Many people have trouble managing their personal finances, but you don’t have to be one of them. Achieving healthy personal finances is all about understanding the factors that come into play and developing healthy money habits. Whether you’re living paycheck to paycheck, can’t seem to find the discipline to save, or just want to improve your financial health in general, Community Tax’s personal finance guide is a great starting point. From immediate matters like paying your bills and managing debt to long-term goals like savings and retirement, we can help guide you to a better financial future.
Personal debt is money that you’ve borrowed and are personally responsible for paying back—think credit cards and car loans. While personal debt is inevitable when building credit, it can also be detrimental to your finances if you let it get out of control.
Personal Finance Tips
These and many other tips can be found in our personal finance articles.
Budget and Savings
As you well know, budgeting is the key to financial well-being. After all, you can’t save if you’re spending all your money shopping or going out. Many of our personal finance articles on our blog include tips on how to carefully budget, so you can meet your financial goals and still enjoy the things you love. While your bills will always have to come first, savings shouldn’t be far down the list of your financial priorities. Whether you’re planning to buy a car, want to purchase a house in the future, or even just recognize the value of having money set aside for a rainy day, having a healthy savings that you regularly contribute to is essential.
While your bills will always have to come first, savings shouldn’t be far down the list of your financial priorities. Whether you’re planning to...
Whether you’ve invested before or not, it can be tricky to do so on your own. If you want to put yourself in the best possible position when investing, you need to have a strategy.
Building personal credit is necessary for many reasons including the ability to rent an apartment or purchase a vehicle. And, it’s important to understand that your credit score matters, which requires smart management of debt. Keeping your credit score as high as possible is essential to getting the best rates.
It’s never too early to plan for retirement. In fact, the sooner you get started, the better position you’ll be in when you’re ready to finally enjoy some hard-earned rest and relaxation. If you haven’t already, start contributing to a 401(k) or IRA as soon as possible.
Borrowing + Lending
While it’s typically better to save up and pay cash for the things you need and want, sometimes borrowing is the only option. While you may have no choice but to borrow, you do have the ability to shop around to get the best rate and save yourself substantially over the course of the loan.
Personal Finance FAQs
Having a solid understanding of personal finance will impact your quality of life both now and in the future. From being able to afford basic necessities to growing a healthy savings, personal finance should be a priority, no matter your income.
Personal finance encompasses all of your money matters, including your income, spending habits, debt, investments, savings, and more. In general terms, it can be broken down into three primary categories: spending, saving, and investing.
While there’s no set amount of money you should have tucked away in your savings, ideally you would save as much as possible to maintain financial stability in whatever circumstances arise. However, it is typically recommended that you have enough in your savings to cover at least three to six months worth of your typical living expenses.