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Financial calendar -

If you struggle to remember the due dates for your credit card bills, utilities, tax returns, etc., make a note on the calendar so you make the payments on time.

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Interest rates -

Pay close attention to interest rates. If you have debts, pay off the highest interest debts first. Equally, if you have savings, ensure that they are making the most interest for you.

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Net worth -

Working out your own net worth is easy. You figure out your total assets (cash, property, and valuable possessions) and subtract your debts from this figure. This will be a good indicator of how much progress has been, or needs to be, made.

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Budget -

Creating a budget and sticking to it is essential if you are serious about sorting your finances. It may be a small effort, but it is completely worthwhile.

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Put aside 20% -

Put a minimum of 20% of your income aside each month. Either save this 20% for an emergency fund or put it into paying off debts. This may take some getting used to, but you will reap the rewards down the line.

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Disposable income -

Aim to spend no more than 30% of your monthly income on anything which isn't strictly necessary. This would include all social activities, and any eating or drinking out of the house or workplace.

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Set financial goals -

Are you aiming for an early retirement? A bigger house? The ability to take luxury vacations around the world? Set goals, and remember to pay attention to the timescales in which you want to achieve them.

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Stay positive -

Everyone has different financial circumstances, and some people have far more debts than others. But no matter your situation, there is always a route out of debt. Just don't give up before you have begun!

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Exercise -

It's not as obscure as it sounds! There is a link between the discipline it takes to keep your body and your finances in shape. Exercise can also make you more productive.

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Appreciation -

Many of us spend our lives wholly dissatisfied because we are constantly craving more. We often want more possessions and material things. Learn to appreciate what you have.

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Friends -

It's always more fun to do things with friends! If you have any friends with similar financial goals, why not motivate each other with regular check-ins to discuss and compare notes?

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Negotiate a good salary -

If you are looking for a new job, or due for a review at work, why not negotiate the best figure possible? The more you increase your earning potential, the closer you will be to achieving your financial goals. 

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Be aware of your rights -

Unfortunately, many people will find themselves unemployed at some point. If this happens, ensure that you find out what your entitlements are, as many people who are eligible do not ever claim.

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Be wary of co-signing -

If someone asks you to co-sign a loan (or be their guarantor) be very wary as this can both damage personal relationships and put your finances in jeopardy.

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Mortgage -

A general rule to abide by is not to spend in excess of 28% of your monthly income on mortgage payments. If you exceed this amount, it may make your other budgeting more difficult.

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Evaluate purchases -

A good way to evaluate purchases is to think of how much you will use them, and work out the cost per use. If something is expensive, but very high quality, it may work out as cheaper than something inexpensive that falls to bits quickly!

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Experiences can be more rewarding -

To make the most of your spare money, consider how experiences can be far more rewarding than material items. The memories will undoubtedly be more fulfilling.

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Shop alone -

While many activities are much better with company, consider the benefits of going shopping by yourself. The temptation to overspend will diminish, and you can approach shopping in a more detached and pragmatic fashion.

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Save, save, save! -

Start today! Even if your income isn't quite at the level you want it to be, saving will gradually provide you with the necessary funds to cover you if something doesn't go to plan.

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Retirement fund -

It is very important to keep your savings separate from any retirement funds you may have. Also, tempting as it may be, do your very best to avoid cashing out any retirement funds early.

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Increase savings with any raise -

If you receive a raise at work or another increase to your income, be disciplined with yourself and proportionately increase the amount that you put into your savings and retirement fund.

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Keep on top of your credit report/score -

It's always good to know how you stand on your credit file, and there are services which give you constant access to the necessary information. However, be aware that there may also be variance between the two, and if one isn't where it should be, do your best to fix it.

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Credit cards -

It goes without saying that you should minimize or eradicate any unnecessary interest you are paying on credit cards, but even if you clear the balance each month, try not to spend over 30% of your limit, as this can adversely affect your credit score.

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Insurance -

Check the policy that you have with your job, if provided. If the cover doesn't seem enough, there is nothing stopping you from taking out your own personal policies in addition to what you already have.

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Keep accounts separate -

It is far easier to control the growth of your savings, and practice discipline, by placing them in a different account specifically for savings. You will almost certainly get more interest, too!

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Consider two bank accounts -

If you are always tempted to instantaneously transfer your savings to your current account, help yourself out by placing your savings with a different bank.

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Credit unions -

Many people have never used credit unions. Look into them to see whether you would benefit from some of the services they provide, as opposed to your bank.

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Be careful -

Emergency funds should be strictly for emergencies, not spontaneous vacations or unnecessary home improvements. You may well end up being grateful for your own discipline.

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Too many savings? -

If you have over six months' net wages in savings, and no debts, it may be worth looking into low-risk investments to make your money go further.

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Investing -

If you are in a strong enough financial position to invest, approach with caution and never place more than 5% of your portfolio on the same trade. This way you will never be taken by surprise, and the majority of the investment should be safe.

Source: (The Muse)

See also: The best ways to make extra money in 2025

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