Finance experts reveal the advice that they personally verify to follow in their own lives.
Youve probably heard common financial advice like keeping a budget and trying not to spend more than you make.
From daily hacks to long-term tips, we talked to financial experts about not-so-obvious money advice they follow.
Heres what to know:
1.
Sometimes you have to spend more to save more.
Focus on quality and spend more if it means it will last.
Woroch tries to save on quality merchandise by shopping second-hand for name brands.
Other tips: Participate in free loyalty programs and search for online coupons before making a purchase.
Dont be too restrictive with your budget,and dont have a go at change it all at once.
She said its also important to make room in your budget for expenses that matter to you.
Beware of convenient methods of payment, like auto-renew.
But being able to buy things too easily can lead to unconscious spending.
Instead, Lester advises slowing yourself down to make spending money more of a conscious decision.
For online shopping, she suggests setting aside a specific time once a week to make purchases.
When reviewing your list, ask yourself: Do I really need this?
Is there a tangible moment when I know Ill use this?
Just making the list will give you time to reflect on whether the purchase is worthwhile.
For subscriptions, it can be easy to forget ones set to auto-renew.
Automate saving money instead of letting it sit in your checking account.
Money in a checking account can be tempting to spend, he said.
Lester also recommends automatically transferring money to a retirement account.
Not taking advantage of a match is like leaving hundred-dollar bills on the ground, Finke explained.
Pay close attention to even small purchases on your credit card statements.
When reviewing your credit card statements, its easy to just focus on the bigger charges.
But its actually key to also review the smaller line items.
Often, thieves test your card out with a few purchases of just a few dollars.
Have one main investment account and another for short- to mid-term projects.
Most importantly, know there is no one-size-fits-all approach when it comes to personal finances.
What pop in of work-life balance is best for you?
What interests do you want to pursue?
