Having a bucket list is something most people talk about, whether it’s a real one or simply one you have in your head that you swear by. You know the one I’m talking about; the list that includes traveling to each continent at least once in your life, kissing your husband at the top of the Eiffel Tower and eating at every revolving restaurant in the continental US. However, what most people don’t have is a financial bucket list. This is the one in which you make sure your life is set and comfortable because your finances are always in order. By creating a financial bucket list, you’re going to make better life decisions and better financial decisions.
One of the things you should include on your financial bucket list is a zero dollar credit card balance at some point in your life. Not only is it a great goal that will give you a sense of independence and financial freedom, it’s great for so many other aspects of your life. The less you charge and the more you pay off, the better your future.
Even if you already contribute to your retirement accounts, you could contribute more. Make one of your financial goals in life to be able to supplement your retirement accounts when it’s time to retire. This might mean opening up different types of retirement accounts, creating a savings account at some point or just adding as much as possible to what you already contribute toward retirement.
There should come a point in your life when you realize that paying cash is king. This means you should add it to your financial bucket list. For example, your goal could be to pay for a new car in the next five years with cash so that you don’t have any debt.