Prioritizing financial literacy all year is important, but how can you do it? Here’s what you should know as we leave November.
5 ways to stay financially savvy
How to stay financially savvy!
Brush up on basics
You must learn to walk before you can run, grasshopper. As November is Financial Literacy Month, we have an archive of tips and tricks to help you get your financial groove on. Take a peek here, before continuing, to ensure you’re financially covered.
Get an accountability buddy
We’re asking you to full-on embrace the cheesiness here because it works! As in any other area of life people struggle with, having a mentor specific to finance can be incredibly empowering. For those seeking to avoid fancy relationships like ‘mentorship,’ an accountability buddy is an equally great substitution.
Having someone other than yourself to be accountable, and setting hard deadlines, is a great way to empower the financially shaky to find (and stay on) solid ground. Don’t knock it till you try it, we guarantee you’ll be surprised at its effectiveness!
Read, read, read
Even if you’re not aspiring to be the next Warren Buffet, having a decent understanding of contemporary finance fundamentals in today’s kooky world (cough, Trump, cough) is an asset. It behooves you to read, my darlings – and if you haven’t time to get that Masters of Finance on the side, find an unbiased source for the latest news you trust. Our blog, and others like it, exist to prove easily attainable and readable content for our audience, you.
Know what thy saveth…
This may seem painstakingly obvious, but it’s important to continue to set aside money from each paycheck for savings. Ideally, approximately 20 per cent of your income is the magic number dedicated to financial priorities. This should include savings and debt like student loans and credit cards.
…And what thy spendeth
If dedicating 20 per cent of income to financial matters, what of the other 80 per cent? An easy and recommended rule of thumb is to base your budget on the 50-30-20 rules. Fifty per cent should go towards monthly expenses, like Netflix, cell phone bills, rent, and other fixed expenses. The other thirty is for flexible spending, items like groceries, gasoline, and entertainment. The twenty per cent, of course, is already going to financial matters.
This has been a Financial Literacy Month blog post from Clinton Wilkins Mortgage Team.
We’re your friendly neighborhood gluten-free mortgage brokers.
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