Top 10 Money Moves

Use these ten tips to help with money issues or to get yourself on track to managing your cash in a more efficient manner.

1.  Know Your Net Worth.  Add together the money in your back account, retirement and investment accounts and the value of all your property.  Subtract the sum of your mortgage and debts.  Aim for a worth of at least your age times 10% of your pretax income. 
2. Track Your Spending.   For two weeks, keep a log.  Divide your expenses into categories, such as, bills, food, necessities(self care items).  Multiply those numbers to find out how much you are spending on those things monthly or yearly.  Figure out things you are spending too much on such as manicures. Cut back on those things or eliminate them all together. You can save a lot of money each month or each year by prioritizing your spending.  They key here is to cut back.
3. Start An S.O.S Fund.  Save money until you have at least three months worth of expenses.  This will cover your butt in an emergency situation like losing your job.
4. Get Rid Of Debt.  Cut up the plastic!  Do not spend money that you don’t have.  If you are paying down current balances pay more than the monthly minimum.
5. Get More Of A Paycheck.  Give your boss three reason you’re worth more money.  If your boss won’t budge, ask to tie a bonus onto a project.
6. Build A Nest Egg.  Save 12% of your income in a 401k.  If your employer doesn’t offer one, contribute the maximum you can afford into an individual retirement account and invest in a mutual fund.
7. Trim Expenses.  If you are in a two-income household, put half of your income to living expenses, 12% to retirement, 10% to an S.O.S fund and the rest to luxuries.  If you are in a one-income household, set up an auto transfer into a savings account.
8. Take Small Steps.  Can’t manage to save $10,000? Save $1,000.   Invest that thousand now and keep saving.
9. Visualize Your Future.  Write down your short- and long-term goals.  Want to launch a business? Retire in Fiji? Then determine a set amount of money and a time frame for achieving your goal.
10. Prioritize.  List what is most important to you.  Friends? Family? Think about how to use your money to nurture what you hold dear.  Plan a weekend away with your friends. Give to charity.  Let your spending reflect your beliefs, and your life will feel much more rich.