Content of the material
- Semi-Retirement Is Not the Answer to Life’s Dilemmas After 65
- How to Start Investing Even When You’re Almost Broke
- Top 5 Simple Retirement Mistakes Everyone Makes and How to Avoid Them
- 7 Ways to Earn More Income in Retirement
4 Ways to Protect Your Retirement Nest Egg in a Volatile Stock Market
Tip #7: Save Early and Often
This rule holds true regardless of your current priority. The sooner you save, the sooner you can build interest. You don’t even need an investment account to start earning interest. Most of the best savings accounts generate interest, and those accounts are FDIC insured. That means you don’t have the risk of losing your money, as with a brokerage account.
This rule also applies to retirement. The sooner you start putting money away in an IRA or 401(k), the better. Even if you’re years away from retiring, you still need to consider the future. Your money stands to grow the most if you start as soon as possible.
How to stay on track
If your social media use is compromising your finances, use these five tips to get back on track:
1. Limit your screen time
While it may seem difficult during shelter-in-place orders, set limits on how much time you spend on social media. You can use your phone’s screen time settings to see how much time you currently spend on your phone. Use apps like Moment, Freedom, and SelfControl to limit your social media access.
2. Keep visual representations of your goals in front of you
To combat visuals of vacations and other purchases, keep visuals of your goals handy. For example, if you’re paying down student loan debt, keep a visual graph of your progress on your phone or saved to your computer desktop.
If you plan on buying a home or a car, keep a picture of your dream purchase saved. You can also create a Pinterest vision board of what your goals are to help keep you focused.
After all, taking control of your finances can help you live lavishly once your debt is repaid.
3. Set a waiting period before making any purchases
Institute a waiting period before making any purchases to curb impulse buys. Make yourself wait 72 hours before making a purchase.
If you see an item you want, save it. If you still want the product three days later, you can give yourself permission to buy it.
You may find that you completely forget about it, or that it’s less appealing after a few days. By making yourself wait, you can ensure that your purchases are things you really want and need.
4. Curate your feeds
Social media can be fun, but it can also make you feel bad about yourself and your life. To combat those problems, spend some time eliminating feeds and unfollowing accounts that make you feel inadequate, and only follow accounts that make you happy.
Feeds that feature cute dogs? Follow! Home decor feeds with throw blankets and lamps that cost more than your rent? Unfollow.
5. Practice gratitude
Researchers have found that focusing on things that you are thankful for is proven to make you happier. Every day or at least once a week, set aside some time to jot down things you are grateful for that happened during the week.
They don’t have to be big things. Cooking an especially tasty dinner, being able to spend time binging Netflix with a friend or partner, walking your dog, or still having a paycheck during a difficult economic period are all things to be thankful for right now.
By focusing on the good things that are already in your life, you’re less likely to be affected by FOMO and social media’s influence.
Tips forMaking the Most of Your Money
- A financial advisor could help set you up for long-term financial success. SmartAsset’s free tool matches you with up to three financial advisors who serve your area, and you can interview your advisor matches at no cost to decide which one is right for you. If you’re ready to find an advisor who can help you achieve your financial goals, get started now.
- If your savings account isn’t earning you interest, you may want to compare interest rates. Here’s a roundup of the best interest rates in 2022.
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