Health is wealth and with these tools, you will be able to set yourself up for a prosperous and successful year full of financial wins!
1. Budgets Are Not The Enemy
When most people hear the word budget, they get scared and think all of their fun has to go away. Having a budget is a great way to reach your goals in a strategic way.
Instead of spending as expenses come in, have a plan of how much money you are setting aside and stick to that budget.
Having a budget may mean saying no to a new pair of shoes now, but it also means saying yes to that trip to Africa you’ve been wanting to take. Here’s a way to break down your budget based on your income:
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- Use 50 percent of your income for necessities like food, rent/mortgage, utilities, and transportation.
- Use 20 percent of your income for an emergency fund so you won’t have to pull from your savings when unexpected expenses come up.
- Use 30 percent of your income for the non-essentials like entertainment, shopping, and vacation
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2. Saving Is Not Enough
Ok, so you’ve got your budget down and your spending under control.
That means you’re all set right? Nope!
Spending less doesn’t automatically mean that you will have more money.
Saving your money is a great way to start getting your finances in order but
