BeyondWoman, let’s get real about our money goals and how we can slay them.
Money can be a drag wouldn’t you agree, especially when it feels like it’s constantly slipping through your fingers? But guess what? You were born to be financially fabulous, sis! Can you shout that out? And so, we are here to help you conquer any money fear and become the queen of finance ‘they’ say you are not.
Ready? Let’s slay those money goals!
Here are seven tips to help you take control of your cash and achieve the financial freedom you deserve.
- Know Your Why & Where:
Before you dive in, take a minute to get clear on your financial dreams. Do you crave a beach vacation every year? Maybe a cozy house with a backyard for your fur babies? Write down the goals, big or small. They will be your guiding stars, showing you exactly where you want your money to take you. Once you know your “why,” it’s easier to figure out your “where.” Track your income (that’s your money honey) and expenses (where it all goes). There are tons of budgeting apps out there that make it easy, like having your own sassy financial assistant in your pocket.
If you are serious about taking your budgeting to the next level, then check out these apps that may help. Confirm beforehand that they are available in your region.
Mvelopes: This app utilizes a digital envelope system. You allocate your income to different spending categories (envelopes) and track your spending within those limits. Mvelopes offers a free basic plan with limited features, but their paid plans boast strong global functionality with support for various currencies and international bank connections. It’s worth checking their website for details on compatibility in your specific region.
Wally: This app is known for its user-friendly interface and strong expense-tracking features. Wally allows you to categorize transactions, set budgets, and receive spending insights. It works well for both individual and group budgeting, making it a versatile option for anyone looking to manage their finances. Wally offers a free basic plan with in-app purchases for additional features.
Toshl Finance: Toshl boasts a user-friendly interface and supports multiple currencies and international bank connections. It allows you to categorize transactions, set budgets, track bills, and analyze your spending habits. Toshl offers a free basic plan with limitations and paid plans for additional features.
- Budget Like a Boss:
Think of a budget as your financial battle plan. It helps you see where all your money goes, from rent and groceries to that daily latte habit (we’ve all been there!). Once you have a clear picture, you can identify areas to cut back. Maybe those designer jeans can wait, or think about ditching the cable and opt for YouTube or free streaming instead. Every dollar saved is a dollar you can put toward your goals!
- Tame the Debt Monster:
Debt can feel like a never-ending cycle, but don’t despair! Here’s your battle cry: focus on paying off those high-interest credit cards first. These guys are like money vampires, sucking the most out of your wallet. Consider consolidating your debt into one loan with a lower interest rate. This way, you’ll be paying down the principal faster and save in the long run.
- Build Your Safety Net:
Life loves to throw curveballs and that’s why having an emergency fund is like having a financial superhero cape. Aim to save 3-6 months of living expenses. Every dollar you squirrel away is a safety net that can catch you if you lose your job, face an unexpected medical bill, or your car decides to take a vacation (without you!). Start small and watch your emergency fund grow into a powerful financial fortress.
- Invest in Your Future:
Retirement might seem like a distant land, but trust and believe, it sneaks up on you faster than you think! Don’t get caught unprepared, consider investing in additional retirement accounts, especially if you are self-employed. Speak to a financial advisor to get started. Even small contributions can add up over time, thanks to the power of compound interest. It’s like free money growing on your money! The sooner you start, the more time your money has to grow into a nest egg for your dream retirement. Also, consider other options that will support a good lifestyle beyond retirement.”
HOW ABOUT THESE:
- Employer Stock Purchase Plan (ESPP): Some companies offer ESPPs that allow employees to purchase company stock at a discounted price. Contributions are typically deducted from your paycheck pre-tax, lowering your taxable income. However, ESPPs often have restrictions on selling the stock for a set period.
- Life Insurance with a Cash Value Component: Certain life insurance policies like whole life or universal life, accumulate a cash value component over time. You can access this cash value through loans or withdrawals. Borrowing against the cash value can reduce your death benefit and incur interest charges. It’s crucial to carefully evaluate the policy’s fees and ensure it aligns with your financial goals.
- Investing in Yourself: Upskilling or acquiring new certifications can boost your earning potential. This could translate to higher salaries or open doors to new career opportunities, contributing more to retirement savings. Consider online courses, professional development workshops, or a relevant degree – these investments in yourself can pay off significantly over your career.
- Taxable Brokerage Account: A taxable brokerage account allows you to invest in assets like stocks, bonds, and mutual funds. This offers the potential for growth over time, but remember that you’ll pay taxes on capital gains and dividends. This option provides flexibility and can be a good complement to a tax-advantaged retirement account.
- Real Estate Investment: Investing in rental properties can be a way to build long-term wealth for retirement. Rental income can provide a steady stream of cash flow, and the property value can potentially appreciate over time. However, real estate requires significant upfront investment and ongoing management responsibilities and comes with inherent risks like vacancy periods and market fluctuations. Conduct thorough research and due diligence before investing in real estate.
- Protect Your Assets:
Accidents happen, that’s a fact. But having the right insurance can shield you from financial disaster. Make sure you have car insurance, renter’s or homeowner’s insurance, and health insurance. Don’t forget about disability and life insurance for ultimate peace of mind. These might seem like extra expenses, but take it from me, they’re like a financial suit of armor, protecting you and your loved ones from the unexpected.
- Get Help When You Need It:
Feeling overwhelmed by all this financial talk? No shame in that, sis! Financial advisors are like money coaches to help you with your money goals. They can help you create a personalized plan based on your unique goals and situation. Don’t be afraid to ask questions – that’s what they’re there for!
Remember, financial security is a journey, not a destination. There will be bumps along the road, but by following these tips and seeking help when needed, you’ll be well on your way to becoming TheBeyondWoman and financial queen who slays her money goals with confidence and style! Transform your financial situation and become the money-savvy goddess you were always meant to be. Remember, financial freedom is within your reach. Embrace these tips, take action, and watch your confidence soar alongside your bank account balance. You got this, sis! Now go out there and slay your money goals with the fierce power and fabulous style that defines you!
Let’s slay those money goals!
