Strong Financial Foundation

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Do you have a strong financial foundation?  Are you smart with your money?  Spend less than you earn, widen the gap between spending and earning. Spend less, cut your spending and do not make unnecessary purchases. Cut back on the things that don’t matter to you in order to afford the things that are important to you. Earn more, increase your earnings from work. Move up in your career or get a second job. You may also thing about a side business. Question every dollar you spend, be critical of the money you spend and what you are spending it on. Essentially it will turn into budgeting because you are evaluating the money you are spending. Do not spend without a reason as in don’t spend any money without an honest good reason. Cut out the dumb reasons to spend money. If you have debt, eliminate it.  Build a debt repayment plan Debt negatively impacts your cash flow constantly If you don’t have debt, then you should invest Start planning for your future and your goals Build possibilities and give yourself options for your future Secure your retirement Know what you need to save Consistently strive and work on your…

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Emergency Fund

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Are you prepared for the unexpected?  Do you have an emergency fun?  Sometimes life happens and we aren’t ready for it, that’s life.  It can negatively affect us financially depending on the series of events. We all get bombarded with different circumstances including losing our job, death, illness and unexpected incidences in life. In order to make it through these life changes we have to anticipate the inevitable. We should have an emergency fund we can access when the unfortunate cards are dealt our way. This way we are protected in the event something happens. Set some money aside every month Build and maintain an emergency fund Keep your emergency fund in a savings account Do not use or dabble in it unless it is an emergency “A financial emergency is simply a predictable expense that was not predicted.” -P. Christopher Music After you have gone through your crisis and used your financial emergency fund, you need to immediately start to rebuild. Create a plan moving forward and remember what that emergency fund did for you in your time of need.  Take a step in the right direction and give yourself the gift of financial security. Carefully assess your life…

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Don’t Let Money Control You

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Keep Calm and Don’t Shop Are you an impulse shopper? Do you have an online shopping problem?  Online shopping has its benefits and it can save you money, but it can also become a problem for some of us “big spenders.” If you can’t control yourself and spend too much money online you need to explore your options. Take action and get rid of your bad spending habits. Unsubscribe. Don’t sign up for any store emails and deals. These emails are great, but only if you have the self-control about what you buy and how much you spend. Without self-control, daily deal emails are just going to convince us and give us the urge to shop, shop, shop. Do not save payment details. This is convenient, but once again if you don’t have self-control it is just going to empty your bank account. Extra steps to every purchase is helpful, makes you think more about what you’re buying. Use debit, not credit. Don’t spend money you don’t have. You won’t have to worry about consumer debt. Put a cap on your spending. Give yourself an allowance for each month. Once you spend this allowance you’re not allowed to make anymore purchases…

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Identify and Plan

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GOT A PLAN? Do you ever feel overwhelmed with personal debt? Would you benefit from adding a financial plan to your life? When you have different sources of debt it can often become hard to keep track of your debt. Financial planning is the long-term proactive process of wisely managing your finances to help achieve your goals and dreams, while at the same time negotiating the financial barriers that will eventually arise in every stage of life. Remember, financial planning is a process, not a product. Figure out what you owe and who you owe. Find out how much the interest from your debt is costing you Credit reports can help you identify your debt Contact the lenders on your credit report and find out what you owe Organize your debt into -lender, amount owed and interest rate Pay off your debt Budget Focus on your unique situation, and work towards positive results for your specific circumstance. The success of your financial life is the sole objective.  In complicated times, the need is greater than ever to have confidence that you are focused and pointed in the right direction. Your strategy will show you how you’ll achieve success, no matter…

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Supplement Your Income

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Do you need to supplement your income? Earning income doesn’t have to stop at your salary or day job. Extra money can be the backbone to your budget when you’re in a rough spot financially. When you do side work, you give yourself room and freedom to entertain other interests in your life financially. You gain extra income to put towards other bills that you normally can’t pay often. Having a side job can also add fun and excitement to your life. Takes you out of your routine and allows you to change your pace of life a little bit. Start simple Network -let people know you need extra work Develop new skills -try new things and learn Go outside of your comfort zone Always be thankful when someone gives you work Stay open minded Having more than one income will positively impact your finances. Extra income each month can go a long way to paying off a debt or increasing an investment. Extra income is always valuable to you and your wallet. There are endless possibilities to make more money. The only limit you set is in your own head. Most people don’t even really like what they do for a…

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Hold Onto Your Money

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Having trouble keeping your money in your pockets? Some of us run out of money too fast. When you’re living paycheck to paycheck, it can be extremely hard to get yourself in a good spot, but it’s possible. If you start to make few changes to your daily spending habits, you’ll start to have more money in your pockets. Start to realize your worth hourly. Quit the impulse purchases. Every time you want to buy something, think to yourself “How much time would I need to work to pay for this?” Change habits to once in a while. Instead of getting a coffee everyday, maybe visit Starbucks once or twice a week, the rest of the week brew coffee at home. You still get to enjoy it just every once in a while rather than all the time. It will hurt your pockets less. Time off doesn’t get you paid. If you are offered overtime, take it. Think about it, you are probably just going to go home and sit on the couch for the evening anyway. Don’t lose potential money. You may have missed opportunities in the past, but don’t disregard future opportunities that you still have the chance to take…

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HUSTLE

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Does money stress you out?  Does money make you feel bad about yourself?  Trying to make money does’t always have to be stressful, you can embrace it and turn it into a positive challenge. Make it a game, it doesn’t have to feel like a burden. Challenge yourself and strive to become better mentally and financially. Money isn’t personal and it has nothing to do with your self-worth, remember that. If you have hit a spot in your life where you feel like you have hit the bottom financially, then take this time to move into transition and make it a priority to fix your position financially. Take care of #1, yourself! Organize and clean up your environment Eliminate any negativity in your life Quit wasting time, use your time wisely and be productive Follow up on any money owed to you Stay away from commitments Set a small goal and a plan to make money Make time to just focus on making money Create a support system for yourself Brainstorm Focus and get specific Connect In the moment it feels like a mean and vicious cycle. It is one of those times in life where you most likely have…

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Strategies to Save

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Is saving money hard for you?  Do you get in the way of your own money?  For some of us, the biggest obstacle to saving money each month is ourselves. If this is part of the reason why you can’t seem to save any money, think of ideas that create barriers between you and easy access to your money. Keep your money safe from yourself.  Remove access to your savings account from your bank card and online banking. If you have to go into the bank to get the money out, you will be far less likely to spend it. If you live with a partner, and your partner is better at saving than you are, maybe give them control of your savings. This will make it harder for you to spend your money. Invest your money in an investment or with a company that you have to contact and request a withdrawal from. It is usually not a fast process, may take a few days. This will give you more time to sit with the thought about your decision to spend the money. Maybe by the time you get the money, you will decide that you shouldn’t spend the money,…

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Avoiding Bad Credit

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  Your credit report keeps track of how you’ve paid your debts in the past. It is a record of your current debt amount, and how much debt you have already paid off.  Keeping strong credit is important and it can help you in a number of ways. It will help you with future loan and mortgage deals, it will be easier for you to receive credit, and sometimes you can get better rates on other things in life. It is always good to know the status of your credit and check your credit report once a year to make sure it is correct. You will keep good credit by paying your bills on time. You also need a credit card to build your credit, but you must use this credit card wisely. Do you know your credit score? Do you have good or bad credit?  Try and stick to 1 or 2 credit cards Think about getting a secured card first if you have never taken out a line of credit before. Keep track just like you would for your bank account Try not to put big item purchases on your credit card Pay your credit card bill as soon…

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Money Dreams

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Are you financially strong? Do you practice good financials? Do you have a financial Dream? Do you set financial goals? Most Americans who are financially independent started off with nothing, but they practiced good personal finance habits, learned how to save money, and improved their money management skills where needed. This brought them success and opportunity to grow in their life and community. You can do anything you put your mind to as long as you are working towards that goal and don’t give up. Develop a long term financial objective. Start to think about where you want to be in five to ten years, create a new perspective for yourself and your future financially. You will need to start living on a very tight budget, as in live on less than what you make, even if you have debt. Once you start looking at your financial position in “long-run” terms it will start to positively influence your habits and management with your money. Reflect on what you are trying to achieve and recognize the obstacles that are interfering with your success. Search for and find out what is holding you back. Dream Big and project forward. Think about what you want and…

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