Category: Bergen County

the staff of the Ridgewood blog

Ridgewood NJ, You might be clueless about managing your finances when you are out in the real world. There is a lot of things to consider on budgeting your money once you get your paycheck or from your
sidelines if you are a freelancer. Unfortunately, personal finance was not a subject taught in high school or college. So, I will be giving out a few important bits of advice to understand money.

1. Learn how to manage your spending.
Most parents taught us about this skill when we were kids. If not, always remember that the sooner we learn about finances, the sooner we will find it easy to keep in order. Perhaps, it is very easy to purchase an item on credit but it is better to wait and save. Do you really want to pay the interest on that item? Or pay it in cash? If you make it a habit to put all your expenses on credit cards be sure to pay it in full on time or you have to pay it in the long years. There is nothing wrong with carrying a credit card especially with the convenience and rewards they offer. Make sure to always pay your balance in full. Do not carry more cards if you are not confident with your spending habits.

2. Keep your finances in order.
When we are starting our career path, the first thing we have in our mind is long-term financial planning and security. It is our main goal once we start earning money. There is a lot of how’s and why’s that we have in our mind. That is why we always need to organize our expenses such as paying rent, utility bills, and loans. It is a lot harder if you are financially independent. First, to solve the problem you have to create a budget. This is the key solution to our financial problems. There’s no way around of keeping track of where your money goes and where it should be going. Always make it realistic. You don’t have to deprive yourself of everything that doesn’t fall in the categories of “needs”. You simply have to make yourself responsible for your spending. In case you need extra cash, make sure to get it only from cash mart licensed money lender. This will endure that you get loans with fair terms and charges. Read moneylender reviews to know which licensed lender gives the best borrowing experience.

3. Be specific on your financial goals.
Always prioritize making your money work for you. Ask yourself, “What I am investing for? What is the long-term goal?” Avoid saving your money for traveling, or saving money for your lifestyle. Get specific with your goals. It is quite exciting and it also helps your financial advisor know where your money should be invested. This is a perfect exercise to decide the amount of risk you are willing to take on. Don’t waste money for something that is not worth your sacrifice. Figure out what you really need. Create SMART goals. This will make your certain ambitions to be specific, measurable, achievable, relevant and timely.

4. Learn the art of the deal.
This is the tool that will serve you well at every step of your career. Getting the first real job is excellent, but it is only your starting point. Negotiation is not only for the billionaire nor presidential candidates, but it is also for everyone. Know how to negotiate. Even if you stay in the job for a long time, you should take advantage of negotiation to increase your pay and benefits.
This has a lot of benefits for you. Not only do you get additional money but you also build your professional confidence. Don’t agree with something that would not be enough. Always consider everything like how much would could you save once you agree with this? What about your retirement plan? What about increasing your savings?

5. Invest your hard-earned money.
Investing is not as mysterious as it seems. It is actually pretty easy. Once your savings reach a certain level, put this in a high-yielding investment. Your choice may include, mutual funds, condominium, or house and lot investments, trust funds or equities. These are already available to retail investors for low opening account. Don’t invest too much in a low-interest earning accounts. Your goal is to maximize your earning. On the other hand, you can also start a small business opportunity. Your main goal here is to grow your income. Think of everything that can make it happen. Perhaps you can talk with financial advisors or your businessman friends. It is better to gain ideas at first before you move.