100 Personal Finance Tips That Will Make You Financially Free

It’s not how much money you make, but how much money you keep, how hard it works for you, and how many generations you keep it for. – Robert Kiyosaki.

Personal finance is a concept that comprises managing your finances, saving, investing, and budgeting. It refers to financial services for individuals and households, addressing issues of banking and insurance, investing, retirement, tax, and estate planning. It often comprises the industry that supplies financial services to individuals and households and gives financial guidance.

Personal finance is the practice of making data-driven preparations for meeting personal goals, whether it’s amassing enough assets for short-term financial needs, planning for the future, or salvaging money for a child’s education.

It relates to an individual’s financial resources, living requirements, and individual goals and wishes, and whether or not the plan is suited to reaching those goals within the confines of the individual’s monetary constraints. Financial education will allow you to distinguish between good and bad advice to make wise decisions regarding your income and savings.

Here are some personal financial tips that will make you financially free;

Get paid what you’re worth and spend less than you earn

Create a Financial Calendar

Get paid what you’re worth and spend less than you earn

Create a Financial Calendar

Track Your Net Worth

Check Your Interest Rate

Track Your Net Worth

Consider an All-Cash Diet

Allocate at Least 20% of Your Income Toward Financial Priorities

Stick to a Budget

Stay Organized with Budgeting Apps

Pay Off Credit Card Debt

Contribute to a Retirement Plan

Have a Savings Plan

Automate your finances

Make Savings Part of Your Monthly Budget

Keep Your Savings Out of Your Checking Account

Open a Savings Account at a Different Bank Than Where You Have Your Checking Account

Maximize Your Employment Benefits

Review Your Insurance Coverages

Update Your Will

Keep Good Records

Budget About 30% of Your Income for Lifestyle Spending

Draft a Financial Vision Board

Set Specific Financial Goals

Adopt a Spending Mantra

Don’t Make Impulse Purchases

Make Bite-Size Money Goals

Banish Toxic Money Thoughts

When Negotiating a Salary, Get the Company to Name Figures First

You Can Negotiate More Than Just Your Salary

Make Salary Discussions at Your Current Job About Your Company’s Needs

Settel Small Debts to Help You Conquer the Big Ones

Avoid Debt and Learn About Credit

Track Your Credit Score and Report

Keep Your Credit Utilization Rate Low

If You Have Bad Credit, Get a Secured Credit Card

Always Choose Federal Student Loans Over Private Loans

If You’re Struggling With Federal Student Loan Payments, Investigate Repayment Options

Opt for Mortgage Payments Below 28% of Your Monthly Income

Evaluate Purchases by Cost Per Use

Start a Side Hustle

Find Ways to Increase Your Income

Take Responsibility for Your Financial Education

Spend on Experiences, Not Things

Spend on the Real You—Not the Imaginary You

Start Saving ASAP

Do Everything Possible Not to Cash Out Your Retirement Account Early

When You Get a Raise, Raise Your Retirement Savings, Too

Use a high yield savings account for your emergency fund

Write down your investment policy (a.k.a. asset allocation plan)

See if you can refinance your mortgage

Map out your debt

Redirect extra cash to your high rate debt

Pay your bills on time, always

Use a money management tool

Stop carrying credit cards with you unless you have to for a predetermined reason.

Treat every loan with care. The monthly repayment is not your only commitment.

Any debt that has other expenses involved other than the obvious repayment is not worthwhile.

Do not try to live up to the expectations of others and end up in debt.

Stay away from installments for your credit card payments if you do not see the larger picture where you lose.

Avoid unsecured short term loans with high rates of interest. They are obvious debt traps.

Whenever you are out shopping, reduce an item or two that you had wanted to buy. See if you can do that or get rid of something else that you had thought you needed.

Avoid cosigning a loan. Do not serve as a collateral or guarantor either.

Buy a car when you can afford it, not just the installment every month but the additional expenses too.

Buy a house when you are ready for it. The mortgage is a substantial commitment, so are dozens of other new expenses throughout the year.

Select and use a cash back website

Switch to a prepaid cell phone

Max your retirement savings if you can

Refinance your student loans

Consolidate investment accounts if you can

Declutter & Sell your stuff

Explore all your skills. Grab an opportunity to make whatever extra money you can.

Learn a new skill or hone the one you had that is rusty now. Use it for a part time income.

Upgrade your skills you can earn more money in the profession you are in. Aim for growth.

Find a suitable mentor if you are unable to find a way to increase your income.

Always try to make the most of the interviews and negotiations in particular. Do not agree to a poor salary when you can bag more.

Use unemployment benefits. There is no shame and should be no sense of embarrassment to seek help for something that is beyond your control.

Negotiate better raises during appraisals.

Talk to your significant other about your finances

Take an inventory of your stuff for insurance purposes

Take advantage of the catch-up contribution limits if you are 50 or older

Determine your marginal tax rate

Use virus protection software on your computers

Contribute enough to your 401k to take advantage of your company’s matching contributions

Check your social security benefits

Reinvest dividends and interest

Think twice before lending money to friends and family

Think twice before buying an extended warranty

Get a 2nd opinion on financial products sold by commission-based advisors

Calculate the weighted average of the cost of your investments

Consider the cash flow implications for major financial decisions

The majority of us were never trained regarding the skills required to be great with personal finance. Luckily, there is a lot of education you can receive on the job through pursing practical money management skills.

“Happiness is not in the mere possession of money; it lies in the joy of achievement, in the thrill of creative effort.” — Franklin D. Roosevelt

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