This is a guest post by Rachael Harper is the Content Marketing Strategist of Bennett & Porter
It’s not how much you make that will make you wealthy, but how you manage your finances.
Good financial planning can make the difference between a comfortable life in the future and one plagued with money-related stress.
If your dream is to build wealth and secure your future, you need to start building habits to help you get there.
Here are six money habits you to develop if you want to boost your personal wealth:
1. Set Financial Goals
It’s important to set both short-term and long-term goals to avoid losing sight of what you’re working towards. Knowing what you want your money to accomplish increases your chance of realizing your financial objectives.
If you’re just starting to save for the future, begin by creating a five-year plan. Outline your financial goals for the next five years and what you can do to achieve them. Whether you’re building your emergency fund, saving for a car, or planning to buy a house, it’ll be much easier to put money aside when you have a goal in mind.
2. Change Your Mindset
As soon as they receive their paycheck, most people would pay their bills, spend some of the money, and then save the rest. The thing is; after you’ve paid your bills and did the groceries, what’s left of your paycheck can seem meager – which can make the idea of saving seem like a stretch.
If this sounds like you right now, you’ll have to adopt a new way of thinking if you’re serious about securing your financial future. Save first, pay your bills, and then spend what’s left. Make sure you only save what you can afford, though. It’s okay to start small, as long as you’re consistent.
It can be easy for the fast-paced pressures of daily life to cause stress. Having to manage
work and family life all while taking care of your home can consume a lot of time and money.
As is the nature of life, unexpected expenses are bound to crop up from time to time, and
they can quickly become stressful if you’re not financially prepared. Fortunately, establishing
a realistic budget can help to alleviate some of that stress. Keep reading to find out how.
My YouTube & Blogger Income Report August 2023 | YouTube, Courses, Digital Products, Social Media Marketing
In this YouTube income report, you will see a detailed breakdown of how the channel made $8,423.62 in the month of August 20203, through Adsense, digital products, website ad revenue, course sales, memberships, freelance social media, and sponsorships.
In this exploration of culinary DIY, we delve into a treasure trove of store-bought foods that can be effortlessly recreated at home, elevating your gastronomic experience while putting you in control of the ingredients that make their way onto your plate.
From the rich creaminess of homemade butter to the irresistibly smooth allure of your very own Nutella blend, we’ll guide you through the transformation of five common items that often find their way into shopping carts, unveiling the ease and satisfaction of crafting them from scratch. Embark on a journey that promises not only delectable outcomes but also a deeper connection to the culinary craft. So, roll up your sleeves, gather your ingredients, and let’s rediscover the joy of homemade goodness.
In today’s fast-paced world, juggling the demands of work, family, and personal life can leave little time and energy for meal planning. The age-old question of “What’s for dinner?” often triggers a sense of dread, especially when trying to balance both health and budget considerations. However, with the rapid advancements in artificial intelligence (AI), meal planning has received a modern makeover.
Gone are the days of staring blankly into the pantry, hoping for inspiration to strike. Instead, AI-powered tools like ChatGPT have emerged as invaluable assistants, offering creative solutions to create family meals that are not only delicious and nutritious but also easy on the wallet. I’m sharing how to create a meal plan on a budget using ChatGPT with all the prompts I use.
In the bustling rhythm of modern life, our homes should serve as sanctuaries of tranquility and rejuvenation. Imagine stepping into an oasis where stress dissipates, and every corner exudes a sense of peace. Welcome to the world of easy home hacks that can transform your living space into a stress-free haven. In this article, we’re unveiling the top 5 life-changing home hacks that will not only bring order to your surroundings but also infuse your daily routine with a dose of simplicity and well-being.
In today’s digital age, where smartphones have become an integral part of our lives, it’s only fitting that we explore the countless possibilities they offer. Did you know that your trusty pocket companion can not only keep you entertained but also put some extra cash and exciting gift cards in your hands? That’s right, there’s a growing trend of apps that allow users to earn real money and redeem it for enticing rewards. Whether you’re looking to make some quick cash, save up for a special purchase, or simply indulge in your favorite online shopping spree, these apps provide a golden opportunity to turn your idle moments into productive ones.
3. Avoid Unnecessary Debt
Debt overload is a costly blunder you should avoid. While debt isn’t necessarily bad, the majority of debts will only prevent you from saving money for your financial goals.
It’ll be more difficult to save money while you’re in debt, so prioritize paying off your debts first. Start with the high-interest debts and then move on to the low-interest ones. Develop a debt-repayment strategy, if you must.
More importantly, avoid incurring new debts while you’re repaying your old ones. This is also the perfect time to develop sensible habits. Your net worth will grow much faster if you have fewer financial liabilities.
4. Live Below Your Means
This one should go without saying, but it bears mentioning because many people continue to fall into this trap.
As soon as they get a raise, most people will immediately look for ways to spend it – a bigger house, a better car, a new phone. This phenomenon is called lifestyle inflation. And if your goal is to become financially secure, you’ll have to guard yourself actively against it. Remember that the rich get richer because they live below their means.
There’s nothing wrong with treating yourself every now and then. But if you don’t put a lid on your spending, you could still end up broke despite your substantial income.
5. Create Multiple Sources of Income
The fastest way to increase your net worth is to make more money. And while a pay raise at work is great, it’s not the only way to boost your income.
There are a slew of side hustle opportunities to make some extra cash in today’s gig economy. You can take up freelance jobs on the Internet or drive for a ride-sharing company on the weekends. If you’re feeling particularly entrepreneurial, you can start a small business while working full-time.
Also, aim for multiple passive income streams. Invest in stocks, bonds, or real estate. When your passive income grows, you feel less financially dependent on your day job.
6. Start Saving for Retirement
The idea of retiring might feel far-fetched when you’re still in your 20’s or early 30’s, but saving for retirement while you’re young is actually one of the best financial decisions you’ll ever make. When you’re married and with kids, it will become harder to set aside money for your retirement fund because you’ll have more things to spend money on.
Don’t wait until the last minute. Start putting more money into your 401(k) and or Roth IRA to maximize the benefits of compounding interest.
It takes time to build and accumulate wealth, so start as early as possible. The six good money habits listed above can be your stepping stone to a better financial future.
But if at some point, managing your finances and investment becomes overwhelming, consider getting expert advice to help you stay on track and make better financial decisions. Consulting a wealth management professional pays back in spades.
More Ways To Save:
Here at Freedom In A Budget, I am all about saving money! Here are some of the EASY ways that I save money:
• CIT Bank offers high interest savings accounts and CDs to provide a safe, secure way to earn money grow your savings.
• Fetch Rewards is a free grocery savings app that rewards you just for snapping pictures of your receipts. That’s really it. Free gift cards on groceries on thousands of products every day, no matter where you get your groceries. Just scan your receipts and get gift cards from places like Starbucks, Target, Ulta, Applebees. Use code QHKBH to earn 2,000 points ($2)!
• Rakuten/Ebates: Rakuten is my to go way to earn Cash Back from over 2,500 stores like Macy’s, Amazon, Sephora, Walmart and much more. Join Rakuten today for free, and you’ll get a $10 Cash Bonus to get you started! Every three months, you’ll get a Big Fat Check in the mail or a PayPal payment just for shopping.
• M1 Finance is an easy to use brokerage platform that allows you to invest in Fractional Shares and auto reinvest!
• Budget Templates: Excel budget templates with pre-populated categories and formulas to keep you on track with hitting your financial goals.
Rachael Harper is the Content Marketing Strategist of Bennett & Porter, a wealth management and insurance firm based in Scottsdale, Arizona. When not writing, she makes use of her time reading books and playing bowling with her family and friends.
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