Wouldn’t it be nice if our deposit statements came with a how-to guide? That would be great because money management can be so uncomfortable; especially when you need to get it together. Trust me, I was singing the money song far too long (insert Kanye’s lyrics…La la, la la, wait til I get my money right). Yea, I got tired of that and decided to make it right.
Financial planning is a process that takes consistent effort and time to master. Even though it’s a process, it doesn’t have to be intimidating. Make it simple and start slow. I’m no fancy money person, I’m just trying to get my financial life too. What I do know is, that when you set goals, it is much easier to make progress. Simply setting the intention makes you feel so legit and excited to get the ball rolling.
So, here are 5 powerful money tips to help you jump start the money train.
1. Supplement Your Income
This is essential to your success and reaching your goals when money is an issue. As mothers, we are trying to do so much, and juggle so many things. Money is the main resource we need to make things happen. Avoid the trap of experiencing lack by using your skills and expertise to supplement your income. There are many ways this can be done. (Get my Income and Increase guide on how to make more money) Do your research and come up with a way that is ideal for you and your lifestyle.
2. Give Freely
While I always make sure to never be wasteful and repurpose everything I can, I need to do better. I am the first to admit I need to get better in my financial giving. As a believer, I believe that God is the creator of all things and all of my money belongs to him anyway. So, as a steward of God’s money it is my duty to give at least 10% of all my earnings as tithe and offerings to glorify him and all that he does for me. Now, this is MY belief. I’m not saying this has to be yours. However what I am saying is that money is a resource created to flow. Think of it as a “stream” because in order for it to come in, it has to go out. It’s created to move. Give and it will be given back to you. How you choose to do that is up to you, but you have to learn to be a giver.
3. Pay Yourself First
Always, always, always pay yourself first. After giving tithe, be sure to set some aside for you too. This is known as a savings. It is imperative to have money set aside for an emergency. When you are the one working hard for your money, why shouldn’t you be the first to reap the reward of that. I typically like to live on a 80-10-10 plan. That is the system of tithing 10% of your income, saving 10%, and living on the remaining 80%.
4. Budget Like A Boss
In order to live on 80% of your income, you have to budget with intention. Keep track of all your expenses and all of your income and manage it meticulously. Create a spreadsheet so that you can see everything in one place and effectively keep track of it all. Cut luxury expenses, reduce where you can and again, supplement your income ASAP.
5. Increase Your Credit Worthiness
Your credit can make the difference in you saving thousands in interest; unless you got that cash to drop. It is crucial to pay your bills on time and establish a good relationship with your creditors. If there comes a time when you need to delay a payment, your good history will help you get the time you need. Also, analyzing your credit report on a regular basis to ensure accuracy is important. Take the steps to have discrepancies corrected and updated.
There it is. Those are the 5 things I’m working on to get my money right. What are you doing to make you financial life easier? Do you need more assistance?
Here are some helpful articles on money management from the experts:
- Why Meal Planning is the First Step to Financial Planning by 4 Hats and Frugal
- 5 Ways to Get Over Financial Mistakes by The Budgetnista
- The Ultimate Guide For Setting S.M.A.R.T Financial Goals by Your Pretty Pennies
- 5 Powerful Money Goals for Moms by Nakisha Wynn