Sun.Star Davao

Tips that will change your mindset about money

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WE’VE certainly amassed a wealth of knowledge over the years covering the money beat – be it the dozens of “I got out of debt” success stories we’ve featured to the scores of psychologi­cal studies we’ve covered linking better financial decision-making to behavior change.

So given that it’s Financial Literacy Month, we’ve decided that there is no better time than now to round up our 50 top money tips into one juicy, super-helpful read. From the best ways to budget to how to boost your earning potential like a pro, these nuggets of financial wisdom are as fresh as the day they were published.

1. Create a Financial Calendar If you don’t trust yourself to remember to pay your quarterly taxes or periodical­ly pull a credit report, think about setting appointmen­t reminders for these important money to-dos in the same way that you would an annual doctor’s visit or car tune-up. A good place to start? Our ultimate financial calendar .

2. Check Your Interest Rate Q: Which loan should you pay off first ? A: The one with the highest interest rate. Q: Which savings account should you open? A: The one with the best interest rate. Q: Why does credit card debt give us such a headache? A: Blame it on the compound interest rate. Bottom line here: Paying attention to interest rates will help inform which debt or savings commitment­s you should focus on.

3. Track Your Net Worth Your net worth – the difference between your assets and debt – is the big-picture number that can tell you where you stand financiall­y. Keep an eye on it, and it can help keep you apprised of the progress you’re making toward your financial goals – or warn you if you’re backslidin­g.

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