Good Money Habits to Build
See attached png image file.
Examples:
Pay yourself first: set aside income to invest for the future and benefit from compound returns (e.g. 401K out of sight, out of mind saving or automatic transfers to investment/brokerage accounts)
Track your spending: know where your money is going, periodically consider expenses to drop if they are a necessity, write your bill due dates on a calendar
Plan ahead for major purchases when you know they are coming
Create a safety net: build up an emergency saving to cover expenses
Pay on time, every time: avoid interest expense and improve your credit score by paying your bills on time
Set an annual reminder to check your credit reports, every 12 months
Set up alerts to stay on top of your checking account balance (many bank apps have this integrated as an option for users)
Know where your credit stands: check your credit report to make sure it is accurate
Write down your goals and concrete steps to take to achieve them – save for specific goals
Comments: 1
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29 Aug, '22
ChrisGranger Admin"Making Your Money Last" (suggested by Ed Jastrem on 2022-07-07), including upvotes (1) and comments (0), was merged into this suggestion. Original language from this merged suggestion: "List of ideas and topics to discuss with an advisor to help ensure savings and investments last a long time and are protected from the unexpected. See attached.
E.g.:
Part time work in retirement
Careful timing large expenses and planning ahead to avoid a big tax hit from a large withdrawal
Rebalancing regularly to avoid building up an unexpected concentrated position
Partial convert IRA to Roth in lower income years especially if delaying Social Security
Social Security optimization for couples
Evaluate lump-sum vs. annuity distribution options"