Friday, 31 May 2019

12 Step Guide To Financial Success

Develop a plan for overseeing your money today, tomorrow and in the future.




Managing your money can be intimidating - and stressful.

If you're feeling overwhelmed, taking a few simple steps now will help you gain control and, more importantly, peace of mind!


"MASTERING YOUR MONEY IS ABOUT MORE THAN MATH. IT'S ABOUT ADJUSTING YOUR MINDSET."



# 1 - TAKE INVENTORY OF YOUR FINANCES
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You need to mastering your money. Mastering your money is about more than making the math work out. It's about adjusting your mindset, too. As you begin to take charge of your finances, you'll change your philosophy as much as you change your day-to-day habits.

Take a mental inventory of your current position. 
Please answer this question 

>  Do you have enough saved up to survive an unexpected expense ?

>  Do you live paycheck to paycheck ?

>  Are you consistently overspending ?

> Do you feel overwhelmed by financial jargon ?


Be honest for your answer!
Be honest with yourself about where your weaknesses lie. You might've made some missteps in the past, but you don't have to continue on that path for the same thing. Here's how to manage your money now, while preparing for the future.



# 2 - MAKE SAVINGS AS YOUR HABIT
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Money mastery goes beyond spending less than you make. A true sign of financial prowess is saving enough to live comfortably in the long term as well as the short term.

You can achieve this in for steps: Save, Invest, pay Off Your Debt and Repeat !!!


i). SAVE
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Start socking away extra money to build an emergency fund. Ideally, you should have three months' worth of living expenses at your disposal in case the unthinkable happens. If that seems to ambitious, start with small. A RM 100.00 reserve is a great first goal compared to nothing.


ii). PAY OFF YOUR DEBT
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Whether it's a borrow money from your friends, family, study loan, housing loan, car loan or looming credit card bill, you probably have some debt obligations. Always make at least the minimum monthly payments to so you don't fall behind. If you have extra dollar bills to throw at your bills, pay down the high-interest debt first.


iii). INVEST
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Invest your extra money for the future. Set yourself up for retirement by contributing to a 401 (k). If  your company offers a match, contribute enough to get the maximum.

iv). REPEAT 

Keep building up that emergency fund, investing for retirement and knocking down your own debt.


# 3 - BUILD A MONEY MANAGEMENT BLUEPRINT

How do you put your savings plan in action ???

Just like gaining physical muscle, you have to start with the right equipment to gain financial muscle.

Use the steps below to build a blueprint that works for your finances.

a. Start With A Budget 
Pick a budgeting system that you'll stick with. For example like the 50/30/20 budget plan - which allocates money for wants, needs and savings and debt repayment - but there are plenty of other budgeting options to choose from.

b. Track Your Spending 
The days of balancing a checkbook are gone for most people, but there is still value in accounting for each and every purchase and expense.

c. Find Way To Save 
Once you see where your money is going, you can more easily identify potential savings.

d. Use Designated Accounts For Spending And Savings
Keep money designated for bills and budgeted expenses separate from your emergency fund. This will reduce the temptation to dip into it for non-emergencies. Saving for house, vacation, your wedding or for your new car? Stash those funds in separate accounts so you can see your progress toward each goal.

e. Make A Plan To Pay Off Your Debt
A strategic approach to debt repayment will help you reach the debt-free finish line faster. My recommend tackling  your  most expensive debt - the accounts with the highest interest rates - first, while making minimum payments on the rest. Then work your way down through any lower-interest rate debt until it is all paid off.


f. Develop Good Credit Habits
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Credit cards can be your friend, if used wisely. You can earn cash back and travel rewards on things you already planned to purchase, and boost your credit score in the process. They key is to pay off your balance in full each month. If your credit utilization - the percentage of your credit limit used - hits 30%, your credit score will take a hit.

g. Invest In Your Financial Future
Please set your money aside now, in a 401(k) or IRA, and let compound interest work it's magic. The ultimate goal is long term financial freedom and stability. Now sure how much you need to save? What do you have just save it !!!



# 4 - BE PERSISTENT
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Despite their good intentions, many people fall of the financial bandwagon. Sticking to a budget that's too restrictive can be suffocating. Navigating investment jargon can be confusing. But don't get discouraged.

You didn't get to the financial position you're in overnight, and you won't get out of it overnight, either. Give yourself time to learn and grow. With hard work and dedication, you can manage your money with confidence.


HOW YOU CAN MAPPING YOUR OWN FUTURE ?

12 Step Guide To Financial Success

# 1 - Establish Yourself Financially

# 2 - Bank Balancing Tool

# 3 - Understanding Take - Home Pay

# 4 - Your Budgeting Calculator

# 5 - Start Your Budgeting

# 6 - Income - Based Repayment Calculator

# 7 - Study Loan Repayment Calculator

# 8 - Loan Consolidation Calculator

# 9 - Review And Understand Your Credit Report

# 10 - Salary Wizard

# 11 - Student Loan Repayment Calculator

# 12 -  Save Your Money


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@ Jackie San

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