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If we had to give you one simple tip to make your financial life more healthy in 2014, it would be this: Make a plan.
If you manage money like a lot of Americans—70% of whom live paycheck to paycheck—then making a financial plan might seem like a foreign idea to you.
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Many of us don’t know what happened to our money until after it’s gone. You know what you call a financial plan that works like that? Wingin’ it.
In 2014, we don’t want you to wing it. That’s a bad idea.
You’ll never win with money if you don’t know what’s coming in and going out of your account. You’ll never win with money if don’t make a game plan (a budget) each month before the month begins. Set yourself up to win by making a budget now.
When you “wing it,” you spend money at will, you don’t have an emergency fund for those rainy days that will always come, and you have little to no money saved for retirement and college.
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Wingin’ it is a horrible plan. That’s why it’s one of the greatest financial mistakes you can make.
This year, make a new plan for your money and leave the “wingin’ it” plan in the past.