Millennial Money Guide
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09/25/2021
4️⃣ TIPS TO IMPROVE YOUR WRITTEN BUDGET (Save this!)
I’m all about sharing my favorite tips that make managing your finances a breeze
So here are my 4️⃣ best tips for getting the most out of your written budget:
1️⃣ ADD DATES
This is a simple trick but it’s super useful! Including dates for when your bills and payments are due helps protect against missed payments and annoying late fees
2️⃣ USE BUDGET CATEGORIES
It’s much easier to list your known expenses when you split them up using broader categories. Determine your major categories first, THEN list your expenses under each
3️⃣ ITEMIZE EVERYTHING
I like to treat our budget like a task list so itemizing everything ensures nothing gets overlooked. For example, instead of listing our total monthly savings as one line item, I like to list each item separately like this:
💰SAVINGS:
▪️Roth IRA: $250
▪️Emergency Fund: $125
▪️Travel Fund: $50
▪️Treat Yo Self Fund: $50
▪️House Fund: $250
Once a bill has been paid or a savings target has been satisfied, I cross the item off my budget list so I know it’s been taken care of 👍
4️⃣ ORDER BY PRIORITY
Ordering budget categories and expenses by priority is a psychological trick that helps to keep things in check. For us, giving back comes first, then savings and investments, then bills. With these priorities taken care of the money that remains is fair game for spending.
✨ COMMENT BELOW: Which if these tips are you looking forward to trying?
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10/01/2020
🎓 4️⃣ RULES OF PERSONAL FINANCE
Let’s take things back to basics!
The great thing about these rules is that they never change. They'll always be the same no matter how big or small your bank account is.
1️⃣ Spend less than you earn. ALWAYS.
2️⃣ Budget and track your expenses
3️⃣ Make saving a habit
4️⃣ Prepare financially for emergencies
👉 QUESTION: Which of these rules do you need to work on following?
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👉 Comment YES below if it is! If not, keep reading 👇
This is your friendly reminder that October is literally right around the corner!
Is your budget ready? 🙃
A budget is simply a plan for how your money will be spent during a given period of time and having one is essential to keep yourself on track with your money.
Creating one is easier than you think! JUST FOLLOW THESE 5️⃣ STEPS:
1️⃣ TOTAL YOUR INCOME
Start by recording any income you expect to earn and total this up. This should include wages from your job, extra income from side hustles, etc.
2️⃣ ADD EXPENSE CATEGORIES
Using broad categories will make keeping track of your expenses much easier. These categories might include: Bills, Savings, Debts, Food, Auto/Gas, Donations/Charity, etc.
3️⃣ LIST YOUR EXPENSES
This includes both FIXED and VARIABLE expenses. FIXED EXPENSES are the things that remain pretty consistent from month to month such as your rent/mortgage, insurance costs, subscriptions, etc.
VARIABLE EXPENSES are costs that can fluctuate or that you have a little more control over. Things like how much you spend on groceries, clothing, your savings, etc. are great examples.
4️⃣ TOTAL YOUR EXPENSES
Next, add up all of your listed expenses
5️⃣ FIGURE OUT WHAT'S LEFT
Finally, subtract your total expenses from your total income to see how they compare. This is such an important step!
If you have money left over, you can decide what to do with it such as saving more or putting more towards debt
And if your expenses are greater than your income, you have a starting point for figuring out what you need to do next.
And there you have it! Budget = ✅ DONE
✨ P.S. If you need a hand building a budget, I created a FREE 5-step guide to help you get started! Tap the link in my bio to get yours! 😉
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📣 SAY IT WITH ME: ✨ I CAN DO THIS! ✨
One of the most rewarding parts of being a money coach is supporting my clients and witnessing their money transformations firsthand
Many start out just like this:
😬 ANXIOUS about checking their accounts and balances
😩 OVERWHELMED by all the information at their disposal
🤔 CONFUSED about what their first step should be
😞 STUCK when it comes to understanding and managing their money
Hmm. Sound familiar?
But then there comes a SHIFT where they finally realize:
✨ I CAN DO THIS! ✨
The truth is, they had everything within them that they needed from the start to win with their money
The only missing pieces were a little bit of guidance, a supportive nudge, and a dash of accountability to set them on the right path (aka my job 🙋🏾♀️)
🌈 If you believe you're capable of experiencing a similar transformation (🚨SPOILER ALERT: YOU ARE! 🚨), I've got something in the works just for you
Want to be the FIRST TO KNOW when it drops? (And I'm talking VIP-style BEFORE it's announced to the public 😎)
Comment 🙌 below and I'll add you to my 🌟 INSIDER'S LIST 🌟
And just in case you need another reminder: YES, YOU CAN TOTALLY DO THIS!
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✨ WHAT DOES YOUR RICH LIFE LOOK LIKE?
I recently spent some time updating my vision board and it reminded me of a very important question that can be easily overlooked:
✨ What does a RICH LIFE look like for me? ✨
(P.S. Have you ever made a vision board? It’s a game changer!)
In one of my favorite personal finance books I Will Teach You to Be Rich, author Ramit Sethi () talks about the importance of defining and pursuing your own unique version of a RICH LIFE
You see, it's a common misconception that RICH automatically equates to having the best of the best that money can buy...
🚘 Fancy cars
👗 Expensive clothes
✈️ Luxurious vacations
🏡 A gigantic house
However, an even better definition of RICH is the one you create for yourself
When I think about my own RICH LIFE, it looks a little more like this:
❤️ A happy marriage
💸 Helping others with my thriving business
🏡 A comfortable home that we own (aka no mortgage!)
🐶 An adorable puppy named Teddy by my side
✈️ Opportunities to experience new places and cultures
🌈 The ability to be wildly generous to those in need
Keeping sight of my desired RICH LIFE keeps me motivated to manage my money well ✨
What about you?
Comment below: WHAT DOES YOUR RICH LIFE LOOK LIKE?
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