4 Financial Exercises Every Investor Must Add To Their Monthly Routine

1.  STUDY YOUR CREDIT REPORT – You should know your credit score at all times.  Many people are very surprised to find out that they have erroneous charges on their report that are negatively affecting their credit score.  If you always know what’s on your report, you are keen to recognize any changes and are ultimately better equipped to dispute any items that should not be there.

2.  KNOW YOUR LOAN BALANCES – This applies to credit cards, mortgages, car loans and personal loans.  Keep track of your loan statements and compare new statements with your previous monthly statements to ensure accuracy.  If you have the ability, transfer balances to zero interest loan products to save money!

3.  EVALUATE YOUR EXPENSES – Consistently evaluate your business and personal expenses to find ways to save money.  Perhaps you could scale back your cable bill by eliminating premium channels that you don’t really watch.  Compare different plans for cell phone carriers.  Lastly, consider cutting back your everyday spending on items such as pricey coffee, lattes or smoothies that you could make at home for pennies on the dollar. Calculate your weekly beverage expenses and you will probably be surprised by how much you are actually spending.  How could that extra money be working for you and your business?

4.   BUDGET! BUDGET! BUDGET!  - Create a strict but doable budget for your personal and business expenses and stick to it!  When you get tempted to spend anything outside of your budget, ask yourself, “Do I REALLY need this right now?”