Money Mindsets, Habits, and Behaviors
by Tracy Latona |
What if I told you that taking control of your finances would create more time for what matters most, money, peace of mind, and allow you to be the person you want to be?
Would you believe me?
Financial stress is something that 90% of Americans deal with, according to a survey from Thriving Wallet. Are you in the majority? Let’s take a step back and see how taking control of your finances would provide more time for what matters most, money, peace of mind, and allow you to be the person you want to be.
The focus this week is: Peace of Mind. I worked at Home Depot for several years, and often saw people crying in the aisles when they put every penny into getting a house, and didn’t have savings when something broke. About 60% of Americans cannot cover a $400 unexpected expense without debt. How would it feel for you to have a plan for your money to include setting aside savings to punch Murphy back in the face? It would turn a major crisis into an inconvenience! I’ve seen a 24 year-old cash flow their $1,000 car repair, a student cash flow their last semester of their masters degree, and budgets readjusted to pay for a surprise medical bill. Taking control of your money gives you a sense of control when the uncontrollable happens. You can’t control the car accident that totaled your car, but you CAN control having the right insurance and money set aside for emergencies. Controlling your finances, making a mission for your money (aka, a budget), destroying debt, and saving for life’s emergencies creates peace of mind. Now that’s a sigh of relief!
-If you haven’t already, create a budget and start tracking transactions
-Work towards a $1,000 starter Emergency Fund first, then the debt snowball to destroy debt
-As emergencies happen, readjust your budget first to accommodate as much as possible, and cashflow the rest from your emergency fund.
Golden Rose Financial Coaching