Updated: Jul 31
Once your ducks are in a row, you'll be ready to start your investing journey. But before you can do that, we need to ensure you have some basics covered. So where should we start? How about focusing on the top two "Financial Ducks"—saving and budgeting? Let's break down why they're so important.
Saving is key because it helps you build up your wealth and gives you security. If you don't save, there's a chance that one day you might not have enough money to pay for an emergency expense or even keep up with bills. Saving money ensures that you always have access to cash, which means peace of mind. And when we have an excess of savings—we can start investing!
Saving is key because it helps you build up your wealth and gives you security.
Budgeting helps you stay in control of your finances by teaching you how much money is coming in and going out every month. This way, if spending goes over budget or income is lower than expected, then adjustments can be made before any major problems arise. A budget also helps set boundaries around purchases so that they're less likely to happen impulsively. By setting budgets for different areas of life (e.g., groceries) and sticking to them, we end up saving more money overall—which means more money for other important things in life.
Creating a budget is an important first step, but it's also important to make sure it's realistic and achievable. If you're not sure where your money goes each month or how much you can afford to put toward savings each month, then start tracking all spending now with a tracker app like Mint!
Are you ready for your extreme budget makeover?
Join Jessica Perrone, founder of Her Financial IQ, and Frenchesca Johnson, founder of The Budget Formula, as they discuss extreme budget📄makeovers! 💰💸Frenchesca's story and
budget-cutting strategies will inspire and motivate you to get your "Financial Ducks" in a row! 💯
They're talking spending diets and saving sprees.
A spending diet is when you put yourself on a tighter budget for a specific amount of time to reach a particular financial goal.
A saving spree is when you get very creative and focused on finding ways to save extra money to reach a specific financial goal. It’s a great way to get in the habit of saving money, but it can also be a fun challenge.
Watch the episode here: https://www.youtube.com/live/hymGcPRA9-Q?feature=share
Looking to increase your financial knowledge and strengthen your saving and spending skills? Check out our fantastic HerFinIQ courses. They're designed to help you take control of your finances, make smarter money decisions and invest wisely.
In the "Before Investing" course, Jessica Perrone helps you get the 5 "Financial Ducks" in a row and ready to invest!
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Dear Friend: This content is for educational purposes only and is not investment, tax, or financial advice. Always do your own research. You are solely responsible for all investment, tax, and financial decisions that you make. Please read the full disclaimer here.