DMK MONEY TIP When we think of money problems, we usually think of ways to cut back. However, increasing your income can actually produce better results. Even if you get a part-time job that nets as little as $30 per day for 5 days, you would have an extra $7,800 per year. You would need a lot of coupons to save that much!
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DMK Money Quote
"You must gain control over your money or the lack of it will forever control you."
-Dave Ramsey
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DMK Editorial Selected Money Guides
Money Tips
Build an emergency fund
Save some portion no matter how little you can put away every pay period. You should keep this money in an account that does not have any penalty for withdraw. Only use this money for emergency situations and replenish funds as soon as possible. The recommended goal is three months of income.
Save automatically
There are numerous banks, apps and shopping reward programs that automatically put excess change or rewards in a savings account. You should also participate in any work related savings programs and retirement accounts such as a 401K, especially if it matches any portion of your contribution.
Utilize apps that can help you save on purchases
There are numerous apps out there that will automatically keep you posted on savings opportunities on specific products and places you visit.
Establish a budget and keep it simple
Establish a simple budget that will encourage you to reduce spending. Don't make the budget complicated or too restrictive, it should be something that is easy to incorporate into your everyday life. If it is too complicated and makes your life miserable you will be more likely to give it up.
Cash is KING
Simple budgets are great, but sometimes simple payment methods make it too easy to spend. Keep your weekly spending money in cash so that you have actual representation of your available money.
Do not keep too much money in a savings account
Once you have established your emergency fund, excess savings should be in a higher yielding account or fund. An investment advisor will be able to counsel you on the best way to maximize your return based on your circumstances, age and available funds. When you are younger you will generally have higher risk, high return investments; you will eventually segue into lower yielding, more secure investments as you get closer to retirement.