I want you to have good credit but I also want to be financially stable. You can have a good credit score and not be financially stable.
In last week’s post, I talked about the 9 Signs That You’re Overspending. If you haven’t read it yet, check it out here.
I didn’t want to give you the signs without giving you tips on how to stop overspending.
Taking the steps to get in control of your spending will help you achieve the money goals you didn’t think were possible.
Do you ever feel like you are spending too much money? It’s not always easy to determine if you are overspending but if you are constantly on the go, don’t review your finances on a regular, feel guilty when you spend money or you’re praying that your card is going to be approved while in the store, there is possibility that you may be overspending.
You typically go to the doctor's office at least once a year for a physical and the dentist every six months for a dental check-up but how often do you check on your money. It’s just as important as your health.
If you think about it, money affects every area of your life, for example, transportation whether you ride public transportation, take an uber or drive your own car, you pay in some way for all of these options, (unless you’re walking).
Most of the time conversations around net worth are preceded by a certain celebrity’s name. I, myself, just engaged in a debate discussion about Shawn Carter’s (Jay-Z) net worth and whether or not he is truly a billionaire.
After I told you how I complete my monthly Financial Checkup, I received a question about how I complete my budget on a monthly basis, so I thought it would be a great topic to bring here.
My process may seem like it takes a while, and it did when I first started, but now that I have a process it only takes me about 15-20 minutes.
This is what I do at the end of the month after I complete my Finacial Checkup.
I love reading and one of my favorite topics is of course Personal Finance. One of the first Personal Finance books I read was Total Money Makeover. That book helped me learn how to create a budget. If you are looking to increase your personal finance IQ here are a few books you should check out.
Are you looking for a better way to get on the same page with your spouse when it comes to managing your money?
Have you heard of Zeta? Well if you haven’t and you're looking for a better way to manage money as a team with your partner then continue reading.
Once you say the word budget it seems like the energy in the room disappears, but a budget is not a bad thing it gives you the ability to pay for everything you need and everything you want.
Having a budget helped me pay off over $50K in debt and fund my emergency fund, but it has also allowed me to do things I love like travel.
Do you know where you stand financially? At the end of every month I sit down for 30 mins and complete a financial checkup. A financial checkup is a layout of all my income and expenses for the month along with an analysis of how I spent my money in the previous month along with any outstanding debt balances and a status update of where I stand when it comes to my financial goals, so the balance in my savings, sinking funds and investment accounts (including retirement).
Are you a saver or a spender?
Have you ever thought about which money personality you have?
I know some people have mentioned it is genetic, which may be possible but I always felt it was interesting that two people can grow up in the same household with the same parents and one be a spender and the other a saver.
But when you think about it opposites attract so I’m sure one parent was a spender and the other was a saver.