By Tracie Fobes
WWR Article Summary (tl;dr) While many people have a budget not everyone writes it down. Gobankingrates.com suggests putting your plan in black and white!
Mark Cuban. Warren Buffett. Michael Bloomberg. Most of us will never be as rich as the world’s wealthiest billionaires, but we can still learn from their smart money habits.
From ditching debt to paying bills on time, fiscally savvy folks have developed good habits and plans that keep them in financial shape. And with a little effort, you too can master their tricks for managing money.
If you’re looking to break bad money habits and get on more solid financial footing, following these fiscal tips from the pros.
HAVE A WRITTEN BUDGET
Many people have a budget, sort of. They know who they have to pay each month and how much. However, they don’t have anything in writing.
When you have a written budget, you see exactly where your money is going. Best of all, you can direct your money where you want it to go. You get to decide what you want to save and how much you will spend on expenses like groceries.
Your budget is your roadmap to financial success, so make sure you include every single expense. Don’t forget about that coffee you grab on the way to work or the money you spend on parking every day.
PAY YOUR BILLS ON TIME
Late bill payments are serious budget busters. Fortunately, there are ways to ensure bills are paid on time. Setting up automatic payments is one of the many successful habits employed by financial pros. You can also set up alerts on your phone or use a calendar on the wall to note due dates.
When you pay your bills on time, you show you are responsible and avoid late fees being tacked on to the amount you owe.