According to the latest studies, Millennials are $1 trillion in debt 🤯, but they’re better at saving for retirement than previous generations.
We think there’s a way to bridge the gap between paying off debt (of any kind) and saving for your future… and it starts with knowing how much cold, hard cash you should be saving and how much you should be investing.
Here’s a few tips for you: ✅ If you have debt, you may need to pay off that debt before you bank-roll your emergency fund.
✅ In most cases, you should continue to pay down your debts *while* building up those funds.
✅ Save up 3-6 months of expenses (personal and business).
✅ Once you hit those targets, invest the rest!
Of course, everyone is different, which is why talking to a CERTIFIED FINANCIAL PLANNER can be so valuable. Your planner professional will be able to help you determine the right balance between debt // future savings // current security.
1 714 minutes ago
Money Tip | Auto Insurance
Do you spend way too much on your auto insurance? Check these tips out and see if you could lower your payments today!
AD | It's great that it's not just us that wants to save money... now our youngest wants to join in too!! This week, we have been challenged by @SmartEnergyGB to find a way to be more energy efficient. We are already quite good at doing things like turning off plugs when they're not in use and switching off lights, so we're calling on the kids to get involved too. Head over to stories to see what we're up to.
Even small things like turning off the lights can have a big impact to help reduce climate change.
Remember, share your best energy saving tips with us and you could win a Pressure King Pro.
Search "I want a smart meter" or call 0300 131 8000 to request your own smart meter; and join in with our challenge to use less energy, save money, and create a better environment.
Without the support of pensions, many Baby Boomers are finding themselves unprepared for the possibly 30+ years they’ll spend in retirement. If you’re ten, twenty, or even thirty years from retirement, know that creating a plan now will pay huge dividends for your future.
2 131 hour ago
Ranking Parcial dos 10 melhores Robôs de hoje
🐾Money Tip #16 🐾
Don’t take on more financial responsibility than you can handle!🙅🏻♀️
This is a tough one, and I’m sure many people will disagree with me here, but this has been huge for our success with money.
➡️Remember this: Your AGE is not a factor when looking at how much financial responsibility you should take on. Look at the baby steps and evaluate the risk!⚖️
The 2 areas that people tend to take on too much responsibility:
Pets are not super expensive, but if a person is living paycheck to paycheck this could be the thing that tips the scale against them.
It’s FUN to spoil your dog and it’s incredibly EASY to do!! But if you’re paying off debt, this can slow you down significantly and make the process more stressful.
We waited to get Milo💕 until Ethan had been at his job for over a year and I felt confident about the future of the business.
I would say baby step 3 is a great time to widen financial responsibility with pets. It’s all about reducing risk during baby step 2 so you can get out of debt FAST!🏃🏻♀️
2. Home Ownership
Ideally, housing should be 25% of a person’s income. This can be skewed when looking at buying a house because the monthly costs will be MORE than just a mortgage and utilities!
For example, off the top of my head, just this month Ethan and I
🌲had to pay to get a dead tree taken out
🔧had our weed eater break so we have to pay for parts to get that fixed
🧰had our yard cart break so we got a “new” wheelbarrow
😐bought gas for the lawn mower
🛠our garage door kept tripping the breaker so we had lots of trips to Home Depot to figure that out 🤦🏻♀️
Home ownership costs A LOT more than just the monthly mortgage and utilities!
It’s a financial responsibility that adds a lot of risk to the equation if it’s not accounted for.😟
• #debtfreecommunity#livelikenooneelse#debtfree #gradschoolproblems#debtfreedom#personalfinance#gradschool #financialfreedom#financialpeaceuniversity#financialpeace#money#budgeting#debtfreescream#graduation#babysteps#financialcoach#financialcoaching#dfc#frugalliving#debtsnowball#teamtinyshovel#frugal#jessiemariebookkeeping#fpu#moneytips#graduate
0 211 hour ago
"Budget" can be an intimidating word and process. Ease your way in by first getting an understanding of how much you actually spend in a month and how much you actually receive from your paycheck. Just being aware of these two data points can have a positive impact on your spending habits. Happy Money Monday!