By Tiffany “The Budgetnista” Aliche:
1. Financial wellness starts with mindset: Recognize that financial stability is achievable, and your mindset plays a significant role in your financial success.
2. Track your expenses: Monitor where your money goes to make informed decisions and identify areas for improvement.
3. Create a budget that accounts for joy: Allocate funds for enjoyment and self-care to maintain a balanced, sustainable financial plan.
4. Prioritize needs over wants: Distinguish essential expenses from discretionary spending and prioritize accordingly.
5. Pay off high-interest debt: Focus on eliminating high-interest debt to free up resources for savings and investments.
6. Build an emergency fund: Save 3-6 months’ worth of expenses for unexpected events and financial stability.
7. Invest in yourself: Invest in skills, education, and personal growth to enhance earning potential.
8. Diversify investments: Spread investments across asset classes (e.g., stocks, bonds, real estate) for long-term financial growth.
9. Protect your financial future: Consider insurance (health, life, disability) and estate planning for unforeseen events.
10. Financial freedom is a journey: Celebrate small wins, stay consistent, and adapt to changes in your financial journey.
Peoplesmind
