- Pay yourself first: Add your savings account to your monthly list of bills, and make saving a priority.
- Save more through small changes: Identify where you're spending money, and where you can make changes. For instance, packing your lunch instead of eating out could save you thousands over the course of the year.
- Maximize your savings: Once you've started saving, and know what you're saving for, set up appropriate accounts to manage your money. Consider an IRA for retirement savings, and a money market account for your expanding nest egg.
- Write a budget: It's the most effective way to get on track to financial success and to ensure that your spending doesn't exceed your income. Remember to allocate funds for charitable contributions,
- Know your credit score: This rating will determine if you'll have access to key credit options – whether you're opening a new credit card or applying for a mortgage. Check your credit reports regularly to ensure accuracy and develop better credit habits to increase your score over time.
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