Most of us don’t make one big financial decision that makes us successful. Instead, everyday decisions on spending put us on a path to succeed or fail. Follow these 12 steps form Iowa Jump$tart to get on the path to success.
1. Make a budget and be frugal.
2. Find money to invest; even small amounts add up.
3. Pay off college loans ASAP.
4. Pay off credit card balances monthly.
5. Build a rainy day stash for emergencies.
6. Fund a Roth IRA, and put in the maximum annual contribution.
7. Max out your 401(k), and take advantage of employer match.
8. Buy a house to live in.
9. Choose term insurance if you need life insurance.
10. Make a will.
11. Increase your net worth; diversify as you go.
12. Work with an Iowa bank such as Iowa State Bank to get help meeting your financial goals.
These money savings tips are provided by Iowa State Bank in partnership with the Iowa Bankers Association. If you have specific questions, contact your local banker at Iowa State Bank. Iowa State Bank is an Equal Opportunity Lender. Member FDIC.