We are halfway through the first quarter of the year, wealth builders, and while this year has gone pretty quickly, here are a few tips to consider concerning your finances.
1. Did you plan out your finances for these first couple months, or have your paychecks been spent without regard to the budget, leaving you unable to reconcile your bills at the end of the month?
This is the reason we prefer the term "Spending Plan" as you have take what you bring home every month and then divide it among not only your bills, but the things you like to do as well, be it a coffee shop run, or wine and sushi for the weekend.
2. Have you had your taxes done yet? Did you notice a decrease in your refund or did you owe this year? If you did get a refund, were you strategically planning how to leverage your surplus or is it already gone? (Hopefully Not)
If you are one that has already received their refund, before you make that big purchase, look at the full pallet of what you have going on with your finances. You cannot allow your tax windfall to be blown into the retail atmosphere without first making sure the rest of your personal financial world (IE: Rent of Mortgage, Car note, Credit cards, Utilities, savings and / or investments) is in order.
3. Have you started your Emergency Fund yet?
Hopefully, you understand why you need one. A credit card CANNOT be your emergency fund. It has been well documented that the average american is one $400 ordeal away from disaster. Your Emergency fund should be at least $1000.00 and this enables you to cover these matters without adding to the debt you are working to eliminate.
4. Have you begun saving for this year's summer vacation excursion?
Vacations always have a lot of moving parts and keep these in mind when planning the trip.
Figure out how you are traveling, be it by Plane, Train, Automobile, Boat, or a combination
Set a special spending plan for the trip
Confirm if combined funds from others will help to cut your expenses.
5 Have you begun to plan for gifts and special occasions for the loved ones in your life?
This is the perfect time to begin planning ahead for the numerous birthdays and occasions by creating a gift fund either as a separate account, a workplace deduction, multiple purchased gift cards or cash stuffed away in a shoe box so you don't have to go above and beyond when these things come up.
The common thread in these tips is to plan ahead. Our customized spending plans are created for our clients to not so much deny themselves, but to incorporate the things you like, need and want to into your monthly spending and to prepare for these things in advance. Remember, when you fail to plan, you are planning to fail and we at DNA Financial Services want to see you win. You must prepare for your victory, even when when the game has not started. Take nothing for granted, wealth builders. Even if you started slow this year, you have time to recover, but make a point to start now. Ready, Set, GO!
Founded in 2015, DNA Financial Services LLC has pledged to Educate, Empower and Equip the financial DNA of its’ clients now and for generations to come. The company offers a number of financial services including tax preparation, bookkeeping, personal and business financial coaching. These services have been designed to bridge the gap in wealth building and functional money management, while promoting financial literacy for people from every walk of life.
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