6 Financial Habits to Pick Up for 2024
Podcast Transcription
Money Talk is a podcast brought to you by PFCU where we will share tips and tricks and talk to the experts on all things finance related. Join us as we cover everything from credit and loans to cyber security and careers. No matter where you are in life, PFCU is here for you.
Hello listeners, welcome to this episode of PFCU's Money Talk, I'm your host Maddy. This episode I think is super important. Most people decide to develop good financial habits after making a financial mistake. Don't be that person. Let's take some steps now to develop good financial habits and achieve financial stability and success. And these tips totally apply to you if you have made a financial mistake. I think, I think we all go through our learning, a learning process when it comes to money and money management and it's totally okay if you've made financial mistakes. This is to help prepare you either not to make those mistakes again or to avoid it altogether.
Habit number one is to create a budget. You should know what money is coming in and where that money is going. Whether you have one income or three, it is important to have a budget. A budget is going to help you make sure that expenses such as housing and car payments are able to be paid. It will also allow you to set aside an appropriate amount of money for savings or fun activities such as concerts or traveling. Budgets do not have to be restrictive. They are made to give you peace of mind and financial freedom so that you can reach your goals.
Now it's time to increase your financial knowledge. The world of finance is literally constantly changing. Make sure to be up to date with changes and trends by following financial podcasts, blogs or social media, whatever you prefer. You can also subscribe to financial newsletters or even take courses. PFCU has a lot of great financial education resources and articles to read on our website.
This next habit is to live below your means. Arguably the best financial habit to develop is living below your means. The rules to this habit are simple, if you can't afford it, don't buy it. Increase your savings to pay for emergencies such as car repairs and medical bills.
Next is to establish goals. It's okay to splurge every once in a while. However, it is important to think about and plan out these large purchases. If you decide you want a new car, set the goal amount and set aside money every month. If you want to retire at age 50, calculate the amount you should be putting into your retirement account every month to reach that goal. It's all about planning for those goals.
Next is to avoid debt. And I know this is easier said than done. However, having zero debt will allow you to focus on your savings, investing in your retirement account, or even going on a cool vacation. And if you have debt, focus your efforts on paying it off. You might want to check out Dave Ramsey's Debt Snowball Method online.
And the last habit we want to develop is saving for retirement. The younger you start investing in your retirement, the better. You will begin making money off of your money you have already made. Which, if you ask me, making money on your money is always a good thing. So really important to start investing for yourself, for your retirement as soon as possible.
I hope if you start instilling all of, or even some of these financial habits that you will find your goals are more in reach for you, you will find more financial freedom, and you will just be a lot less stressed about money. Thank you so much for listening, everyone.
Money Talk is a podcast brought to you by PFCU. PFCU offers many products and services to fit your needs, from our various loan and account options to our team of financial coaches to help you reach your goals. Make sure to take advantage of the many conveniences PFCU offers such as the mobile app, mobile wallets, bill pay and more. Visit our website at PFCU4me.com to learn more. PFCU is an equal housing lender and is federally insured by the NCUA.