April is Financial Literacy Month! What is the best piece of personal finance advice you use in your own life?

LCDR Private RallyPoint Member — Mon, 24 Apr 2023 14:08:01 -0400

Mine is before each paycheck, I track, review, and forecast my budget to understand my fixed needs and variable spending. This keeps me aware of how I am using my money, and lets me readjust priorities accordingly.

Response by COL Randall C. made Apr 24 at 2023 2:41 PM

COL Randall C. — Mon, 24 Apr 2023 14:41:57 -0400

"Pay me now; Pay me later"

Anytime you get a pay bump, take 50% of if an enjoy it as a "Pay me now". Take the other 50% and put it into whatever future saving mechanism you chose (that's another discussion) as the "Pay me later".

Response by Maj Robert Thornton made Apr 24 at 2023 6:37 PM

Maj Robert Thornton — Mon, 24 Apr 2023 18:37:05 -0400

Never, ever carry a balance on a credit card. Pay the balance off at the end of the billing cycle.

Response by MAJ Ken Landgren made Apr 24 at 2023 10:38 PM

MAJ Ken Landgren — Mon, 24 Apr 2023 22:38:46 -0400

Send wife to work!

Response by CPT Jerry Lucas made Apr 25 at 2023 5:11 PM

CPT Jerry Lucas — Tue, 25 Apr 2023 17:11:22 -0400

Always pay yourself first. No matter how little, put something into savings every payday. Until 2.5 years into my retirement last year, I had NEVER taken a single cent out of any of my retirement savings accounts, except an inherited IRA where I had to take required minimum distributions. When I finally took my first retirement distribution, I actually felt guilty. I had over 40 years of putting money into retirements accounts, waiting for that very day.