This blog post is all about smart money tips that will help you change your finances in 2024, with Carra She'Lea.
In a completely unfair twist of reality, smart money tips aren't tools that normal people are equipped with at a young age. More often than not, it isn't until much, MUCH later in life that our finances begin to warn us that they need a little extra attention, and by then it can often be too late.
Your finances become a huge walking RED FLAG! I may be a 6-figure finance entrepreneur, but trust me I started right where you are now.
The great thing about life it that it's never too late to get it right. You're about to uncover the 5 essential and smart money tips you can start working on TODAY that will completely change the way you utilize your income. Like any new investment, if your mindset isn't optimized you're more likely to self-sabotage. I highly recommend checking out J.D.'s blog post on 10 Money Affirmations To Increase Wealth.
This blog post is all about the 5 smart money tips you can use to change your life (with bonuses!).
Why are Financial Habits Important?
In the every day hustle, it's easy to overlook the importance of our financial habits. Maybe you haven't checked your bank account in a couple of days, or your daily Starbucks order has begun to cut into your bill money (YIKES!). Your money habits play a huge role in shaping our financial well-being and overall peace of mind. So why is adopting smart financial habits so crucial?
First of all, financial habits are like the building blocks of a sturdy financial future. Just like a house needs a strong foundation, our financial stability depends on how we manage our money in the day-to-day.
One of the key benefits of good financial habits is the ability to weather unexpected storms. Life will throw you a curveball when you least expect it—a car repair, medical bill, or sudden job loss. Having a cushion of savings built can be a lifeline in these situations.
Moreover, financial habits are empowering! They can give you a sense of control over your money rather than feeling like it controls you. When you stick to a budget and make informed spending choices, you can align your actions with your long-term goals.
And that's what's important!
How These Smart Money Tips Changed My Life
I did NOT start out with the best financial habits on this side of East Texas. Between me and you, my early 20s was spent digging myself into a huge financial hole instead of preparing myself for a prosperous future.
I wasn't taught about healthy financial habits growing up. I only knew that my bills needed to be paid, as most of us do.
With no direction and no understanding on my personal finances, I dug myself further and further into debt.
I simply did not know how to set myself up for an abundant future.
But I was determined to figure it out.
Eventually I landed my first job in the finance industry, and suddenly I had insight into how the oil and gas company CEOs managed their company and personal finances.
It was a complete game changer. The information I uncovered helped me go from debt-ridden to financially stable and lead me to launch a company that shows others how to do the same.
Now, let's talk about how you can learn from my mistakes and billion dollar business owners with the smart money tips that got me to where I am today.
Implementing these tips can transform your financial landscape. These small steps will add up to big changes over time.
Remember, developing good financial habits is a journey, not a destination. Embrace it, and you'll find yourself on a path towards financial freedom and security.
The 5 Smart Money Tips that Will Change Your Finances
1. Automate Your Savings and Investments:
Set up automatic transfers from your checking account to your savings or investment accounts. This ensures that you're consistently putting money aside without having to rely on willpower alone. Consider using apps or banking features that round up your purchases and save or invest the spare change.
2 Track Your Expenses
Keep a close eye on where your money is going by tracking your expenses. Use budgeting apps or spreadsheets to categorize your spending and identify areas where you can cut back. I personally use, RocketMoney. Understanding your spending habits is crucial for making informed financial decisions and prioritizing your financial goals.
3. Live Below Your Means
Adopt a lifestyle that allows you to spend less than you earn. This not only helps you build savings but also provides a buffer for unexpected expenses or financial emergencies. Avoid lifestyle inflation by resisting the urge to increase your spending every time your income rises.
Remember, YOU set the tone. Always adjust any smart money tip or recommendation to fit your current lifestyle. If you determine you need to find a way to life below your means, start small and build up to your ideal financial breakdown. I always recommend the 30-60-10 rule for my clients. 10% Savings, 60% bills, 30% Paying off Debt.
This may require you to get creative with your way of life. I've had clients cancel focus their efforts on minimizing their subscriptions, find cheaper living or transportation arrangements, OR create additional income streams. It's all about how YOU determine the best way to apply these smart money tips!
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Need Additional support in planning out your finances for the next 6-12 months? Book your session with Carra She'lea today and receive personalized guidance on budgeting and insight on your financial habits that help and hurt your bottom line.
Guess what? J.D. Ashmore readers can schedule their first consult call with Carra She'Lea for FREE! Don't Walk, RUN and book your session now!!
4. Budgeting
Create and stick to a budget that aligns with your financial goals. Track your income, expenses, and savings diligently using apps or spreadsheets. Adjust your budget regularly to reflect changes in your income or expenses.
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5. Set Clear Financial Goals
Define your short-term and long-term financial goals, whether it's saving for a down payment on a house, paying off debt, building an emergency fund, or retiring comfortably. Having specific and achievable goals gives you something to work towards and helps you stay motivated. Break down your goals into smaller milestones and regularly track your progress.
BONUS: 2 Smart Money Tips That Are Next Level
#1. Practicing Mindful Spending
Before making a purchase, evaluate whether it aligns with your values and financial goals. Differentiate between needs and wants, and avoid impulse buying. Implementing a waiting period before making significant purchases can help prevent unnecessary spending.
#2. Reducing Debt
Prioritize paying off high-interest debt such as credit card balances or personal loans. Allocate extra funds towards debt repayment each month to accelerate the process. Consider strategies like the debt snowball or debt avalanche method to tackle debts effectively. You can google these terms.
To wrap it up,
Apply all of the above smart money tips won't always be easy. Whether you decide to jump right in to budgeting, tracking your expenses, automating your savings/investments, crafting clear financial goals, or living below your means, it's important to give yourself grace and time to see positive results in your finances.
Need some help applying any of these smart money tips? You can schedule a FREE call with Carra She'lea to identify where you need to focus your finances > > > HERE
You got this! By effectively applying these 5 smart money tips you can become the master over your finances instead of the your finances controlling YOU.
This blog post is all about the 5 smart money tips you can use to change your life in 2024.
Gracefully,
