![]() So, this not-so-glamorous part of adulting is super important. But otherwise, nobody talks about it until you need it-and often times by then it’s too late. Insurance probably isn’t on your top 10 favorite things to talk about, I guess unless you’re an insurance agent. Budget for your purchases and buy the shoes, the car and the groceries with money you have right now. Because if it isn’t great for your financial future, that’s actually called a bad deal. That way, you’ve got someone who’ll help keep your eyes on the prize when a “once in a lifetime deal” pops up that you can’t afford right now. Then let your accountability partner know. Debt’s holding you back, and it’s time for you to break up. The truth is this: You and debt have a toxic relationship. And I know you want to get ahead! We just talked about those big money goals you’re going after. All of these create a cycle of debt-of paying for the stuff you got a while back, way into the future. Or that cart of groceries you “paid” for with a quick tap, insert or swipe of your credit card. Or the new car that comes with monthly payments that rival your grocery bill. Like those sueded leather boots you decided to buy with four “easy payments” on a stupid buy now, pay later plan. It steals from your future paychecks to pay for your past. It keeps coming up, so for this money tip, let’s go ahead and talk about it. They’ve worked for me and millions of others. And it’s called the 7 Baby Steps! Walk these steps, in order, as your proven plan to pay off debt, save money, and build wealth. Save for this, pay off that, travel here, invest there-how do you narrow it all down? Wouldn’t it be awesome if there was a step-by-step plan for the major money goals in life? Where do you start when it comes to picking your goals? I mean, there are a lot of awesome money goals you can set in life. Because when you put pen to paper, get real, and get some serious buy-in-from yourself-that’s when you make the magic happen.īut wait. It isn’t magic, but it can feel pretty magical. But guess what? The only way to turn those dreams into reality is to make actionable goals. We’ve all got dreams of what we’d like to do with our money. There is no shame in asking someone to help you keep your eye on your goals. You know this will set you back from your bigger goals this year.” You know, someone who won’t hesitate to say, “George, you do not need another custom oil painting of your Frenchies. But if you’re knocking it out of the park, getting a good accountability partner is still a brilliant plan!īut what makes a “good” accountability partner anyway? Find yourself someone who will encourage you along the way-but also get real and call you out when necessary. If you’re struggling with your finances, getting a good accountability partner is a brilliant plan. That’s categorically false.ĭon’t get me wrong. Raise your hand if you think accountability partners are just for people who don’t have their lives together. Then it isn’t a problem-it’s part of the plan!) (Pro tip: Budget ahead of time for a band T-shirt. Nothing is hidden or mindlessly spent in the drive thru, checkout line, or merch table at that once-in-a-lifetime reunion tour. This gives every single dollar you make a job to do. That means if you make $4,000 a month, everything you give, save or spend equals $4,000. This “zero” I’m talking about is zero-based budgeting (income – expenses = zero). Leave a buffer in there of a few hundred bucks so you don’t accidentally overdraft. What’s this “zero” business? No, it doesn’t mean you walk around with zero dollars in your bank account. Make a new budget each month (before the month begins).Subtract your expenses from your income (and this should be zero).List your expenses (all the money going out).List your income (all the money coming in).And it’s not as complicated as you think! You just: Want to make sure you can afford tickets to see your favorite emo band’s reunion tour? Budget.įrom the big to small to in-between money goals, a budget is how you’ll make it all happen. Want to pay off your credit card debt? Budget. And guess what: No matter what you’re hoping to accomplish with that money, budgeting is the first step to get you there. So, I’m here with eight money tips for singles to get your confidence up and your financial stress down!Ī budget is just a plan for your money. But no matter what your pros and cons list looks like, getting ahead with your money is a big job. Cons? A single income with less accountability. Pros? No money fights (unless you fight the voice inside your head). Just like anything else in life, managing your money when you’re single has its pros and cons.
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