Every little personal finance tip can help make your finances better.
That’s why I came up with a list of 75 personal finance tips to help you make and save money.
After graduating law school and knowing nothing about personal finance I decided to start a blog about my student loan debt. Since then, I’ve paid off $100k+ in debt (and counting), quit my job as a lawyer to become a financial planner, and supplemented my income by blogging.
I’d say I’ve learned a few things about money over the last 5 years.
So, I’m sharing a massive list of personal finance tips that you can take action on to improve your finances. Some may or may not apply to you, so consider it general information to increase your knowledge of personal finance and hopefully spark some new ideas for you.
Each of the 75 personal finance tips is listed under a specific category so it’s easier to follow. The categories are:
- Money Management
- Liquid Savings
- Retirement Savings
- Frugal Living
- Behavioral Finance
- Financial Education
Here goes… A massive list of personal finance tips to help you make and save money!
First up is the money management category, which lists personal finance tips that can help you manage your money better. This includes things like budgeting, estate, insurance, and tax planning, and a few other gems.
1. Create a budget
Create a budget based on your monthly income and expenses. A budget is the tool that gets you to stay on track financially every month. A budget shows you exactly where your money is going so you can know whether you’re on track with your income and expenses. It’s your blueprint for achieving your financial goals.
- Download a Budget Spreadsheet Bundle
- Use the Ultimate Budgeting Guide to create a budget that you’ll actually stick to
- Take the Budgeting For Budget Haters course
2. Track your net worth
Track your net worth to get the big picture of your entire financial situation. Your net worth is a snapshot of your assets and liabilities at a given time. Your net worth measures what you’re actually worth financially. It’s important to know what your net worth is if you want to build wealth. It’s not enough to only budget. You need both a budget and to track your net worth.
- Download a Net Worth Statement
- Read How To Track Your Net Worth
3. Use a third-party aggregator
If you manage your finances electronically, you may feel more comfortable using a third-party aggregator to get the big picture of your financial situation. Mint.com is an example of one, and I know there are more. This is ideal if you want an app on your phone and prefer using digital budgeting and net worth tracking opposed to doing it manually.
4. Check your credit reports and credit score annually
Check your credit reports from each credit bureau (there are three) annually using annualcreditreport.com. Even if your credit card company offers credit monitoring or reporting, it’s a good idea to check your actual reports through this site to get your official reports. It’s what I do and find it very easy to use. The reason you should check your credit reports annually is to verify all the information is correct, and make sure your identity hasn’t been compromised.
- Read How To Check Your Credit Reports and Credit Score
5. Get estate documents in place
Make sure you have the right estate documents in place. This varies for everyone so I always recommend seeing an attorney. But don’t be intimidated by me saying that – if you are married, have kids, or have anyone else who is financially connected to you, it’s really important you have the right estate documents in place. I see way too many of my friends with kids not having an estate plan. My two cents is that it’s worth the couple of grand you may have to pay to protect your family.
- Read Estate Planning Basics to learn what can be included in an estate plan
6. Get the right insurance coverages
It’s important to have the right insurance coverages in place to protect you and your family financially. This includes property and casualty insurance, medical insurance, life insurance, and disability insurance, just to name a few types. It’s easy to overlook insurance, but if something tragic or unexpected happens to you, it would be even more devastating without the right insurance.
- Read this blog post about Health Insurance Basics
- Read this blog post about Life Insurance Basics
7. Project your taxes
Tax planning is one of the most effective ways to save money every year. If you have the opportunity, talk to a CPA or financial planner to do a tax projection for you. You may find ways to save money through tax planning that you’re not taking advantage of.
- Read this blog post about Taxes For Beginners
8. Set financial goals
The best way I know of to change where you are financially is to set goals. Goals give you a target to plan ahead for. If you need to payoff debt, save for a house, or something else – you can use goals to help you get there. Setting financial goals can change your life.
- Learn How To Set Goals
- Download How To Plan Your Best Year Ever
9. Have financial planning meetings to review your money
Have a set time to review your finances yourself and with your spouse. You need to review and reevaluate whether what you’re doing is working. You need to make changes as your life changes. I like to review my money weekly so there’s less to go over at each meeting, but you can decide what works for you – monthly or quarterly may fit with your life better depending on where you are financially. The point is to not set it and forget it. Your finances need to be reviewed periodically.
Now, let’s move on to a favorite topic of mine – income. The income category lists personal finance tips that can help you increase your income doing something meaningful.
10. Make money doing something that fulfills you
Pursue making money doing something that fulfills you. Whether that’s in the career you’re in now or something else, find a way to be aligned with your work and make money doing it. Sometimes, this is easier said than done, but you can start by taking little steps to move you toward the ultimate goals of feeling fulfilled by how you make money. One example would be to spend time figuring out what you want to do with your life by shadowing people in other professions. Whatever it takes, you spend too much time working to do something that doesn’t fulfill you.
- Sign up for 5 Days To Designing Your Dream Life
11. If you don’t know what to do, start a blog
If you feel stuck and don’t know what to do, I highly recommend starting a blog. A blog can be a great way to write about something you care about and make money. This is what I did – I started my blog while I was practicing law. This led to me quitting my job as an attorney to pursue a career as a financial planner. All this from a little blog I started on a whim.
- Read my How To Start A Blog Tutorial
- Download How To Go From Zero To Profitable Blog In One Year
- Sign up for my free blogging course 5 Day Blogging Bootcamp
12. Start a side hustle
If you want to make extra money, start a “side hustle” (a job on the side of your day-job). There are tons of options for side hustles . Whether it’s because you want to get out of debt, save for a down payment on a house, or just pay your bills, a side hustle can change your finances for the better. Don’t feel stuck making the money you do from your current job – there are always ways to make more money.
- Read 45 Ways To Make Extra Money
- Read How To Make An Extra $1,000 Every Month
- Read 8 Legitimate Ways To Make Money From Home
13. Invest in yourself to make more money
If you want to make more money, invest in yourself. This could be in the traditional form of going to college, or it could be in a much more affordable way, like taking on online course. An example would be taking a class to learn how to become a virtual assistant and make money from home. Just don’t ignore the opportunity to make money on your own terms because you’re not there yet. Take a course and get started. You’re worth it.
14. Diversify your income
Diversify your income so you don’t rely on one source entirely. Whether this is through a second job, investing in the stock market, or starting a business, you can find ways to bring in multiple streams of income. The average millionaire has seven streams of income.