Live within your means. You’ve probably heard it hundreds of times, but it’s worth repeating. Following this rule will keep you out of a lot of trouble. If you like to flash your cash, you’re in for a really tough time when it comes to financial health. Nursing bad money habits that cause you to live above your means will likely result in a mountain of debt.
However, if you make smart choices with your money, you’ll be one step closer to building and protecting your wealth. One of the keys to living within your means is to carefully track your income and expenses. Know exactly how much money is coming into and going out of your household. This way, you can avoid overspending each month and relying on credit cards to help you bridge the gap.