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Fiscal fitness

money30743392.jpgWe all know what it takes to be physically fit, but what about fiscally fit? Being smart about your money, and financially healthy takes practice, and a regimen just like physical fitness. The following are some tips for improving your fiscal fitness:

1. Track your spending. If you do not know where your money is currently going, how can you improve upon it? You can't plug a leak if you can't find it. So, the way to find out what you are spending your money on that you shouldn't be, or that is not giving you enough value, or that is making it hard to make ends meet, save, or whatever the case may be, is to track your spending. Many credit card companies, and banks do this for you in a sense, and you can print out a spending report. However, it may miss things that you paid cash for, or wrote a check for, so consider instead keeping track of it manually for one month. You will be amazed to see where your money goes.

2. Automate bill pay. If you want to be fiscally fit, you have to stop wasting time and money on late fees, etc. So, make it so you never miss a payment again, or never pay late due to oversight, by automating your bill pay. Your bills get taken care of, and you just have to worry about putting enough money in the bank to cover it all.

3. Pay down debt. Debt means you are paying interest. Debt means your costs are higher than they have to be. Fiscal fitness involves eliminating these debts as quickly as possible. So, dedicate yourself to paying down debt in an aggressive fashion.

4. Pay less, earn more. Fiscal fitness is simple, spend less than you earn. So, start practicing this. It is hard to do, but a concept we all can ingrain in ourselves, and those we love. Learn to sacrifice, do without, and make due until you have the money to buy it. Work hard to make money. If you want to be fiscally fit you are going to take advantage of opportunities you have to make money.

5. Get health coverage. Nothing can be more devastating to a person's finances then an injury or illness. The missed work is going to cost you, and when you add in the cost of medical care, it can mean financial hardship or ruin. So, get coverage!

6. Save. No one can be fiscally fit if they have not mastered the art of saving money. A savings means having a pool to draw from to stay out of debt when crap happens like broken down cars, or getting laid off of work. A savings also gives you a cushion, and money to invest, and use to earn more money without dipping into what you need to sustain your lifestyle.

7. Talk honestly and openly about money. Fiscal fitness requires you to review your finances, and financial situation regularly, to keep your family up to date on it so that they do not put undue stress on you about money, and to never lie to yourself or others about money!

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