- Save first, spend second.
- You can’t start a good saving plan (or habit) until you’ve established a budget.
- Increase your income, reduce your expenses and control your emotions—wait 48 hours before pulling the trigger on a major purchase and don’t fall into the FOMO trap.
- Make sure you always have three to six months’ worth of expenses saved in a rainy day fund that you can easily tap.
- There are three aspects of a rainy day fund: objective, subjective and emotional.
- A rainy day fund will enable you to weather the financial and emotional impact of a sudden job loss, medical emergency or unexpected major repair.
- Feeling like you’ve lost control of your finances can derail many aspects of life.
- Planning ahead for large expenditures, staggering your payment schedules and diligently maintaining a minimum balance in your bank account can give you a tremendous leg up.
- When it comes to your money, always try to stay calm, collected and in control. I have five rules to help.
- Not having a budget is one of the leading causes of financial stress.
- Good budgeting comes down to having a handle on your income coming in and your expenses going out.
- I have three simple but powerful rules for budgeting (see below and related video above).