3 Essentials for Managing Your Money
If budgeting and preparing expense sheets sound like tasks only an accountant would do, think again. Keeping track of your personal finances – even if you have an accountant – is important to your financial future.
It not only gives you a keen awareness of your money situation, but also increases your chances of making smart spending and investment decisions.
Following these crucial tips will help you create a secure financial future for you and your family.
Spend Less Than You Earn
DUH…RIGHT? Although this tip sounds straightforward, you may sometimes find it daunting to actually put it into practice. However, reevaluating where you’re spending money can really help you to live within your means. and help you live within your means.
This is one of the first places we start with members of Stiletto Wealth Societies Money Talk Group. I help members find their necessity number. This important first step will help you determine the current state of your personal finances.
Make Your Money Work For You
This can be as simple as taking advantage of the compound interest offered by most savings accounts.
Making sound investments can help increase your annual income over 5%. You don’t need to invest aggressively to get this kind of return, either. Ask friends and family for referrals to trustworthy brokers to help you get started.
Protect Your Money
You MUST have a plan to protect your assets in case something unforeseen happens. There’s nothing worse than working hard for your money and then losing it due to poor planning.
Beware of any instant growth opportunities or investment clubs that promise overnight fortunes. These may include seminars with “self-made millionaires” that pressure you into signing up with a program that might not be a legitimate source of income. Take the time to research investment opportunities before you commit your money to them.
Knowing how to manage your money is a fundamental aspect of any successful long-term personal Financial Strategy.
1. Make a commitment to go on a healthy financial journey
2. Grab a Pen and your calendar.
2. Make a money date with yourself right now.
3. Use last month’s bank statements and bills to determine your necessity number.
If you take just a small amount of time to analyze your spending habits, you may surprise yourself with how much money you can save! You can then invest these savings in a way that will help you see returns year after year.
Stiletto Wealth Money Talk Meets Every 4th Thursday in the Evening!