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- Save up an emergency fund equal to at least three months of your living expenses.
- Create a debt repayment schedule that pays down your debt at a minimum cost of interest and maximum benefit in profit to you. Compare the interest on your debt with the return on investment you are getting per dollar for the month.
- Open up a retirement account.
- Consider investing in the likes of mutual and index funds because they are low-risk.
- Consider investing in the individual stocks of companies you feel a strong affinity for (only if you feel confident of your investing savviness).
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MORE IDEAS ON THIS
Pyramid of Bank Accounts
You also need a pyramid of bank accounts in place.
- Top of Pyramid: Checking account. This is where you keep your day-to-day expenses.
- 2nd Top of Pyramid: Savings account. It houses your emergency fund.
- Middle of Pyramid:
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Discuss with Your Life Partners
- Find a non-stressful time to have a money talk.
- Begin the conversation by appreciating each other.
- Both you and your partner should then, in turn, share how money was regarded and handled in each family.
- Both of you should, in turn, share money hopes and dreams, as we...
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Success Budgeting
Rules that will help you make a success of budgeting:
- Don't create any debt you cannot repay within a month.
- Don't make buying expensive things a habit.
- Check your account balance at least twice every week.
- Don't assume savings will happen automatically.
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Healthy Cashflow
Your cash flow is healthy if:
- 50% of your income pays your fixed costs like rent, telephone, and utility bills.
- 30% of your income pays for variable and lifestyle costs like groceries and travel.
- 20% of your income pays...
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Budget
How many times have you bought things you didn’t need or couldn’t afford?
We often make these wrong financial decisions because we do not have a budget.
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Lifestyle
Cooking your own meals is a great way to save money.
Financial security means you must embrace the Italian grandmother's mindset — cooking for yourself and your family members is imperative, and eating out or ordering food is a treat.
The next time you’re tempted to go to the...
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Investing
Nothing scary or complicated about investing.
None of your money should sit idle in a bank account except your emergency fund.
Your money should actively work toward reaching a goal on its own to your benefit.
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Money in Your Relationship
With your partner, you need to have goals and dreams involving investments, property ownership, and retirement, not just falling in love and hoping all turns out well.
You should willingly postpone your fairy-tale ending to build some stability for yourself.
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A junior reader who enjoy topics that advocate for self-improvement. Also a proponent of healthy living and mindfulness (still learning). Let’s connect and explore the world of books together!
Having a written financial plan gives us a measurable goal to work toward. We can reduce doubt or uncertainty about our decisions and adjust to help overcome obstacles that could derail us.
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Other curated ideas on this topic:
20%: Savings
Finally, try to allocate 20% of your net income to savings and investments. This includes adding money to an emergency fund in a bank savings account, making IRA contributions to a
Allocating expenses
The most common buckets are:
- Expenses, or your needs: housing, food, transportation, clothing, insurance, childcare, etc.
- Debt - monthly debt obligations: personal loan, student loan, auto loan, and credit card payments etc.
- Savings, including fund...
Focus on...
- Building an emergency fund: set up an automatic weekly or monthly transfer from your checking account to your savings, then leave the savings alone until an emergency appears.
- Eliminating high-interest debt: Set up a simple debt repayment plan by organizing your debts b...
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