If you don’t have money to burn, HoneyMoneyMakers say it’s time to do a quick financial check-in. How are you doing on these top five categories?
1. Your high-interest debt and large debts: Are they sitting there growing in size like mould on month-old cheese? What’s your plan on getting that life-sucking debt out of your life?
2. How is your emergency fund? No one wants to lose their job, and no one wants to live paycheque to paycheque. How many months could you live off your emergency fund if you lost your source of income. One, three or six months?
3. Have you taken advantage of employer-matched investing programs? That’s free money, honey. Make sure you’re taking advantage of that bonus if your workplace offers it.
4. Are you on a plan to regularly contribute (or even maximize) your tax-sheltered retirement accounts? This will benefit you come tax time (and retirement time)
5. How about that low-interest debt? Do you have a plan to pay that off too (after those high interest credit card debt)? Don’t be a human once scheme! Getting your finances in check isn’t rocket science. Cash in must be greater than cash out!
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