– Stay dry on the rainy day – Set up an automatic savings plan, if you don’t already have one. Even $5 a week is a fine place to start. Although, you should work up to having three to six months of expenses saved that is liquid and easily accessible to protect yourself and your family.
– Don’t budge from the budget – Live within your means and stay away from putting too many expenses on the credit card, especially if you can’t pay it off each month.
– Get your debt house in order – There is good debt and bad debt. Examples of good debt are your house, car and one or two credit cards. As long as you’re paying your bills on time and not maximizing your limits, this shows you’re a good credit risk. Bad debt is having too many credit cards with high balances, and maybe you don’t always pay on time. Consider consolidating and paying off some of that debt.
– Fully fund retirement plan – Social security benefits may or may not be around in the future but one thing is certain, you will not cover all your living expenses with your monthly social security check. Save for retirement by using your company sponsored plans and other savings vehicles.
– Review your contracts – Over the years you keep paying your bills and never think about asking for a better price. This is common with your phone bills and cable bill. Your provider probably won’t call you out of the goodness of their heart to let you know that your service could be cheaper. Sometimes all you have to do is ask.