It's never too late to start changing your money habits into healthy ones.
By Savvvy Team
December 9, 2021
Some one once told me it is not about how much money you make but how much money you save.
We have taken the time to put this list together with useful resources to get you thinking about starting this as early as possible.
You do not want to get to your retirement age and figure out you the amount of money is not sustainable to live off from. So start saving now and taking your retirement and financial plans seriously.
1. Strategic about debt
You are not going to be successful at this if you do not take the time to make a plan and a strategic one at that.
Think about where you see yourself in 5 years.
Set up a plan on how you can start becoming debt free and saving more of your checks than spending it.
2. Set up an emergency fund
Always be ready and prepared for knowing that random expenses are bound to happen.
Be two steps ahead with an emergency fund at least having 6 months of rent set aside in case there are unforeseen events.
Not many people have this money laying around but this is where you need to change that mindset.
3. Learn how to save
Become mindful when spending. You can have all the money in the world and be a reckless spender.
Learn how to save and you will start begin more aware of randomly spending. Keep track of what goes in and what goes out.
4. Write your financial goals
What are your goals? Write them down and make up a plan on how to achieve them.
If you are unsure then take this time to do the research.
5. Invest
Want to build long-term financial stability?
Well, I am here to tell you that you do not need tons of cash or even a degree to get you started.
This is where you can learn how to make your money work for you. All investors take some risk.
There are different types of investors and the goal of the investor is to use capital to make a commitment with the goal of a financial reward.
There are many ways you can invest which I will list some down below. Stocks, CD’s, retirement plan, & real estate.
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6. Pay yourself first
This means stop paying other companies as in you shopping or buying things that are unnecessary.
Pay yourself first and put this into your retirement fund.
Then, look into what you have left over after taking in all your expenses.
7. Don't dress to impress
The newest phone, car, or even a bigger house. Style is not everything.
These are just extra expenses that are going to eat you alive. Plus, you will just have to keep dishing out funds when trends change every season.
8. Tax deduction
Taxes. Oh those good ol' taxes.
Become more savvy in this department especially if you own a business. Learn about the items you are able to use as a tax deduction to lower the amount you owe like your car, supplies, or work related items.
If you are looking for a tax professional send us a message and we can get you in touch with the best of the best!
9. Adding income stream
Find additional ways to make extra streams of income. Whether that's providing a service or product.
There is money out there you just have to use your skills and do something about it.
10. Starting saving for kid's college fund early
If you are a parent then you may want to start thinking about this one early.
You may want to hold off on this as your child may end up getting school scholarship or who know college education may be free in the future. Until then, that the steps for your children's future.
11. Seek advice
It is okay to get help. And, to admit this most of us need this. How else would we get anywhere with just ourselves.
Get help in this department and surround yourself with people who are like minded.
12. Abundance mindset
Change your thoughts and your life will change with it. Your thoughts are so powerful.
Stop doubting and the self-sabotage. Find ways to elevate yourself and learn how to find the balance and peace in your life for yourself. Your life depends on it.
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