Hey girlfriend! I’m excited to share these 5 financial steps with you.
Talking about money is my thing!
I went from being dead broke, credit score in the 400s, and homeless to debt-free and financially independent!
Yes, I have personal experience, but I’m also an Accountant and
Accredited Financial Counselor® as my profession for over a decade.
(MONEY COACH)
I want us ALL to win and living intentionally with your finances is a great start!
So, Let’s get started on the 5 Steps to get your financial life together, today.
5 Steps to get your financial life together!
1. Acknowledge where you are.
We must be honest with ourselves here.
Are you dining out a lot?
Do you know how much you are spending each month?
Are you happy to wake up and go to work?
Are you saving?
Do you have a financial plan?
We have all been there, on autopilot, and going with the flow. But, there comes a time where we have to take control of our lives and make purposeful steps to be happy and secure.
Start Here:
First, pull out your most recent bank statement(s) and tally up each category. (Categories: Dining out, groceries, personal, car, etc.)
Next, it’s time to admit there is a change that must occur.
Get your mindset in check for the much needed growth ahead.
Then, set a date and time frame where you will sit and be intentional about the changes that are needed. Write it out. It’s not going to happen unless you see it.
2. Make note of where you want to be.
If you are single, this step needs to be done alone. Do not allow your Instagram friends or anyone to influence what this looks like for you. Remember, you get to decide what type of life you want to live when the cameras are off and it’s just you.
If you are in a relationship, it’s best to talk your goals out with each other to see where you both see yourselves (Not on the first date!). You two are hopefully in a relationship with the intent to eventually declare “forever”; so, make sure you all are on the same wavelengths. You all don’t have to be exact, just in the “same room” of plans.
All married couples should make these plans together.
Mark 10:8 “… and the two will become one flesh. So they are no longer two, but one flesh.”
YALL DON’T HEAR ME! Lol
Yea, So, basically you have to do this together. Your plan is his plan and vice versa. After an adult view has been established and you have kids, include them on the plan.
Questions to get a start on where your heart lies:
- Am I ok with where I am now? If not, what would I rather be doing right now?
- What would I like to be doing in 5, 10, 15, and even 20 years from now?
- What would my ideal day look like?
Know your why
Know your Why!
Once you determine where you want to be, ask yourself “Why?”
Ex: I want to retire early because I want to spend more time with the kids or I plan to stay at my job until retirement age because I’m happy, I love what I do and my retirement benefits are great.
Any plan you have that makes you happy and provides security is the right one.
Knowing your “Why” will help you along.
3. Write down your financial goals
These goals will allow you to achieve your “Where I’m trying to be” ambitions.
You can note things like:
- Pay off debt
- Set a budget
- Save Emergency Fund
- Cancel that free subscription I signed up for last week or I will be charged $9.99
- Contribute to my retirement account
- Work more hours or get a side job for extra income
- Improve Credit Score
4. Make a Budget
Now that you know where you want to be and have your financial goals list in place, it’s time to put a plan in action to make it happen.
Set a budget according to your goals, like…
- Spend less in dining out to contribute more to retirement
- Get rid of the unnecessary or hardly used subscriptions (HULU, Netflix, gym) to save an emergency fund
- Make small sacrifices to see movement toward your goals
- Be more conscious of the utility usage (ex: electricity)
- Remember your “Why”
You can download a FREE excel Budget Sheet HERE!
Important notes when creating a budget:
- Budgeting is for everyone with every income level.
- Budgeting allows you to take control of your financial life because YOU are in control. You tell your money where to go and not the other way around. You are the CEO!
ALWAYS include a “savings” and “personal” line item on your budget. This is oftentimes skipped.
You can also download Dave Ramsey’s FREE Budget app called EveryDollar. I use it myself because it’s user friendly.
5. Manage Your Money to Align with Your Goals, Values & your “Why”
Stay on top of yourself and your family when it comes to making money, spending money, saving money, and investing it. Everyone should be on board to achieve THE GOAL.
- Do not spend more than you make.
- Diminish impulse buys (take at least 24 hours of research and decide if it’s something you need.)
- Make a plan for “extra” money before you receive the funds. (Ex: When I get my tax refund, I will put 90% to my debt and 10% for my personal spending bucket)
- Keep your “Why” in mind
Incorporate family meetings or self-check ins to make sure everyone is good and staying the course.
Track your progress.
Set a time at least monthly to track how your adjustments have made a difference. This will keep you encouraged!
Remind yourself and family of the goals and the “Why” when someone starts to stray away. It happens, just encourage yourself and each other.
BONUS: Read!
There is nothing SEXIER than reading a book. Well, I can think of a few, BUT that’s not the point! Lol.
Reading is so important because helpful information is given in books that could support you along your financial journey. If you read books on how to get out of debt, soon enough you will be out of debt. I truly believe in the law of attraction. Attract all the wealth and health to you and your family!
At times, a book along your journey in a particular step acts as our accountability partner.
Note: Be sure to read articles, magazines, blogs, and so on; just as long as it’s from a reputable source.
Bonus Tip: Don’t take advice from people who are not in alignment with where you are trying to go.
A quick read to get you inspired and get started:
VANGUARD Read
Get your financial life together, today!
Tell me some of your financial goals below and if I can help in any way!
Jasmine
Live Happi Girl
Great read! And spot on with every step. The bonus tip is my favorite tip you mentioned: “Don’t take advice from people who are not in alignment with where you are trying to go.” Amen! Who you surround yourself with and what you feed yourself mentally and emotionally–which can be impacted by the opinions and what you observe from others close to you–can either lead to your success or your demise. I therefore have limited my interactions with people not on my same wavelength (and even changed some out). I also block or unfollow folks if I have to! I take it to the extreme. 😛 …It’s only my future we’re talking about. LBS
Yes! I have heard the “advice” given by client friends too often. It was a MUST for that bonus tip to make the post! And I totally agree with you. We must be intentional with what we allow in our mental space. I am also QUICK to unfriend someone. Lol. It must be done. Thanks Cierra for checking out the post!
I’m definitely in the process of trying to set financial goals! I’m already great with budgeting but I still need to set money aside for specific things
Great! Starting a budget is normally the hardest thing to commit to.
I’m definitely in the process of setting financial goals and I know at some point I WILL reach them!
Tackle 1 goal at a time!
I loved reading this! I felt like you were talking directly at me with “Are you dining out a lot?” Lol!! Learning how to budget is SOOO important!
Jerrika! I am so glad you loved reading the post. Let’s move on up in this world together! You got this!
This was such great advice girl! I’m currently on a financial journey so thank you 😃 on my current to do list I have “re-examine monthly income and expenses” I’m going to take advantage of your free download.
I’m so glad to hear that! Yes!!!
This is great information girl! I’m currently on a financial literacy journey. I will take advantage of you free download. I start paying student loans in 3 months so getting my budget together is crucial! Thanks for sharing 😌
This is great information girl! I’m currently on a financial literacy journey. I will take advantage of your free download. I start paying student loans in 3 months so getting my budget together is crucial! Thanks for sharing 🙂
You’re already ahead of the game! That’s great! I’m here if you need any advice going forward. You’re Welcome.
Ugh, this is a great reminder! I struggle to write down my goals and recently debating my ongoing internal debate is how often should I be writing down my goals. And I haven’t figured out the best fit for myself just yet. It’s a journey
Oh yes Marie. It surely is a journey. What I have found to work is either create a “Goals” list in the notes on my phone or get a notebook designated for goals. Write them all down at any time. Just work on one at a time. You will get there! 🙂
I’ve acknowledged where I am. I’ve set my goals and in the process of saving my emergency fund while paying down debt. I also have EveryDollar because I struggle with a budget. Great read! I definitely know my next goals now.
Great job Jewel!!! Btw, love your name. So beautiful. ❤️ You are well on your way! Keep up the great work! When you get your emergency fund saved, it’s going to feel amazing!
I love the bonus tip. I was just diving in to some material looking at the subconscious mind. Let’s just say thoughts are also contagious thus it’s important to mind the company you keep. I enjoyed reading this edition. Felt like I was getting a kick in the butt.
Yes! “Mind the company you keep”
And, I hope it was a good kinda kick in the butt. We all need a reminder of something ever now and then. 🙂 Keep seeking growth… you’re doing good Queen! 👑
This is a great read. I love the Every Dollar app, it’s such a user friendly and semi forgiving app to track your spending
Yes! I love its simplicity
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