3 Things Everyone Should Know About Money
Money has been around forever and for a long time it's been hard for some to keep track of it or to even know what to do with it. From saving, to spending, to minimizing debt; it's all more difficult than it sounds. Luckily, with the advancement of technology there are a plethora of ways to improve our finances. Whether you're trying to save, or come up with different ways to keep track of your finances, here are 3 things you should know about money. Be Mindful Of Scams: When trying to do more with your money it is surprisingly easy to fall for all kinds of tricks. There's always someone who's trying to get your personal information and while it may seem easy to avoid, it can still happen. By keeping a close eye on your bank account or accounts you can be in the know about any suspicious activity or charges you don't recognize. Today, you don't even have to leave your home to check with the help of online and mobile banking. As long as you have a laptop or computer you can easily watch your account. Keeping records of your monthly bank statements helps take it a step further. While mobile banking is convenient it is also common to look past or completely miss some information. Your bank statements show all transactions for the month and aids in you seeing your own spending and saving patterns. Being Insured: We all know how important it is to have insurance and you can get it for almost anything. While it is not easy to think about something bad happening, it is always good to be prepared for the worst. Having disability insurance or renters insurance can keep you secure in case of an injury
that prevents you from working and from anything that damages your home like a break in or natural disaster. Not having to come out of pocket during a time like this can keep your finances afloat and give you that peace of mind knowing that you don't have to worry about something going wrong. Even though these instances are rare when it comes to money you can never be too cautious. Minimize Your Debt: Debt is an interesting thing. It's not always bad but it is never good. Debt from going to college is completely different from having tons of credit card debt. For most, debt is inescapable but there are ways to keep it minimal. It's fairly simple to go out and get approved for a credit card when you're in a financial pinch but it can quickly get out of hand. Keeping your debt at a minimum is a great way to keep money in your pockets. The less payments you have the more money you get to keep for yourself or other important things. It is hard to say when you will need a little extra money so having a lot of credit card payments isn't good for your finances in the long run. Money management is hard but there are multiple ways to make it easy. Just one change can make a huge difference in your financial freedom. Mark Angelo is the Co-Founder of Yorkville Advisors.