If you want to get your finances in check, you need to be willing to put in the work. This includes learning about personal finance and creating a budget. Individuals who are willing to put work in to their finances are going to reap large rewards.
The first step involves sitting down and looking at your finances. You should know exactly how much money you earn and exactly how much money you owe. If you have not been good with finances, this can be a scary step. However, if you want to get control of your money and life, you have to know where you sit.
In addition to taking care of food, shelter, and other basics, you need an emergency fund. An emergency fund will prevent you from using credit cards when you lose your job, when you get sick, or when you have to take a pet to the veterinarian. Start by saving at least $1,000. Eventually, you will be able to increase that number.
It is also wise to have a sinking fund. This sinking fund will be used for things that you know have to be done but don’t know when. For example, you can use it to renew my license plate in Illinois, purchase new tires, get new glasses, and have money set aside for anniversaries and weddings. With a sinking fund, you have to calculate how much you will spend on things that usually only occur once a year or less, like when you have to renew my license plate in Illinois.
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