Don't Be an April Fool with Your Money! - Budgeting and Personal ...

Don't be an April Fool with your money! Here are three ways to avoid foolish money moves:

#1: Max Out Your 401k Employer Match

If you're lucky enough to be offered an employer match on your 401k contributions, maximize it! Otherwise, you're letting "free money" sit on the table.

If your job doesn't offer a 401k match or if you're self-employed, make sure you're contributing a healthy amount into your 401k or IRA. Don't let the lack of a match deter you from saving for retirement!

Want to learn more? Check out how to budget for retirement.

#2: Repay Your Debts

There are two popular methods for repaying your consumer and student loan debt. One theory says you should tackle your highest-interest debt first; the other says you should pay off the debt with the smallest balance. You can read about these two popular debt-payoff strategies here. Regardless of which method you choose, remember: the most important thing is to start tackling your consumer debt!

#3: Plan Backwards

Anticipate your big-ticket expenses in the future: your roof will need to be repaired, your carpets need to be replaced, you'll need a new refrigerator and a new washer and drier. Your kids will need to attend college, you'll need to buy a new car, and your dog might get a pricey veterinary bill.

Calculate what these will cost and work backwards to see how much you should be saving. Let's say you need $100,000 to send your kids to college (including tuition, room, board, laptops, furnishings, transportation and all those other odds and ends that add up.) To save that amount, you'll need to put aside $500 per month starting the month that Junior is born. ($500 multiplied by 12 months multiplied by 18 years equals $108,000.)

Learn more about budgeting for future big-ticket items.

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