Jasz
VIP Contributor
1. Be a saver
A good way to start building your net worth is to save a little bit more than you spend each month. The easiest way to do this is through automating your savings and investing with an automated investment plan like Wealthfront or Betterment (see our review of the best robo-advisors).
2. Pay off debt
Debt is the largest expense on most people’s budgets, so it’s important to get rid of it as soon as possible. If you have any loans or credit cards, make sure they’re paid off every month. Also, consider consolidating all your debts into one single loan at a lower interest rate and paying it monthly instead of doing multiple payments every month — this can reduce your total interest payments and save you money over time (see our guide on how to consolidate student loans).
3. Shop around for credit cards
Credit cards can be useful tools for managing your finances if used wisely (and paid off in full each month). But they also carry a lot of risk if not used carefully — so don’t open any new lines of credit until you know what kind of balance transfers work best for you.
A good way to start building your net worth is to save a little bit more than you spend each month. The easiest way to do this is through automating your savings and investing with an automated investment plan like Wealthfront or Betterment (see our review of the best robo-advisors).
2. Pay off debt
Debt is the largest expense on most people’s budgets, so it’s important to get rid of it as soon as possible. If you have any loans or credit cards, make sure they’re paid off every month. Also, consider consolidating all your debts into one single loan at a lower interest rate and paying it monthly instead of doing multiple payments every month — this can reduce your total interest payments and save you money over time (see our guide on how to consolidate student loans).
3. Shop around for credit cards
Credit cards can be useful tools for managing your finances if used wisely (and paid off in full each month). But they also carry a lot of risk if not used carefully — so don’t open any new lines of credit until you know what kind of balance transfers work best for you.
