A lot goes into managing your finances. We hope to simplify how you manage your money, opportunities to save, other opportunities to spend wisely..
In general the most important areas after creating a budget are emergency fund, reduce debt, retirement investing. Only after you are doing that well, you can save for other goals.
Three Ways to Optimize Your Finances
- Optimize your savings
- Optimize your spending
- Lay out other opportunities
See below for more details for each of these.
Optimize Your Savings
- Create a budget.
- Setup an emergency fund. (if you have a high interest debt (eg >15%) you should prioritize paying this down first and create a small emergency fund initially).
- Retirement Funds: employer matching funds
- Reduce / eliminate debt that has interest > 5%
- Contribute to an IRA
- Save more for retirement
- Save for other goals
Optimize Your Spending
Thinking of how you can reduce costs in all areas of your household and family spending. We’ll layout key areas of household expenses, and other expenses that you may have. Then provide suggestions on how you can reduce those. Examples of these would include:
- Household Utility savings (gas, electricity, water)
- Cable savings
- Internet savings
- Home phone savings
- Cell phone savings
- Garbage collection savings
- Eating out / restaurant savings
Other opportunities for saving and spending
We’ll continue to write about how you can optimize your financial lifestyle to best manages YourFinances.