Gerber Insurance on Money Management
Learning how to manage money properly is one of the greatest skills you can obtain. Not only will managing your money efficiently help you become financially sound, but being organized will greatly help your loved ones if you have to pass away. Gerber Insurance offers some useful money management techniques on their website to help families prepare their life insurance policies and be sure they are in great financial shape.
One of the most important steps to financial freedom is getting out of debt. Phil Fragasso, a registered investment advisor out of Massachusetts, says you should look at the big picture when paying off credit card debt. Paying off debt that is accumulating interest is important to do before aggressively saving. Each month you carry debt you are spending more and more in finance charges and those can really add up.
Fragasso also mentions making small lifestyle changes that can make a big difference towards your future. You can easily save $50-$100 a month by choosing inexpensive entertainment options. You can save hundreds by buying a slightly smaller TV. You can save thousands by purchasing a used car. These types of choices may seem small but over a lifetime they add up to thousands of dollars in your savings account which can really make a difference in your future.
Most importantly, before you spend money on a big ticket item, evaluate if you truly need it and if not, take the money you would have spent and put it into savings. You'll be surprised how quickly your savings account will grow if you choose to live your life this way. Gerber Life offers more tips for you and your loved ones to get started on the right foot towards financial freedom.