Two of the greatest rewards that come with being a financial coach for Millennials is seeing a client become more confident about money and achieve her financial independence. Over the last nearly 20 years I’ve noticed financial wellness programs seem to go hand-in-hand with health and wellness programs. I see wellness as an all-encompassing endeavor that leads to a better quality of life. Financial peace of mind certainly plays a factor in getting you there!
If you want to become healthier in body, mind and spirit, it often pays (pun intended) to begin with your finances. It doesn’t matter what stage of life you’re in, focusing on your financial wellness is extremely important to your overall health and well-being. I firmly believe TODAY is the best day to take control of your financial life. Because when that happens, you start living your BEST life, and that’s what actually matters in the end. You can keep money simple.
Here are a few of my top tips for achieving financial wellness:
- Establish a Spending Plan
Ditch the budget, have a plan. This is the number one thing you can do to quickly start improving your financial standing. Start by listing your monthly money map by writing out what you MAKE, SPEND, and KEEP. Some people use apps and special software while others use a simple spreadsheet. No matter which you choose, this one step helps you live within your means and keeps you informed of where your money is ultimately going.
- Set Spending Limits
Once you create a money spending plan, you’ll need to track your money regularly. You’ll find it much easier to review where you spend your money. You can then make adjustments as needed to stay within the plan you set for yourself. You can also start finding ways to cut costs on items that you frequently buy using coupons, watching for sales and signing up for online discounts.
- Save, Save, Save
It’s crucial to have a savings account. No matter how small to start, some bit of money should be set aside from each paycheck. Most experts agree an emergency account that could support you for a few months is a good starter goal.
- Plan for Purchases
Most big-ticket buys come with hefty price tags, so be sure to plan ahead of time for them. For instance, if you have a vacation planned, save up for it. Purchasing a new car? Plan for that, too. Big purchase items get you in debt fast. Planning ahead might slow the process down, but it’s worth the wait to save on interest! I promise.
- Start Early Saving for Retirement
It’s never too soon to start retirement savings. Start today to set aside money in a retirement account that will be there for you in the future.
Take Control: Hire a Financial Coach for Millennials
For nearly two decades, I’ve been a financial coach for Millennials who want to get their money ducks in a row. I even wrote a book about it! I love inspiring and teaching Millennial women how to gain control of their finances and their lives by using my KISS system. Join my tribe today to learn everything it takes to do better with your money!