For Tushar Mathur, finance is everything. His “Everything Finance“ blog the personal finance expert has penned for the last five years, with his team of trusty contributors, enlightens readers to everything from fun financial tips to advice on saving and investing.
Mathur shared some of his personal finance beliefs and habits in this next installment of Go Banking Rates’ Financial Literacy Month series.
Mathur says that while he was growing up in India, his family never used credit cards, and most major purchases were made by saving up and using cash. Debt was rare. Mathur kept that practical mindset when moving to the United States, but realized that credit was the order of the day in America.
“First,” he says, “I got my financial house in order. During that journey, friends and colleagues used to ask me for financial advice and so to educate myself and others to stay out of debt and start saving.”
It took some adapting, but it led Mathur to found Everything Finance in 2007, taking his frugal philosophy on money to the web.
Paying One’s Self First
Mathur says that from the very beginning, he’s followed the money philosophy of “Pay Yourself First.” Mathur and his wife make sure to save first, then to budget for their expenses. A longtime follower of Suze Orman, Mathur was inspired by the finance guru’s advice and began funneling money into his family’s emergency fund, and 401(k) and Roth IRA accounts.
Over time, he said, it “started feeling really good with saving all that money. Every paycheck we used to get excited to find out how much we can put towards our savings.” Mathur says that he’s also a strong proponent of online budgeting tool Mint.com.
Staying Financially Literate
Mathur’s wisdom to his readers hearkens back to his family’s financial discipline in India. “The best advice that I can give is to always pay off the full credit card balance each month,” he says. “If you can’t…that means you are living beyond your income and that’s the worst.”
Mathur also says that money can be saved by calling utility companies for the best rates. He advises parents-to-be to begin saving for their child’s college tuition in the womb — with college expenses on the rise, in 17-18 years, a family will have saved up enough for their children’s future education.
This article is part of the Go Banking Rates Financial Literacy Movement, helping Americans get smarter and grow richer. Take our credit card quiz to test how knowledgeable you are!
Provided by Go Banking Rates