5 Financial Tips For Each Hogwarts House That Will Make You Say "Accio Money"

10 points for anyone who paid off their credit card this month.

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For most muggles, managing money well is an ongoing journey. It can be difficult to budget when life throws bills, debt, and other expenses your way, but you don't necessarily have to be a wizard to watch your savings levitate off the ground. (Wingardium Leviosa!)

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Grab your quill and parchment because here are five finance tips for every Hogwarts House!

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Gryffindor

"You might belong in Gryffindor, where dwell the brave at heart. Their daring, nerve and chivalry set Gryffindors apart." —The Sorting Hat

1. Automate your savings.

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Your house is represented by the lion — a fierce and noble animal! Similar to the king of the jungle, you prefer to be well-known amongst your peers and are probably quite social. You would much rather be out and about with others than sitting at home, but this means that your schedule can become very hectic very fast! 

Unless you have a time-turner, it might feel like there aren't enough hours in the day to do those administrative tasks like checking your bank account and transferring money into savings. By automating your savings, you'll ensure that you're setting aside money without a second thought. Consider this one item off your plate of pumpkin pasties, so to speak! 

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2. Understand your insurance policies.

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Bravery is of the utmost importance to those sorted into Gryffindor! Along with this extraordinary courage comes the slight risk for an extraordinarily unexpected emergency. If your car gets wrecked by the Whomping Willow, for example, you'll definitely want to make sure that your vehicle has decent coverage.

It's always good practice to have health insurance, but there are other types of insurance that can save you money in the event of something unexpected as well. Depending on your lifestyle and priorities, you may want to explore options for car insurance, home insurance, life insurance, or even renter's insurance. Just remember to do the research and shop around so that you are choosing the plan(s) that works best for your needs and your budget. If you already have coverage, make sure to familiarize yourself with what your policies entail!

3. Plan for your next milestone.

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Gryffindors tend to live in the moment, which is a great quality for many reasons! When it comes to finances, however, it's always good practice to look ahead at what's to come. Before you get caught up in conquering the present, turn your gaze to the future (get a crystal ball if you need to) and consider the long-term goals that you want to achieve. Are you planning to move to a new city? Getting married soon? Looking to buy a house?

How you save — and what you save for — is going to depend on your current budget as well as the timeline of your desired milestone. If you can swing it, setting aside a little bit of money each month will help future you be far more financially prepared. 

4. Sift through all of your subscription services.

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That hectic schedule mentioned above? It's likely that you haven't had the time to really dive into where your hard-earned money is going. Subscription services are a great thing — until you've subscribed to them all and only truly use a select few! 

When you catch a break from battling death eaters and studying for your OWLs, consider taking inventory on these reoccurring monthly expenses. Audit how much money is being spent on things like streaming and music services, food delivery services, fitness memberships, etc. Trimming back on the things you don't really use frees up cash toward something else! 

5. Build up an emergency fund.

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I won't claim that having an emergency fund will help you defeat the dark lord, but it is a pretty important business. Though Gryffindors boast an admirable amount of courage, they can also be a little bit reckless. If you find yourself in an unexpected bind, such as leaving school in search of Horcruxes, it might behoove you to have at least three to six months' worth of savings stashed away.

Even if you're starting from scratch with your finances, building up an emergency fund is essential. Click here to brush up on ways you can start and grow this savings.

Slytherin

“Or perhaps in Slytherin, you'll make your real friends. Those cunning folk use any means to achieve their ends." —The Sorting Hat

1. Control your impulse to overspend.

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As a Slytherin, you're both quick-witted and quick-tempered. Instead of dealing with that bad day by indulging in catastrophic retail therapy, consider less-expensive ways to boost those endorphins and remedy the blues. 

If you identify as an impulse spender, start by exploring the things that trigger these shopping binges. Figuring out what makes you feel this impulse (along with tracking just how much money you're actually dishing out each month) can be a great step in taking control. The good news is, you don't have to stop spending money altogether. You can still enjoy your iced butterbeer on the way to work, while actively managing your paycheck more mindfully. Here are 12 tips for spending money intentionally and guilt-free! 

2. Challenge yourself to tackle debt.

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Ambitious and competitive, a Slytherin will do almost anything to succeed. They avoid failure and rejection at all costs, which can work to their advantage when competing against themselves. 

Though the thought of looming debt might overwhelm members of the other houses, Slytherins might be keener to take on the challenge! Tackling debt is almost like a Quidditch match, with the golden snitch being a balance of zero! To defeat your debt fast, familiarize yourself with the various repayment methods (you can learn about the Snowball Method and the Avalanche Method here) and choose the one that works best for you.

3. Utilize cash-bank incentives.

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Speaking of that competitive spirit, a Slytherin always loves to win! By taking advantage of the cash-back perks that go along with many credit cards, you can reward yourself with that rush of "winning" free money. Yes, you have to spend money first to earn these types of rewards, but banks like Chase and Discover offer pretty decent cash-back incentives from major retailers that you may already frequent. 

Just remember to pay off these credit cards in full each month if you're able. Retaining a balance will mean paying more in interest than you're getting back! No word on if Gringotts Bank offers such perks, but I'm guessing you can totally earn cash-back on those school supplies from Diagon Alley.

4. Maximize your retirement contributions.

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Ever resourceful and goal-oriented, a Slytherin is always thinking about how to do well for themself in the future. Before you can hang up your hat as Minister of Magic or Headmaster of Hogwarts, it's essential to make sure you have enough money saved for retirement. 

Retirement can feel like a lifetime away, but starting to save now can make a massive difference in the future. If you already contribute to a retirement plan, such as a 401(k), consider upping your contribution as you are financially able. If you aren't contributing to a retirement plan yet, here are eight tips to get this process started.

5. Be wary of spending money on "fad" purchases.

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Whether it's a fancy gym membership, designer clothing, or the fastest broomstick on the market, Slytherins value having the very best. There is nothing wrong with investing in popular fads or mainstream brands, but it's also worth noting that doing this habitually can suck up a lot of money if you're on a stricter budget.

Allow yourself the splurges that bring you joy, but consider more affordable options where you can when it comes to pricey name brands. 

Hufflepuff

“You might belong in Hufflepuff, where they are just and loyal. Those patient Hufflepuffs are true, and unafraid of toil." —The Sorting Hat 

1. Learn to say "no" when something isn't in your budget.

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As a self-proclaimed Hufflepuff, I'll be the first to admit it. We may have a heart of gold, but we're also the epitome of people-pleasers. It may feel easier to take all three unforgivable curses rather than have to tell someone "no," but trust me... you're saving a lot of energy and money by honing this skill! 

Maybe you don't have the funds to go to the Quidditch World Cup this year (or maybe you just aren't feeling it), but all of your friends are pressuring you to go. Declining to participate in something because it doesn't fit into your budget can be stressful in the moment, but at the end of the day, respecting your own financial boundaries is one of the healthiest things you can do for yourself! 

2. Don't forget to spend money on yourself.

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Hufflepuffs love to invest in others, but they shouldn't forget to invest in themselves! Whether it be planning for that side business, booking those airline tickets, or buying those shoes you've wanted for ages, remember to save toward something for you! 

Budgeting is a great skill, but like anything, requires moderation. If you're forgetting to allot a little bit of cash toward fun purchases or personal goals, you're robbing yourself of one of the best parts of being a money earner! 

3. Forgive yourself for past financial mistakes.

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Don't be so hard on yourself, Hufflepuff! When it comes to money, most of us learn how to manage it well through tough mistakes. If you're still paying down that credit card debt you racked up after college, don't fret. At the time, you were probably learning to become financially independent! 

Hufflepuffs are their own worst critic, but letting go of these past errors and looking towards the future is all we can do. Feeling down about your finances? Here are 12 signs you're probably doing better than you think!

4. Be ready to have open and honest financial conversations with your partner.

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If the love potion worked and you're in a relationship, you might be considering having that conversation: the one about money. Discussing finances at any point with a partner can have its challenges — from deciding when to split the bill early on to combining assets during marriage.

Understanding your partner's financial goals and priorities can be an essential part of good communication. If you're thinking of chatting about money with your significant other, check out these 11 must-have money conversations for couples.

5. Know your worth!

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Whether or not you are The Chosen One, you deserve the world! Hufflepuffs are known for their easy-going and amiable nature, which means conflict is not their cup of pumpkin juice. 

You are your greatest financial advocate, which sometimes requires speaking up. This might mean leaving that low-paying job you're miserable at, negotiating the salary for a new role offered, or mustering up the courage to meet with your boss about that raise you've been working toward. Channel your inner badger, and believe in yourself. Know what you are worth.

Ravenclaw

“Or yet in wise old Ravenclaw, if you've a ready mind, where those of wit and learning, will always find their kind." —The Sorting Hat

1. Budget for "fun" expenses.

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As a Ravenclaw, you are undoubtedly prone to having your life together — the rest of us are jealous! You are the type to opt out of a Hogsmeade visit so that you can stay back and study, but this is your reminder that it's okay to put the work away and spend a little money on something fun!

Your dedicated work ethic isn't going anywhere. Indulge in a little self-care, Ravenclaw, and take the mental break that you truly deserve! 

2. Explore budgeting tools that work best for you.

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You are a master at organizing the many things on your plate, and budgeting should be no different. The muggle world is chock-full of different money management resources, from downloadable spreadsheets to comprehensive budgeting apps like Intuit's Mint or Pocketguard.

If writing down your monthly expenses via quill and parchment strikes your fancy, have at it. Otherwise, there's an entire digital world dedicated to keeping your budget strong. Explore your options, and choose what works best for you!

3. Consider a side hustle.

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If you are looking to increase your income, consider taking on a side hustle for that extra bit of cash. As a Ravenclaw, you are an incredibly diligent worker and honestly kind of like the grind. While you want to be mindful of avoiding overcommitment and burnout, considering a secondary source of income can be a great use of your time...and help with the bills!

Whether it's diving into the world of freelance writing, starting an Etsy business, or selling Skiving Snackboxes to the students of Hogwarts, you are sure to succeed in whatever endeavor you pursue. 

4. Educate yourself on something you don't understand.

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Ever craving knowledge, a Ravenclaw is at their happiest when they are learning something new. Sharpen your financial smarts by taking an online finance course, meeting with a financial advisor, or brushing up on the basics of investing. Knowledge is power — whether you're learning a new spell or learning to make the most of your paycheck.

When money is tight, it can feel like a dementor is sucking out your soul, but being equipped with good financial knowledge can help you get through difficult times better prepared.

5. Read up on personal finance!

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Appeal to your studious nature, and pick up a personal finance read! If you are hoping to improve your money management skills (I'm guessing you are since you're reading this article), start by consuming some accredited content.

This might look like reading personal finance articles over your magical morning cup of coffee, or diving into one of these 17 books that can take your budgeting skills to new heights.

Which magical money tip is your favorite? Share it in the comments below!

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