Getting a handle on your finances can be intimidating. If you are struggling with personal finance, we get it. There are so many financial products to consider, budgets to create, and decisions to make, it’s no wonder so many people give up on money management. Just reading about all the services and products available to “simplify” your personal finances can be overwhelming.
What is personal finance?
Personal finance includes any money management transaction you carry out for yourself or on behalf of your family. Cracking personal finance depends on three key pillars: 1) Knowing how much you spend (cash flow budget), 2) setting smart goals, and 3) maintaining the income you need to meet those goals. Taking these steps requires you to take an honest look at your current financial situation, estimate your short- and long-term needs, and implement a plan to meet those needs.
SuperMoney’s Personal Finance Guide takes the guesswork out of money management by offering an easy to follow plan that works. Once you’re clear on the steps you need to take, our comparison shopping tools and consumer reviews will help you filter out the best products and services available.
- Create a budget. These money management tools will help.
- Add up the money you make (income)
- Deduct your fixed expenses. These coupon sites can help you save money on everyday expenses.
- Earmark every dollar you make for specific purposes. Don’t worry “having fun” or “eating out” are perfectly good categories for your budget.
- Start an emergency fund. Save enough to pay for three to six months of living essentials. Start by opening a savings account today.
- Get out of debt. This guide provides a step-by-step plan for an improved debt-free version of yourself.
- Monitor your credit score. Your credit score is the key to qualifying for a loan, a lease, a mortgage, or even a job. These credit monitoring tools can help.
- Make more money. These side jobs ideas are a great place to start.
- Get insurance to protect your family and your assets. No need to go crazy but most people need auto insurance, homeowners (or renters) insurance, and life insurance. This guide will help you decide how much coverage you need.
- Invest and save for retirement. Set up automatic transfers to your retirement and investment funds