Allocate 50% of your income to needs, 30% to wants, and 20% to savings for a balanced budget
Prioritize saving over spending to build a financial cushion
Keep savings in a separate account to avoid spending them unintentionally
Reduce spending, particularly on non-essential items, to increase your savings
Explore additional income sources like side hustles or career advancements to improve financial health
When starting a new job, don't disclose current pay; aim to get the highest starting offer possible
Be cautious of increasing your spending as your income grows
Cosigning can jeopardize your credit and relationships if the borrower defaults
Federal loans generally offer better terms and interest rates than private loans
Keep mortgage payments within this limit to manage housing costs effectively