finance tips

9 Personal Finance Tips To Remember Forever

Learning how to manage your money is key to achieving your financial goals and establishing the freedom you've been dreaming about. Thankfully, it might be easier than you believe. 

In this article, we're reviewing the nine personal finance tips that will serve you well throughout your life. From saving for retirement to making a spending plan to so much more, you're in the right place for educating yourself about money. 

The Top 9 Personal Finance Tips To Always Remember

1. If Not A Monthly Budget, Use A Spending Plan

The first of our nine personal finance tips to remember is our favorite!

Monthly budgets aren't for everybody. However, spending plans can be a brilliant alternative. They aren't as strict as a monthly budget that requires detailed tracking. Instead, it offers flexibility and a snapshot of your current spending. 

Here's how to create a spending plan if you despise monthly budgets:

  1. Determine your monthly net income. 
  2. Determine your fixed monthly costs (i.e., the expenses that require a portion of your paycheck every single month, like rent, utilities, phone contracts, groceries, transport, etc.
  3. Subtract fixed costs from your net income. You can spend the leftover cash as you please! 


2. Make One Extra Monthly Mortgage Payment Per Year

Making one extra monthly mortgage payment per year can shorten your mortgage length by years, helping you become debt-free much quicker.

We don't necessarily mean paying double your mortgage in one month. However, if you add a little extra to each mortgage principle, it'll slowly add up to a full extra mortgage payment in a year. 

3. Build An Emergency Fund

Constructing security should be a priority for many people, especially when it comes to money. So, if you can get into the routine of putting away some cash every month, it'll begin to build into a sufficient emergency fund. 

Financial experts suggest you should have anywhere between three and 12 months of expenses sitting in your emergency fund, depending on your preference and circumstances. 

Ideally, you should set up a separate savings account for it and automate the cash injections to avoid missing payments. 

4. Learn About Investing

Learning to invest in stocks and shares might be worthwhile, provided you can wait at least five years to see the fruits of your efforts. 

You can choose from three main investment options:

  • DIY — You pick your own stocks and shares based on research and preference. 
  • Robo-advisor — A digital platform that uses algorithms to invest on your behalf. 
  • Financial advisor — A human being who gives bespoke investment advice based on your goals and current situation. 

5. Consider Where You're Saving Over How Much You're Saving

While the amount of money you save is important, some experts suggest it isn't as important as where you put the money. Ideally, you want to make your savings work hard. Thus, think about the types of savings accounts you're using. 

There are plenty to pick from, including:

  • Regular savings account
  • High-yield savings account
  • Money market accounts

Always consider the pros and cons of each before selecting one. 

6. Don't Worry Too Much About Student Loans

Your outstanding student loan amount may be alarming; you aren't saddled with repayments until you make a certain amount of money. And even then, you likely won't be repaying a huge portion of your monthly earnings. So, worry less about that and focus on other areas of your financial state. 

7. You Absolutely Do Need A Pension

While saving for retirement might not sound fun, it's a necessity. Otherwise, you'll be dreadfully unprepared for your twilight years. 

We suggest utilizing your employer's 401(k) benefits or investing privately to build a good enough income to sustain you later in life. 

8. Have More Than One Income Stream

Number eight on our personal finance tips list is simple — if you can earn money in other ways besides your day job, do it! Multiple streams of income give you more stability than only one. 

9. Purchase Your Car With Cash

The final entry on our personal finance tips list is to save for your vehicle and then purchase it outright. You won't have to pay interest on car loans, and you can use it to borrow emergency money through a title pawn whenever you need it. 

You don't need a good credit score for these loans, and you'll receive the cash within 48 hours if you're approved. 

Have A Plan For Emergencies

Following all or most of these tips should keep you in a secure financial position. However, everyone finds themselves in emergency financial situations from time to time. When this happens, and you need money urgently, it’s good to know your loan options. If you own a vehicle outright, you could use your lien-free vehicle title to obtain up to $15,000 in title pawn cash.


Get A Title Pawn From Alabama Title Loans, Inc. Now!

With the nine personal financial tips, you are more likely than ever before to achieve monetary stability and freedom. Whether you wish for a home, the vacation of a lifetime, or your dream wedding, our expert advice will help you get there. 

And remember, if you need to fund an emergency but are yet to build a solid emergency plan, you can turn to Alabama Title Loans, Inc. and obtain a title pawn. Just fill in our online loan inquiry form to get started, and we'll give you a call. 

Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.

Emma Frost

Emma Frost is a lifestyle and finance blogger with a talent for communication and a passion for financial literacy. She uses her writing talents to explore topics that help her readers gain financial stability and growth.