June 15 2018
I know that when the year began, most us wrote Resolutions for 2018 which probably included financial goals. Some of us may be drowning in debt and I know for a fact that we all dream of financial freedom but we might not know how to get there. You may have been trying but failing to attain financial freedom over the years or you might have got the hang of how to attain financial freedom and you are probably trying to work towards it. I want to share with you 10 financial goals you can take on to attain financial freedom and these include;
The first step is to have a financial budget. This will act as a guide as you will know how much you earn or make in a month. The budget will then help you on how you can spend and save your money. Draft a new budget every month as expenses may vary.Most importantly try and not do impulse buying. Stick to your budget.
If you have debt, it is best to knock it off as fast as possible because Debt is the enemy of WEALTH!! After paying off your debt, you may then get on with the business of increasing your net worth and creating financial freedom.
We all want to lead an extravagant life, if you want financial freedom, you will have to cut your expenses as often as you can and save your hard earned cash. Determine your needs from your wants and start cutting down from there.
For example, if you are buying lunch every day, start thinking of bringing packed lunch to work. If you are buying lunch worth $5/ day that adds up to $25/ week and $100/ month on lunch. If you carry packed lunch you can save up to 50% of what you were using for your lunch and save the other $50.
Having financial goals means always looking for ways to supplement your income and earning extra income. This will make you less vulnerable if say for instance, you lose your job. There are many things to consider, you can be a part time consultant in your line of work, eg if you are an accountant, you can balance books for clients and you can earn extra cash. Or open a boutique or a grocery shop or sell Avon, Tupperware or Avroy Shlain products.
Save 10-20% of what you make a month, this will improve your finances significantly.This step is critical because it will help you stay out of debt in the event of unexpected expenses.
Automating saves you lots of time. This tweak to your finances will help relieve stress about managing finances. Find out from your bank if this is possible. Automate your savings account, life cover, retirement account, medical aid, funeral cover, water bill. It will save you lots of time and you can use your time to make more money.
We are not going to live forever, it is key to then get life cover so that your family will be taken care of if you die. Also whilst you are still alive, you can use your life cover to acquire assets as you can use it as collateral.
At some point of your life, you will want to retire and you will want to retire rich. Banking on the government to take care of you is not really good strategy. Acquire assets that will also enable you to enjoy your retirement or save money so that you can retire and lead a comfortable life.
Knowing your net worth can help motivate you to keep doing the right thing with your finances. There are many apps but my favourite one is Personal Capital. Knowing your net worth will help you to know what type of lifestyle you can afford.
Knowledge is and will always be POWER!!! Knowledge will empower you and enable you to make smarter money decisions for you and your family.
Together we can change our finances ladies. Just take one step at a time.
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April 27 2018
We have all gone through a difficult patch in our lives and one of the things are usually let go is our finances. The first step is to take on your debt head on. The 6 things to do if you want to get your finances in check are;
This will help you assess how bad your situation is so that you know where you stand. The next step since you will be have the numbers, is then to find out you your biggest spending errors and which debts need to be paid first and which expenses you should cut down on.
Come up with clear and concise goals and set deadlines for your goals. This will encourage you to meet targets and achieve your goals. For example say you owe $2000 but you earn $500/ month and you have other expenses.
You can propose to pay off your debt in $50 instalments for 40 months or in $100 instalments for 20 months. It will also be ideal to consider another stream of income so that you can earn more money and pay off debts faster.
Budgeting will enable you to keep track of your spending and make sure you live within your means. This will make you not to overspend since you will be knowing how much you earn and what your expenses and perhaps you might consider downscaling. Say for example, if you are renting an apartment for $500 you can downscale and get an apartment for say $250 and the other $250, you can cover other expenses, like fuel, groceries and utilities.
It would be ideal to get a financial journal where you can enter all your expenses for the month, so that you stay on track. Only then can you see your progress. Any steps forward no matter how big or small are worth celebrating.
It may not be your financial life that’s a mess, your social life may also be a mess. Let go of some people who are not making you grow, like they say if you sit in a room with 10 fools you are likely to be the 11th.However if you are to sit with 10 millionaires, you are likely to be the 11th and trust me the conversation will be different.
Also declutter your house as well, stop being a hoarder and throw away all the useless things. A decluttered and unorganised house makes it difficult to concentrate on anything.
If you consistently cannot attain your goals, readjust them. You have to stay motivated and excited about your progress. Falling too far behind may trigger you to give up. It is better to log and evaluate your failure and adjust figures.
You are not alone in this journey, form support groups with your friends for accountability. Find a financial mentor or advisor and be one for someone else. It will make this whole process easier and it will make it feel really good about yourself.
PR Lady Boss
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