Adding and Watching: The Two Roots of Smart Financial Planning
A sensible habit to get into is adding some amount of money to that account every month. Even if it is $5, something should be added to it. There are bad months and there are good months, but as long as something is being added to the account then progress is being made. A Financial Planner in Richmond Virginia could really help to create a special savings account that adds a little interest in. A sensible strategy is to find how much interest is being added and to match it every month. It is not always easy, but it is a wonderful habit.
Adding to the Account, No Matter What
A really rough month could be a disaster, and it does not have to be financial. A financial planner will still suggest adding something to the account. Even at the lowest realistic amount it sets a habit. It shows that no matter what happens, adding to a savings will not be forgotten. One month turns into two months. Once the bills are paid, add to the savings, even if it is a dollar.
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The Credit Boost
Rewards are great. They act as an incentive, and they make it all worth it. It is no fun making money when all it does is sit in a bank or pay bills. Common sense says that everyone should be building their credit. Use a personal app or log-in account to monitor credit. It is a fundamental of financial success and one of the key tools with Financial Planning. Also have a system for rewarding. A great suggestion is to buy something nice and useful every time the credit score goes up. That number could be five points, ten points, or one point, depending on preference. Basically, a twenty-something buys something they want as their credit increases. It could be as nice as a new laptop or as simple as dinner out with a friend. That credit score is intimately related to many aspects of financial success and prosperity. Take it seriously, and build in an incentive to keep that number rising higher and higher.
Incentives break bad habits. People fall into bad habits because the habit is easier than the alternative. It is easier to pick up a cigarette than it is to stop smoking today. It is easier to pay the bills on time instead of building a logically sound investment plan or speaking to a Financial Planner in Richmond Virginia.
