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You have likely heard that the younger you are, the easier it is to build wealth by learning important money habits. But no matter your age, it’s important to know these habits to stay out of debt and make sure you have a plan for the future.

Start Spending Less Than You Bring In

You have likely heard that you should not spend more than you earn, but you might not yet be spending less. And as your income increases, you may begin paying more. It’s easy to feel that because you now have more income coming in, it’s OK to spend more of it on non-essentials.

This is known as lifestyle inflation, and it’s easy to slip into this habit without recognizing it. Of course, as you begin to earn more, there is nothing wrong with treating yourself now and then. However, if you are making more but not saving more, you might need to reevaluate your budget. It’s a good idea to lower your monthly expenses so you can start spending less than your income level.

One way of doing this is by refinancing your existing student loans into a new loan. Having Earnest student loan refinancing available allows you to begin building wealth. When you reward yourself for meeting a goal, be smart about how you do it. Think about how you can reward yourself without going over budget. Instead of taking a fancy trip, perhaps you go out to dinner at a nice place or treat yourself to a nice box of chocolates.

Contribute to Your Retirement Savings

You need to plan for your retirement and the best time to begin saving for retirement is as soon as you have an income that allows you to do so. While this might be right out of college for many people starting full-time jobs, many do not start saving for retirement right away. And once you hit your 30s, you are already halfway to the age of retirement.

That’s why it’s so important to begin saving and investing now. The advantage of a retirement account is that it helps you build wealth with the help of compound interest, meaning the interest you have already earned is also earning interest. This allows you to see your savings start to grow over time.

Talking About Money with Your Significant Other

If you are married or share your finances with a significant other, it’s vital to talk about finances with them regularly and setting a budget. That’s because you need to ensure you are both on the same page regarding savings. Often, one partner is a saver while the other is more relaxed about spending, which can be a source of tension. Take time each month to sit down and look over all your accounts.

This includes income earned that month, all spending, and where you are in attaining your goals. It’s a great way to be accountable to each other about your habits.

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Denise Lockwood has an extensive background in traditional and non-traditional media. She has written for, the Milwaukee Business Journal, Milwaukee Magazine and the Kenosha News.