FISCAL FITNESS IS IMPORTANT

Checks and balances are always a significant part of life, especially when it comes to personal finances.

WRITER: TOM WILKINS

Personal finance can be a difficult thing to master. It involves keeping track of income and expenses, budgeting wisely, and making careful decisions. It can easily fall apart when the unexpected happens. A lot of personal finance advice depends upon your current situation and what your long-term goals are. However, whatever your position, there are three golden rules of personal finance that everyone should follow.

1. Clearing debt is usually more beneficial than saving

Although there are some exceptions to this rule, clearing your debt serves you better than saving money. Certain types of debt penalize you for overpaying on repayments. However, for most forms of debt, such as short-term loans and bank charges, you pay much more in interest than you could possibly generate in interest on any savings. It just makes sense to pay off any outstanding debts before you think about saving.

2. Live below your means

If you’re spending more than you earn, you’ll always be in trouble. If you’re living at the limit of your ability to spend, any unexpected financial problem may push you over the edge and beyond what you can afford. Keeping a healthy buffer between how much you make and how much you spend is an essential step toward healthy personal finances.

3. Keep an emergency fund

You never know when something may happen that requires a sudden expenditure. That’s why it’s crucial that some of your budget each month is put aside for an emergency fund. If you can afford it, the ideal emergency fund should be enough to cover your living expenses for several months. If this goal is unrealistic for you, putting something aside is better than being broke and caught empty handed.

These three golden rules are the first steps on the path to healthy personal finances. Whatever your budget, keeping these rules in mind will help you to live relatively free of money worries.

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