A Quick Overview Of Where To Start Your Financial Journey

If this is your first time ever really giving thought to your finances

, you can consider this your introduction to finance. Money is a very important part of our everyday lives and having control of how if flows in and out of your hands can make a world of difference. Even though there are countless articles and books on the subject, it is surprising how little the average person knows. While I cannot cover everything in this article I will give you a quick overview of where to started on your financial journey.

Your bills are your first priority, paying your bills on time not only gives you a comfortable place to live, but also build your trust with lenders. You will have all the basics to continue making an income and preparing for big ticket items like a house or a car. Next in line is saving and the more you can save the better. The magic number is 10% of your total income, but if you find this difficult, start small and slowly increase the amount when you can. The goal is to save enough for at least 3 months of living expenses. This will give you something to fall back on if you lose your job or become sick. Do not forget to put a portion of your savings into your 401(K) plan and other retirement plans.

After you have saved 3 months of living expenses you are ready to attend to your debt. The best way to do this is to use what is called The snowball method. It is a tried and proven way to get out of debt faster. After your debt is under control you should start maxing out your company 401(K) plan. A company match 401(K) is the best retirement plan you will find and you should take full advantage of it. By now you should be well on your way to gaining control of your finances. You should learn as much as you can about managing your finances, go at your own pace and if you slip up just pick up where you left off.

by: Jay Scott

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