Writer: B.E. Conrad
You are no doubt familiar with the 10 commandments, but there are additional rules by which to live. If you want to live a successful financial life, following some basic rules of the monetary road can help you a great deal.
These 10 financial commandments are not hard to live by, at least if you are willing to work hard and stick with it. If you want to change your life, just keep these 10 financial commandments in mind.
Even if it is just a dollar from every paycheck, get in the habit of saving. You can always ramp up the amounts later, but the key is to get started.
Pay yourself first.
Instead of waiting until the end of the month to see what’s left, flip the script and pay yourself first. Treat your investments as just another bill that you must pay every month.
Keep a daily spending journal.
There is nothing like a written record to keep you honest, so record your purchases throughout the day and look for ways to cut back.
Be proactive about asking for that raise.
If you think you deserve a raise, go ahead and ask for it. If you are a valuable part of the team, your boss may be willing to sweeten the deal.
Invest in yourself.
You are your best investment, so keep learning, gaining new skills, and becoming more valuable to would-be employers. Your education is the best investment you will ever make.
Participate in your workplace retirement plan.
Even if it is just 1 percent of your pay, sign up for your employer’s 401(k) or 403(b) plan. Try to ramp up the amount you save at the beginning of each year or on your anniversary date.
Create a debt elimination strategy.
If you have debt, create a plan for getting rid of it. Whether it is getting a second job and using that income, cutting back on expenses, or just throwing extra cash at your bills, getting rid of debt should be your No. 1 goal.
Invest the savings.
Once your debt is gone, keep making those payments, but make them to yourself. This strategy is a painless way to save and invest.
Create an extra income stream.
Having a second source of revenue gives you peace of mind and an additional impetus to save. Whether you monetize a blog, take on a side hustle, or sell your crafts online, creating an extra stream of income is a good way of improving your financial life.
Review your budget.
Having a budget is critical since it helps you see where your money is going. Take time to review your budget to see how you are doing and what you could be doing better.
Commandments are rules to live by, and they do not have to be religious. Whether you go to church every week or rarely see the inside of a temple, the 10 financial commandments outlined above can help you improve your earthly life.