, don’t fail to consider that if you did it three times a week for a year, you’d have spent more than $1,400. This same logic can be applied to almost anything – clothing, vacations, furniture, coffee, express shipping, etc. Every time you’re going to spend money think to yourself, okay, how much is this going to end up costing me every year.

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