Money may not be able to buy happiness, but there are ways we can find peace with our financial lives and improve our overall well-being. Four people who've achieved a state of money Zen shared their tips with Yahoo Finance, and their advice suggests that keeping it simple is the best path to stress-free finances.
- Know where your money goes. Track your spending to target any money leaks.
- Know what you want your money to do. Focus on goals and set timelines, then break the goals into smaller steps to make them more manageable. Having your own objectives will keep you from falling into the trap of competing with the Joneses.
- Don't carry revolving debt, or have a specific plan to pay it down. Maximize your repayment plan. Adding just another $20 to your monthly payments can make a big difference in the time it takes to pay off your debt.
- Invest in your job skills, and don't expand your lifestyle as fast as your salary. Improve your marketability and live below your means.
Fred Perry
i think that these are really easy things that you can do that will help with the peace of mind with your finances. i think that the whole know where you're spending it - and lower your debt ratio items are the most important to me. i think that i'm definitely making a dent in things, and i'm getting much more organized with my finances
1My husband and I just recently paid off the mortgage on our home, and let's just say we practically had a party! Having to make a mortgage payment every month can definitely add stress to your life because you are under such a huge financial responsibility. One thing I would recommend would be looking into an accelerated mortgage program. Once we started working with the bank with this program we were able to pay off our house way quicker than we ever thought. So not only are you paying less (because you aren't having to pay the interest accumulated every year) but it took that huge financial responsibility off our shoulders and now we're able to live comfortably knowing we own our home.
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