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Being Financially Responsible

Live deliberately by taking charge of your life and your money.  We spend 80% of our waking hours around money.  We are either earning money, spending money, thinking about money, or worrying about money.

The way you think about money can make a big difference in how well you can get your money to work for you.

Couples who talk about money are twice as likely to rate their relationships as excellent but those who have financial problems are more likely to divorce sooner than those who do not.

Here are some of the basic money practices that are considered to be financially responsible.  Practicing these 11 simple responsible money management practices can put you on the road to happiness and wealth.

Live within your means - even if that means changing the way you live
Pay yourself first
Save 3 to 6 months of income for that inevitable rainy day
Start and maintain an automatic payroll deduction plan for long-term savings
Write a household budget and follow it
Track your expenses - know what your actual expenses are
Be careful with debt – particularly expensive credit card debt
Pay off credit card debt as quickly as possible
Know and manage your FICO (credit) score
Take advantage of free credit reports every year
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Don’t let your spending fall too far outside these ratios:

 Formula from TAKE HOME PAY

35% for Home/cost of living
15% for travel - includes car payment and gas
25% for other - includes clothing, extras, vacation
15% max on debt loans
10% for Savings - pay yourself first

It may be tempting to buy fun stuff whenever you want it.  It is , however, much better money management and better for you in the long run if you buy the fun stuff only when you can afford it.

If you are in a relationship be sure to talk about money with your significant other and make decisions together.

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