As an adult, your finances are a big part of your life as they dictate the decisions you can make, not just for yourself, but for your family as well. This makes it important to know how to use your money and how not to, and below are three examples of each.
Smart Money Choices: Preparing an Estate Plan
The first good decision that you can make for your finances is preparing an estate plan. One out of three people said that the COVID pandemic made them see a greater need for having an estate plan. Despite this, 31% of these people didn’t do anything about it. Don’t wait for another global disaster to make an estate plan because tomorrow is never promised. It’s also fast and can be affordable to work on getting one, so there’s no good reason why you shouldn’t do it.
Avoiding Trademark Infringement
A trademark infringement, which is a violation of the rights of the owner of a trademark, can be committed unknowingly. Bearing this in mind, make sure that any trademarks including slogans and catchphrases that you may come up with for a business venture aren’t already taken. Once you come up with your own original ones, get them protected legally. This way, you will neither be the victim nor an unknowing perpetrator of a trademark issue.
Taking Care of Your Oral Health
Oral health care is just as important as overall health care, so you need to take good care of yours. Develop good oral hygiene habits and you may see a positive change in the state of your overall health as a result. If you need orthodontic treatment, get started on it as soon as you can so that you get a better smile sooner. If you’re prescribed orthodontic treatment, ask your orthodontist if Invisalign is the best option for you, as it has a patient satisfaction rate of over 96%. You can save money by getting smaller issues treated fast instead of letting them grow and pile up.
Poor Money Choices: Not Setting a Good Budget
A good budget is one that covers everything, from serious things like food and shelter to other less serious ones such as entertainment. If you don’t plan for something in your budget, there’s a higher chance that you will still spend money on it, just not in a controlled way. Write a complete budget and do your best to stick to it, and over time, you could improve control of your finances.
Not Keeping a Credit Card
While credit card debt may have scared you from getting a credit card again, avoiding getting one may not be the best decision for your finances. This is because having a credit card helps you increase your credit score. If you cannot keep a credit card and make responsible decisions that save you from getting into debt, then this is the only instance when you could avoid keeping one. Otherwise, lenders and financial institutions will want to know that you can maintain a credit card before they give you access to any credit in the future. This could be helpful for things like buying a car or a house if you can’t afford one out-of-pocket.
Working with Frauds
Finally, while inexperienced and unregistered people may offer you a cheap price for services that you would otherwise have to pay a premium for, you shouldn’t fall for the temptation. This is because you run the risk of getting the job poorly done and needing to spend even more money than you would have just to remedy the new issue before fixing the original one. That can be an exhausting process to go through, both mentally and financially.
Now that you know some of the smartest and silliest things that you can do with your money today, go ahead and take better control of your finances!