Find a Qualified Financial Advisor
Finding a qualified financial advisor doesn’t have to be hard. Datalign’s free tool matches you with financial advisors in your area in as little as 3 minutes. All firms have been vetted by Datalign and all advisors are registered with the SEC. Get started with achieving your financial goals!
The offers and details on this page may have updated or changed since the time of publication. See our article on Business Insider for current information.
Paid non-client promotion: Affiliate links for the products on this page are from partners that compensate us (see our advertiser disclosure with our list of partners for more details). However, our opinions are our own. See how we rate investing products to write unbiased product reviews.
Jennifer Streaks. Jennifer Streaks/Insider
- Even as a financial journalist, I had to develop my own financial habits through trial and error.
- Over time, I made four smart money moves that put me on the path to financial success.
- Paying down debt, contributing to a 401(k) as soon as possible, and building an emergency fund created financial security.
I didn’t become a financial journalist or financial expert overnight.
Like many, I’ve had my own ups and downs. It’s one of the reasons I believe that my financial advice resonates so well with readers — because I am speaking from a realistic view of everyday money management.
That being said, I had to build my own financial goals and habits and learn how best to manage my money through trial and error. After a good number of triumphs and defeats, there are moves that I have made with my money that have really helped me grow my financial knowledge and security.
Here are four smart money moves that I have made with my money:
1. I started contributing to my 401(k) immediately
As soon as I started working, I immediately started contributing to my employer’s 401(k). While some people were partying and traveling in their 20s, I was new to the workforce and receiving regular income, so I made sure that I contributed at least 10% to that plan.
Being that I started so early, I have been able to take advantage of compound interest and time to watch that nest egg grow. As Lynnette Khalfani-Cox once told me, “money that you start saving now will have more time to grow in your retirement account.” I am still contributing to my 401(k) and have been able to increase my percentage over time.
2. I paid off my student loans
Paying off that debt was one of the best decisions for my financial life. I had a mortgage, a car note, and the costs of everyday life, and that student loan payment was money I could be saving or traveling with or using for anything other than a student loan payment.
I worked aggressively to pay that debt off by doubling up on the payments and using bonuses to make lump sum payments. When the end was near, I did freelance work to bring in more money to put directly toward that debt.
3. I grew my emergency fund for financial security
Right after paying off my student loans, I got to work on growing my emergency fund. I was determined to save at least six months of expenses in my savings account. As time has gone on, I have been able to sock away one year of expenses and even build an investment portfolio through a brokerage account. This emergency fund provides security in case the unexpected happens.
4. I pay off my credit card every month
This one money move has had a major positive impact: I don’t carry credit card debt from month to month, so I don’t pay interest. This has also had a positive impact on my credit score, because paying my credit card off each month keeps my utilization rate low. Remember, your credit utilization — the amount of available credit you are actually using — is one of the factors that determines your credit score.
Building financial habits and setting financial goals is a personal journey that takes time and experience to develop. These were the money moves that worked for me and set me on the path to financial security.
Read the original article on Business Insider
If you enjoyed this story, be sure to follow Business Insider on Microsoft Start.
News Related
-
Anyone who’s purchased gift baskets to hand out to loved ones this holiday season might need to find a backup present after the latest food recall that involves festive cookies. Gift basket company Wine Country Gift Baskets just announced that it is voluntarily recalling all gift baskets that feature Acorn Baking ...
See Details:
Recall Just Announced For Popular Cookies Featured In Holiday Gift Baskets
-
LOS ANGELES: Quarterback Jalen Hurts ran in an overtime touchdown to give the Philadelphia Eagles a 37-34 NFL win over the Buffalo Bills Sunday (Monday in Manila) and move them to 10-1 on the season. The Eagles, who lost the Super Bowl to Kansas City last season, trailed at half-time ...
See Details:
Eagles rally past Bills in overtime as Chiefs win
-
Yen Makabenta First word WHILE UN Secretary-General Antonio Guterres and other promoters of the climate emergency are preparing to convene the 28th conference of the parties (COP28) of the UN Framework Convention on Climate Change (UNFCCC) in the United Arab Emirates, starting on November 30 and stretching to December 12, ...
See Details:
Reality bites the green energy agenda
-
Sandigan orders Marcos Sr. pal to pay workers The Sandiganbayan has ordered the enforcement of a July 2023 ruling ordering a Marcos Sr. associate to pay a lumber company’s workers P2.1 million in damages as well as return 60 percent of their company’s shares and pay all unpaid benefits. The ...
See Details:
Sandigan orders Marcos Sr. pal to pay workers
-
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated MANILA, Philippines – More than 18,000 families have fled to evacuation centers across flood-affected regions in the country due to the impact of the shear line and low pressure area. Department of Social Welfare and Development (DSWD) gave ...
See Details:
DSWD: Shear line, LPA affect 1.2 million people; over 18,000 families evacuated
-
-
MANILA, Philippines: The entire Luzon, including Metro Manila, is expected to experience isolated rain showers and thunderstorms as the northeast monsoon (“amihan”) and easterlies will be affecting the country over the next 24 hours, the state-run weather agency said on Tuesday. Weather specialist Patrick del Mundo of the Philippine Atmospheric ...
See Details:
Rain showers, thunderstorms over Luzon, including Metro Manila — Pagasa
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
'Naruto' live-action film adaptation is in the works
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
NASA Highlights Stingray Nebula
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Manila's Lagusnilad underpass opens
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China probes debt-ridden financial giant
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
China's VUCA situation
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Unraveling the mystery that is diabetes
-
Attention, Naruto fans! You can soon watch the famous anime’s live-action adaptation as it finally has a confirmed writer. According to a Variety report, the beloved manga and anime series is set to head to big screens for its live-action adaptation under Lionsgate. It will be written by Tasha Hao, ...
See Details:
Bangladesh's nuke plant is not going to steal PH investments
OTHER NEWS
ALIW Awards Foundation Inc. President Alice H. Reyes has released the names of finalists for the 2023 Aliw Awards to be presented on Dec. 11, 2023, at the Manila Hotel ...
Read more »
WhatsApp Web gains the feature of single-view photos and videos (Photo: Unsplash) The WhatsApp Web, the desktop version of the popular messaging app from Meta, has received an update allowing ...
Read more »
Young athletes’ time to shine in Siklab Awards MANILA, Philippines — The future heroes of Philippine sports will be honored during the third Siklab Youth Sports Awards on Dec. 4 ...
Read more »
Graphics by Jannielyn Ann Bigtas A local government official said Monday that five to 10 barangays in Northern Samar are still isolated following the massive flooding in the area last ...
Read more »
DyipPay app lets you pay jeepney fare, book tricycles “Barya lang po sa umaga.” Everyone who rides jeepneys knows this rule: it may not be an actual law, but it’s ...
Read more »
Updated In-Season Tournament Bracket ahead of pool play finale Tuesday will mark the last day of pool play for the inaugural NBA In-Season Tournament. From there, six first-place teams and ...
Read more »
PCG forms teams for maritime emergency response MANILA, Philippines — Recent incidents of fishermen lost in the waters off Southern Tagalog have prompted the Philippine Coast Guard (PCG) to form ...
Read more »