06/04/2022
Good evening everyone & welcome back to ! Things are becoming more & more expensive so it’s important we create a plan to protect ourselves against whatever comes next. Here are some tips from your financial best friend 😉
1. Create Your Budget Before the Month Begins
- To stay on top of your budget, plan ahead. A week before a new month starts, sit down and plan your next month’s activities and expenses.
2. Practice Budgeting to Zero
- Budgeting to zero means tracking every dollar you earn and giving it a place in your budget until you don’t have a single dollar to spare. Budgeting to zero can show you where your money is going and give every dollar you earn a purpose.
3. Use the Right Tools
- Track your money with a budgeting app like Mint, or use apps to keep track of money spent on shopping or healthcare costs.
4. Establish Needs Versus Wants
- “Needs” are anything crucial for your basic physical, mental, and financial well-being — think food, rent, and debt repayment. Pretty much anything else falls into the “wants” category.
5. Prioritize Debt Repayment
- It’s important to keep your debt down because it affects credit utilization. Be mindful that your credit score may be damaged if your credit utilization is over 30 percent of your limit.
6. Save First, Then Spend
- Most people choose to spend first and save what’s leftover. This makes saving optional and doesn’t ensure consistent saving contributions.
7. Start Contributing to Retirement Now
- You’ve likely heard it before, but we’ll say it again: it’s never too early to start saving for retirement.
8. Expect the Unexpected
- Sometimes all the planning in the world can’t prepare us for unexpected expenses. We suggest having at least $1,000, but it’s up to you on how much you want to save.
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