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Here are financial tips for Financial Literacy Month

We shared daily financial tips online. Each of them is very simple and easy to implement.

Here are some tips from our 30 financial tips for Financial Literacy Month.

Enable automatic payment of recurring invoices.

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Enable automatic payment of recurring invoices.

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Don’t waste your hard-earned money on delays. Set your bills to pay automatically and never pay a late fee again.

Small expense reductions add up to big savings over time.

Small expense reductions add up to big savings over time.

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Making one small change each day can make a big difference in your ability to save. Making coffee at home instead of buying it is a simple example that many people point to. Let’s say it costs $0.50 a day to make coffee at home and $2.50 a day to buy coffee outside.

You could save an extra $2.00 a day if you switched. With one simple change, you can save an additional $730 over the course of a year. If you invested the money at a 7% annual return, you would save more than $10,000 over 10 years. With such a simple change, that’s a huge savings.

Do not combine your savings and checking accounts.

Do not combine your savings and checking accounts.

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Often when I meet with clients, when they tell me they have a savings account linked to a checking account, they are using it as an extension of their checking account, not a true savings account.

If you want to accumulate savings for longer-term goals, you can’t withdraw often. Sometimes it’s as simple as making it difficult to transfer between two accounts.

Start saving for retirement as early as possible.

Start saving for retirement as early as possible.

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If you are eligible for your employer’s pension scheme, register and start paying your contributions today. If you can’t contribute to a plan through your employer, open an IRA and start an automatic payment. Don’t put it off.

Create a budget and change it if necessary.

Create a budget and change it if necessary.

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Many people hate budgeting, so even if they do, they never check it – life changes. Your results will change. Your costs will change. Your budget should be adjusted accordingly so that you can continue to achieve your long-term goals.

Pay automatically into your savings account with every paycheck.

Pay automatically into your savings account with every paycheck.

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I’m sure you’ve heard that you should pay yourself first. Setting up an automatic deposit from your paycheck into your savings account is a great way to do this. Remember, you want to spend what’s left after saving, not save what’s left after spending.

If your employer doesn’t offer a retirement plan, open an IRA and start paying today.

If your employer doesn't offer a retirement plan, open an IRA and start paying today.

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I mentioned this in a previous tip, but so few do it that it bears repeating. If your employer doesn’t offer a pension scheme, or you’re not eligible, don’t use this as an excuse to put off saving for your pension. Open an IRA today and start contributing. You can do this with discount brokers online, at your local bank, or with a financial advisor.

Pay into your pension scheme at least enough to receive full benefits from your employer.

Pay into your pension scheme at least enough to receive full benefits from your employer.

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If your employer offers matching contributions to your retirement account, make sure you pay enough to get the full payment. This is a valuable benefit that is part of your overall benefits package.

You don’t have to have a lot of money to start investing.

You don't have to have a lot of money to start investing.

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Have you heard of acorns? Investing can literally start with change. While many financial advisors require minimum assets to start a relationship, there are still plenty of ways to start investing without a huge nest egg.

If you are married, review your budget together every month.

If you are married, review your budget together every month.

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Budgeting and financial planning will create a strong financial foundation for both of you. It can take some work to get started, but once things are in place, it’s basically just a monthly check-in to make sure you’re on track.

Saving for retirement is easier if you start earlier.

Saving for retirement is easier if you start earlier.

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Remember that timing the market is more important than trying to time the market. Dollar cost averaging is a great way to build wealth, so you can enjoy a comfortable retirement later in life. Don’t want to work forever? If you don’t start early, you may have to work much longer to reach your retirement savings.

Monitor your consumption.

Monitor your consumption.

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It’s easy to overspend if you’re not paying close attention. Consumption monitoring keeps this in mind. It can be as simple as writing it on a small piece of paper in your wallet, or it can be a more complex computer program that I use with my clients. No matter how you do it, tracking your expenses will help you reach your bigger goals faster.

Add value to your employer and ask for a raise.

Add value to your employer and ask for a raise.

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Much attention is paid to cost reduction as an opportunity to increase their savings. However, increasing income can have a much greater impact. If it’s been a while since you asked for a raise, find out what other projects or responsibilities you can take on. Impress your boss with your performance and get clear evidence of why you deserve a raise when you ask for it.

Consider making large purchases at least 24 hours before committing.

Consider making large purchases at least 24 hours before committing.

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Do not make large purchases on a whim. Set some guidelines for yourself to avoid making financial commitments that were not thought through. It is a good idea to wait at least 24 hours before making a large purchase.

Limit credit usage to 30% of available credit.

Limit credit usage to 30% of available credit.

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Credit cards have a fixed credit limit. If you use more of your available credit, it will negatively affect your credit score. Limit credit usage to 30% of available credit.

Monitor your credit report regularly.

Monitor your credit report regularly.

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For any identity theft issue, it is important to check your credit report regularly. Get a free credit report from any reporter at Annualcreditreport.com. You can also use a credit monitoring service like Credit Sesame or Credit Karma.

Skip promotional messages.

Skip promotional messages.

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Sometimes receiving promotional emails can give you an impulse to spend if it’s not part of your plan. To avoid temptation, simply unsubscribe from these promotional emails.

Check with your local credit union for better interest rates.

Check with your local credit union for better interest rates.

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Credit unions often offer better interest rates than big banks. Be sure to check with your local credit union when considering a HELOC or auto loan.

Get a Financial Responsibility Partner.

Get a Financial Responsibility Partner.

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You may sometimes need a little tough love to help you stay on track to achieve your goals. A financial accountability partner can help with this. I work professionally as a liability partner for many people. But your partner doesn’t have to be a professional. It could be a spouse, friend, colleague or someone else. Just choose someone who you can be completely honest with and who has your best interests at heart.

Don’t store your credit card information online.

Don't store your credit card information online.

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Saving credit card information to your favorite sites online makes it all too easy to spend like crazy. Do this so you have to go the extra step and take the card out of your wallet. This simple extra step can be enough to limit unnecessary expenses.

Get the right insurance.

Get the right insurance.

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The less you have saved, the more important the right insurance cover is. This means not over or under insured. Additionally, you should review your coverage annually because your needs may change. Open enrollment is a good time to do this, as you will be reviewing your health insurance coverage at that time anyway.

Set specific, measurable financial goals.

Set specific, measurable financial goals.

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It’s hard to know where the race ends when there’s no finish line. Specifying your goals gives you something to work towards. Your goals may change and that’s fine, but being specific will move you forward faster.

Pay off your highest debt first

Pay off your highest debt first

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Let me be the first to say that not everyone agrees that you should pay off your highest debt first. However, I’m an analyst at heart, and from a purely numerical standpoint, you’ll save yourself the most money in interest if you aggressively take on the biggest debt first.

Save 3-6 months of living expenses in an emergency account

Save 3-6 months of living expenses in an emergency account

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Life happens and we can’t always control how expenses arise. With an emergency savings account, unexpected expenses won’t push you into debt or take you too far from your financial plan. You can determine the amount you should save by calculating how much you spend each month. If you spend $4,000 a month, you’ll need three to six times that amount, or $12,000 to $24,000.

Plan and Save for Big Purchases

Plan and Save for Big Purchases

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This may seem like a no-brainer, but if it were, Americans wouldn’t be carrying the debt we are. By planning and saving for large purchases, you can avoid significant interest charges.

Rebalance your portfolio at least once a year

Rebalance your portfolio at least once a year

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When you first set an investment goal, it is based on your time horizon, goals and tolerance for market volatility. A lot can happen in a year. Changes can happen in life. Your goals may change. Several areas of the market outperform or underperform other areas. If you don’t rebalance your portfolio at least once a year, the allocation will no longer match your time horizon, goals and risk tolerance.

Shop for insurance quotes every few years

Shop for insurance quotes every few years

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When was the last time you shopped for auto insurance quotes? Make a few phone calls, and you might be surprised how much you can save. At the very least, call your current provider and see if they have any discounts you’re not currently using.

Learn the Basics of Investing

Learn the Basics of Investing

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I understand. Investing might not be your thing. That’s okay. You don’t have to live and breathe the stock market like I do, but developing a basic investment vocabulary will help. It is also important to understand some of the basic principles of investing, such as risk and return and asset value. Get a personal finance book or just keep following my blog – I’ll help you learn the basics bit by bit.

Review your account beneficiaries every year

Review your account beneficiaries every year

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Ideally, you should review your account beneficiaries every time, in your life, there is a big change. Having said that, it is often forgotten. That’s why I encourage you to make it part of your regular annual review process.

Create a written plan to achieve your long-term goals

Create a written plan to achieve your long-term goals

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As Antoine de Saint-Exupéry said, “A goal without a plan is just a wish.” There is power in writing down not only your goals, but also a plan to achieve them. It’s not written in stone, so it can always be changed, but writing a plan will increase your commitment.

Be sure to check out all the tips under the “PRÓXIMO” button and don’t miss out on these all-important financial tricks!