Mormon Channel Daily

3 Financial Musts - March 05, 2015

Episode 704

Financial tips to help you improve your spending habits4:45

These three tips for financial security will bless your life if you choose to apply them.

First, if your employer offers any kind of retirement savings plan, take advantage of it and learn how you can maximize your benefits.

Second, maintain a savings account. Have a set dollar amount automatically taken from your paycheck and deposited into this account. Start slow—stocking away $25-100 a month can produce a substantial sum by the end of the year. Think about doubling the regular deposit in a half a year.

Third, track your expenses. Not sure how much your family spends on average? List your fixed monthly expenses and keep a record of what you spend. Factor these numbers into a budget that will help you understand what you are doing well and what you can change about the way you use your money.

What other tactics do you use to ensure your financial security? Leave a comment.