Over the last few years, I’ve learned some valuable lessons when it comes to money. The first step for money matters is to protect your money. Protect your money and all of your assets. A large part of this strategy is insurance of course.
Second, earning it and managing what you’re earning! This where a budget comes in. Every dollar you spend should have a name and miscellaneous should not be one of them! There are a few tips I’ve learned in the management side.
- Have multiple bank accounts, sometimes it might be necessary to even have them at different banks, to make it difficult to transfer funds or to access in times with impulsive spending.
- Put all of your money bills on auto pays from one account. This will avoid late fees.
- I have a few friends that use a credit card to pay all of their bills monthly and pay that card off monthly. The reason, the credit card earns miles on their favorite airline!
- If you have your own business. Make sure you have a business bank account and a separate account for your taxes. Set it up so an automatic deposit (transfer) occurs monthly into your tax account.
- How much is enough for savings? Good rule is three months worth of living and/or business expenses set aside in an account.
- Finally learn to live on 70% of your income.
The final area for your money matters is to invest it. This is simply about having your money, make you money. Honestly, this was an area that I have really had to work on to understand. I’m not an expert and with the help of a great financial advisor, this has become a reality for me. If you need a resource you can can CLICK Here.
My only regret is that I did not start my money matters journey earlier! It’s not perfect yet and it matters!!!
In closing, keep in mind it’s not about the money, it’s about what the money can and will do for you!