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Free Your Finances...

"I've been poor and I've been rich, and rich is better." ~Bessie Smith

I love this quote by Bessie Smith. One would think it goes against the old adage that money can't buy happiness but being rich is relative. Before we get into how to manage our money, I feel it's important to first define what being rich actually means.

Merriam-Webster defines rich as 1: having abundant possessions and especially material wealth. 2a: having high value or quality. b: well supplied or endowed.


With that being said, I'm going to focus this blog on being rich in our mindset about money and generating wealth. It's not about the amount of money we make, but about how we manage what we have. It doesn't matter if you make $30K or $130K per year. If you have a lack of financial knowledge and poor money habits you will always be poor. That is a fact!

 

One of the things that keep us from being balanced in our lives is our finances. Man! When your money ain't right (yes I said ain't) it can and will affect everything...your family, your relationships, your business, your mental, etc. We have to get this right family. And not just get it right...we have to thrive in it! The world runs on money and we have to be able to manage and grow our own. So this blog, Free Your Finances, will share tips to help you do just that. We will talk about budgeting, savings, investing, AND the importance of having fun with what you earn. Life isn't all about paying bills. You deserve a little fun too. So how can we have fun in a financially responsible way? I'm glad you asked....


Let's start with this....


Establish a Budget


💲 Determine why you need a budget.

--- You're less likely to live paycheck to paycheck when you put your household on a budget.

--- You find more ways to save money.

--- You avoid spending money you don't have.

--- You stay on track with financial goals.


💲 Determine how you will track your budget.

--- The simplest way is to create your own spreadsheet with an income column and an expense column. Add...then Subtract. Easy peasy, lemon squeezy (as my 10 year old says).

--- There are so many websites and apps to help you keep track of your budget.

Here are a few to check out:

Mint


💲 Be realistic with your budget.

--- Set a budget you can actually stick to. This will keep you from getting frustrated and discouraged.

--- Budget based off your take home pay AFTER taxes! You know that money ain't yours girl! Stop playing.

--- Make cuts where necessary. Consider getting an antennae instead of cable. Too much too soon? LOL! Ok, well consider cutting the huge cable package and only pay for the channels you actually watch. Try AppleTV, Roku, or getting a Fire Stick.

--- Make your own coffee. 🙄

--- Cut back how often you eat out. I have a whole blog post for this one! Stay tuned.


💲 Get the whole family involved.

--- It's never too early to teach your children financial responsibility. They learn very early on how their wants and needs fit into the overall household budget.

--- Use your family as your accountability partners.

--- Schedule monthly budget reviews.

--- Celebrate your successes, no matter how small.


💲 Don't get overwhelmed.

--- Budgeting is something we all have to get used to but I promise you, once you do, you'll start to see more money in your pocket each month.

--- Once you get this down you can start making your money work for you.

--- Budget now. Save and invest for later. Reap the benefits for generations.


Budget Sheet Examples:

 

There's so much more to go over when it comes to our finances that I think it's best to give you a little bit at a time. Start with establishing your budget, if you haven't done so already, and see how you do for the next 30 days. In the next Free Your Finances blog, we'll talk about establishing savings goals and creating a debt payoff plan. In the meantime, feel free to book a free 30 minute finance consultation through our Services section. I'll be more than happy to help you on your way to financial freedom! If I don't have the answers I'll connect you to someone who does.


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