Tips

Five Tips to Save Money on a Tight Budget

Create A Budget

A budget is the most important tool for managing your finances and staying on track with your goals.

Cut Down on Unnecessary Spending

If you have Netflix, Hulu or other subscription services, consider pausing them to save more. Avoid eating out as often or ordering take out, opt for public transportation instead of Ubers and any other discretionary spending that you can lower, be sure to do so!

Use Coupons

When you do need to make purchases, shop around for the best deals and use coupons or discount codes whenever possible. Buy generic brands instead of name-brand products, which are often more expensive.

Set A Savings Goal

Having a financial goal, you have a potential end result that will keep you MOTIVATED, ACCOUNTABLE, and ENCOURAGE you to prioritize your budget.

Automation

Automation can help you budget via automatic transfers. You can start off small and have an amount that works for you to automatically transfer from your checking account to your savings account, as often as you’d like!

Seven Financial Habits That Will Change Your Life

Track Your Expenses

Create a budget and know where every dollar goes.

Set Financial Goals

Goal = Motivation. Saving for a trip, moving into a bigger home, if you set a goal you're more likely to follow through.

Save

3-6 months of expenses is the recommended amount to have in savings. If that's not doable, start with what you can.

Put your savings in a high yield savings account. It earns much more interest than traditional banks.

Invest

Invest for the long-term, consistently. Invest in index funds, ETFs, real estate, companies you believe in, and most importantly, invest in yourself.

Avoid Bad Debt

Avoid high interest rate debt via credit cards, and pay your cards off in full.

Take Advantage of 401 (k) and Other Retirement Savings Plans

Reduce your tax liability legally by taking advantage of 401 (k) and if your company matches, take advantage of that free* money!

Give Yourself Grace

If you feel behind, don't. Start now and with the right strategies put in place you'll be on the path to financial stability.

Seven Common Financial Mistakes To Avoid

One of the biggest financial mistakes you can make is not having a budget. Without a budget, it’s easy to lose track of your income and expenses, which can lead to overspending and debt.

Not investing is another financial mistake. Investing can help you grow your wealth over time and achieve your financial goals.

Another financial mistake to avoid is failing to build an emergency fund. Life is unpredictable, and having an emergency fund can help you better handle life’s curveballs.

Taking on too much debt is another common financial mistake. It’s easy to get into debt, especially credit card debt but it’s much harder to get out of it. Avoid taking on more debt that you can handle.

Not saving for retirement is another financial mistake to avoid. It’s crucial to start saving early and putting together a retirement plan. Consider setting up a retirement account or contributing to an employer’s 401(k) plan.

Failing to have insurance is another mistake that can be costly. Insurance such as health insurance or homeowners insurance, having the right insurance can protect you from financial loss in the event of an unexpected event.

Lastly, another financial mistake to avoid is failing to educate yourself about personal finance. Financial literacy is important, and it can help you make informed decisions for you and your family’s financial future.

Side Hustles

Freelance Writing

As a freelance writer, you have the flexibility of being able to work from anywhere and you can work on a variety of interesting topics for different clients.

Online Tutoring

As an online tutor, you can share your knowledge and help students achieve their academic goals, all while working on your own schedule.

Pet Sitting

Being a pet sitter is a rewarding side hustle for animal lovers, where you get to provide love and care to furry friends while their owners are away.

Virtual Assistance

As a virtual assistant, you can support busy entrepreneurs and business owners with a wide range of administrative tasks, from email management to scheduling and more!

Investing in Yourself: Increase Your Income

Invest in New Skills

With platforms such as Coursera and Udemy, you can invest in new skills and increase your income. Coursera allows you to learn without limits, they collaborate with over 275 universities and organizations on courses, certificates and degrees. There are different pathways: land your first job, advance in your role, switch to another role or explore different topics. Udemy allows you to purchase courses taught by subject matter experts to increase your skillset.

What's Next? LinkedIn Optimization

Update your LinkedIn and resume with your newly acquired skills.

The Importance of Building Wealth

Philanthropy

You can make a positive impact by contributing to charitable causes and support initiatives that improve society.

Financial Goals

You can achieve your financial goals, whether it's buying a home, starting a business, or retiring comfortably. It empowers you to turn dreams into reality.

Financial Freedom

Building wealth provides financial freedom, allowing you to pursue your dreams, support your loved ones, and enjoy a comfortable lifestyle.

Compound Interest

One of the most powerful tools for building wealth is compound interest. By starting early and consistently saving and investing, your money can grow exponentially over time.

Generational Wealth

Building wealth allows you to create a lasting impact by establishing a foundation for generational wealth and providing opportunities for your family and community.