Three Money Rules to follow

Every time I visit my mom she tells me she found an article that I just have to read—usually it’s something about taking more vitamins, staying out of the sun or what not to do with my money (yes, giving unsolicited advice runs in the family). However, sometimes I’ll find an article that really resonates.

Now comes more advice from me to you. Earlier this week, a friend of mine gave me a book called “Money Rules” by Jean Chatzky—it’s 111 pages filled with “The Simple Path to Lifelong Security.” While they’re all great tips, here are three that I wanted to share:

  • Live below your means. Period. You should be living on less money than you make. How come? Well, if you’re not spending every last dollar, you’re automatically saving consistently. Start small, like saving 3% of what you take home and increase it as you can. Once you see your stash start growing, it’ll be easier to do.
  • Save more with every raise. If you get a raise, but then start spending more money, you’ll never get ahead in the savings game. Follow this simple rule: with every raise, increase the amount you save. It’s an easy way to add to your savings.
  • Emergencies happen. Just last night my “Service Engine Soon” light came on in my car; I’d never seen it before. I called my dad and he said it’s probably just a reminder that something is due to be checked, based on my mileage. So I’ll have it checked out to see what’s going on, knowing that I have the funds to pay for a repair if I need it. Be sure to have some money available for if (when) things go wrong.

Those are three simple tips to follow to help you now and in the future. If you’re looking for some great advice (other than reading my blog every week, of course), the book is only about $10. Have a great weekend!

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