Rena-Fi's Top Ten
Financial Tips

Finances can be confusing, but we all want to do our best.  How can we better our financial standings?  Do you need to start saving more?  Are you doing something incorrectly or not often enough?  There are so many questions and it can be so hard to get answers, but don’t worry.  Rena-Fi is here to help!  We’ve scoured the Internet and compiled our Top 10 Financial Tips.

1. Save

Saving money is always important to your financial health. It’s important to save whatever you can. It can be all too easy to tell yourself, “I can only save five dollars this check, so what’s the point?”  The point is, if you’re saving any amount, you’re saving enough.  Automating your savings is an easy way to help boost your account as well.  You won’t have to think about it at all.  A portion of each check will go right into your savings account without you having to do anything!

2. Invest

Investing isn’t only for the rich!  It’s easier than ever.  There are all kinds of investing apps out there to help you delegate your spare change to investing.  You can also invest in a Roth IRA account.  Remember, you don’t have to wait until you have a certain amount to start investing!  Even putting $20 into an IRA would be a great start.

3. Set Goals

Goal setting is crucial to your finances!  You won’t get far without a plan of some sort.  It’s important to visualize what you want and how you’re going to get there.  Whether you want that new car or are just looking to save more each month, you’ll need a plan. 

4. Address Your Budget

A good budget is essential to your financial well-being.  It helps you track your income and your expenses.  Budgets can even help you to spend less and save more by showing areas that you may go a little overboard in. But, budgets aren’t just for bills and needs.  It’s extremely important to budget in fun money as well.  That way you save money, but still give yourself the freedom to do things you enjoy.

5. Keep It Simple

It can be easy to overwhelm yourself.  Budgets, portfolios, IRAs, income, outflow, and investing are just some of the words that get thrown around in the financial world.  It’s important to take a step back from it all and make sure it doesn’t become over complicated.  If a budget or investing plan becomes too confusing to understand or isn’t working for you, there’s no reason to continue with it.  You can always stop with one plan and start anew. See what ways you can downsize or make it easier to understand.  Simplicity means less room for mistakes and more room for understanding the situation.

6. Spend Less and Make More

This might seem like a no-brainer, but it can be challenging.  You’ll have to pinpoint exactly how you can spend less and how you can generate extra income.  Do you eat out often or enjoy shopping?  Those might be a couple of places you can spend less.  Spending less doesn’t mean not spending at all.  It’s important to budget for activities you enjoy instead of freely spending on them.  Generating extra income is the other half of the equation.  You might look into passive incomes such as a blog or real estate properties, but you could also make money off of something such as a hobby.  If you love to create, there’s a chance to get paid for it!

7. Get Educated

We don’t mean get a formal education (though it can certainly help boost your income); we mean get a financial one!  Whether you’re in charge of your house’s finances or not, it’s important to know what’s happening.  You need to have a good understanding of not only your budget, but also other things that impact your finances.  That means getting well acquainted with things such as your credit score, outstanding debts on credit cards, any loans you have, and other expenses.

8. Get Out of Debt

Debt can add up quickly and without being noticed, but by being mindful, you can curb debt!  It’s very easy to swipe your credit card and not think about it, so before you swipe your card, think about it.  Can you pay in cash?  Do you have that money in your checking account to cover it?  Do you really need the item you’re buying?  It’s important to make sure that you’re not spending more than you make, even if you’re charging with a card and not paying cash.  That will help keep your debt from climbing, but it’s also important to make sure you’re paying your debts off!  Make sure you pay by due dates and add even just an extra dollar towards the balance when possible.

9. Find a Support System

Remember!  You don’t have to make this journey on your own.  Building a support system and finding people to hold you accountable for your goals can be a huge help.  They can help you stay on track when things get rough.  Your support system can be anyone you trust: friends, family, church, or even a financial health class.  The important thing is that you seek help and get it when you need it.

10. Do Something

Be proactive!  As long as you’re saving something you’re doing enough.  Even putting $5 into savings is better than doing nothing.  Paying the minimum on your credit cards is doing something.  Paying bills and debts on time is something.  You can better yourself a little at a time.


Of course, these aren’t the only things you can do to better your finances.  So, what are you waiting for?  Do some research. Get out there and take the first step.