How Good Are Your Financial Habits?
We all have some bad personal habits, like nail-biting, smoking or skipping breakfast.
But what about our financial habits? Do you track your income and expenses? Are you careful not to overspend on gifts?
Some of us, like Len Penzo, have excellent financial practices. Some others need a little help in that department.
If your financial habits are question, take a look at a few examples of good financial habits that everyone should adopt, thanks to Mr. Penzo.
- Pay attention to mortgage interest rates — even after you buy a home. People who fail to do this may miss out on refinance opportunities that could save them tens of thousands of dollars over the life of their loan.
- Never buy anything on impulse. One of the best ways to help prevent this is to make a shopping list and then stick to it.
- Open your bills when you get them.
- Pay your bills online when possible.
- Ignore credit card convenience checks that come in the mail. They usually come with high fees that make them extremely expensive.
- Siphon money from your income for retirement. Try saving at least 10 percent from every paycheck; now is the best time to start.
- Keep cash in your wallet to a minimum.
For 43 more financial tips that everyone should follow, check out Penzo’s full post here.