Sick of cutting corners and struggling to keep to your budget? Michael Markey, the co-founder and owner of Legacy Financial Network, shares three simple steps on how you can improve your finances.
- Start spending money in cash: It's a lot easier to know how much money you have when it's physically in your hands. Spending all the time with credit cards can give you a false sense of how much money you actually have to spend.
- Try to always have $5000 in your savings account: We know this isn't always possible, but saving a little money at a time will eventually leave a decent sized savings account. It's always tempting to dip into the savings fund to pay bills and taxes, but by leaving this account alone and slowly investing into it, it'll be there for a financial emergency.
- Invest in short term income before trying to invest in long term income: Lots of times people think it's a great idea to fully invest into long term income investments like stocks and 401Ks. It's not a bad thing to invest in these types of accounts, but not to put all your money into them right away. Life sometimes gets in the way, whether it's a bad economy, an unexpected payment comes up, or you lose your job. Worry about short term income first that will give you instant results. Once you find yourself with a financial safety net, then you can start investing more into long term income and grow your money from there.
If you would like to more information on how you can fireproof your finances, visit www.legacyfinancialnetwork.comor call 1-855-LFNETWORK.
