It’s not easy at times in today’s fast-paced world. Being responsible for your health, family, career, and finances can be a bit daunting. As far as your finances are concerned, take it one step at a time and you’ve got this!
Make a pledge to yourself that you will invest in your future starting today. First, aim to keep track of your daily expenses for one month. Use an Excel spreadsheet, if you like, or an expense tracker app. Much like logging food and exercise daily for health benefits, make a commitment to log your daily financial expenses to see where your money goes. You might be surprised how fast the extras add up!
Once you have a firm starting point from tracking, begin to set money aside for an emergency fund to cover the basics like food, transportation and housing. Three to six months is a good goal. You don’t want to get blindsided and not have a financial nest egg set aside should something unforeseen happen.
Begin to write down your dreams and desires for the future. Want that fab trip to Europe or a cruise through the Mediterranean? Where do you see yourself in ten years and beyond? Determine your goals and motivations. Set some financial goals in motion and start planning for your future now.
Educate yourself on finances and retirement funds. Start saving immediately for retirement investments. If your company offers a 401(k), contribute at least what your company will match, or more if you are able. Growth from compound interest is a beautiful thing! Learn about other investment options like Roth IRAs, stocks, and mutual funds. The more knowledgeable you become, the better off you will be to make wise financial decisions.
Do a review of your finances on a monthly basis to check your progress. At the end of the year, take some time to review your goals and finances to see how far you have come and to see if any adjustments need to be made for the long term. Take it one step at a time and you’ve got this!
North Texas Giving Day is Thursday, September 19, and HNC is raising funds to sponsor women in Her Financial Literacy eChapter to help them build the strong foundation they need for financial stability. For more information, please visit: North Texas Giving Day.
If this blog sparked a desire in you to learn more, Join Kia’s eChapter, Her Sensible Budget, at https://bit.ly/31lxrkb for tips to transform your financial future.