It seems like everywhere I look I see a graphic of a compound interest calculator telling me how much money I’d have in X amount of years if I invest X amount of dollars a month.
That’s cool. I believe in investing. Saving for retirement is important. No argument here.
BUT I’d LOVE to see some more content online to help people start building a foundation for feeling comfortable about their current money situation.
So, let’s create some.
Without going into too much depth and because I’ll be creating multiple articles about the following subjects in more detail (so make sure you’re following and don’t miss anything), let’s talk about the basics.
- YOUR CHECKING ACCOUNT + EXPENSES
When that direct deposit hits, what happens?
Do you have a plan in place to know what bills you need to pay and when?
Do you have automatic payments set up so you don’t miss any? Or a routine you’re committed to if auto payments aren’t your thing?
Do you know what you spend your money on? (Side note, I 100% believe you should spend YOUR money how YOU see fit. But the kick is do you know how you’re spending it and are you making those decisions based on planning or emotions when you’re tired or stressed.)
- YOUR SAVINGS ACCOUNT + EMERGENCY PLAN
Do you have a savings account for emergencies?
Do you have money goals that you need to set up a separate savings for and make a specific plan of how much you’re going to transfer on pay day to make sure you meet your goal? (Buy a new car, house, vacation, Christmas, or anything else you want. Hey, it’s your life and money.)
- YOUR DEBT + HOW YOU PAY IT OFF AND/OR USE IT
Do you have debt and is paying it off your number 1 priority right now? (For, example, have you created an emergency savings first so you don’t go into more debt when an emergency comes up.)
Do you have a plan on how much you’re going to pay on your debt each month?
Is your debt set up in the best way so that you’re paying less for it and accomplishing more?
If not, no worries. The really cool thing is that you can still change that and you’re in the right place to learn how.
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