Budgeting- Telling your money where to go and not vice-versa.
This week we are kicking off our finance talk starting with the basics :budgeting. If you do not have a written budget that you reference on pay day before you spend, I strongly recommend it! It will change your life!
When managing finances with a budget here are a few items you should consider including:
- Rent/Mortgage
- Groceries
- Transportation
- Emergency Fund
- Clothing
- Travel Expenses
- Pet
- Cellphone
- Utilities
- Child Care
- School Expenses
- Groceries
- Fitness
- Insurance and more!
- Credit Card Debt
- Student Loans
- Savings
Thursday June 4, 2020 I will be live on Instagram as @millelivinpodcast with @millennialfinancialeducator (Candace) a financial coach and consultant where we will be having a chat about all things financial! To learn more about Candace and the services she offers visit her website https://www.candacemcgee.com
When we discuss finances you will hear me mention the following baby steps from one of my financial mentors (in my head that is lol)
Uncle Dave’s 7 baby steps to financial freedom are:
- Baby Step 1 – Build a $1,000 emergency fund
- Baby Step 2 – Pay off all debt using the debt snowball
- Baby Step 3 – Save 3 to 6 months of expenses in savings
- Baby Step 4 – Invest 15% of household income into Roth IRAs and pre-tax retirement
- Baby Step 5 – College funding for children
- Baby Step 6 – Pay off home early
- Baby Step 7 – Build wealth and give