Here are tips from the top ten money experts to help you in the new year
This story originally appeared on Black Enterprise
Ground Image | Shutterstock2023 looms on the horizon now that it's December and promises to be another year of instability with inflation still rising, unemployment and the country heading into recession.
If you're a budding entrepreneur, investor, or someone looking to build wealth, doing it the right way will take research, a restless mindset, and the right information. BLACK ENTERPRISE is here to help with ten tips from top financial experts to help you in the new year.
Determine your financial goalsEveryone has different goals. Whether it's repairing credit, saving for retirement, buying a home, or paying for college, the first step is knowing what you want to do in the new year.< /p>
Determining your short-term and long-term financial goals is the first step to achieving them and will also prevent you from setting goals that are too high.
"One of the challenges with goal setting is 'all or nothing' thinking," Brittney Castro, Certified Financial Planner at Mint, told NBC. when we do things like that, we set ourselves up for failure because we don't take into consideration all the grays of life."
BudgetThe second step in any financial plan is budgeting. Whatever your goals, save, restore credit, or build wealth, you can't take the path to financial freedom without a card and you budget for that card.
“My best tip for tracking, organizing, and staying in control of my finances is to create a monthly budget or spending plan (for those who find the word budget really boring). not be outdated -emphasized because having a budget helps me," said Esther Mukoro, money coach and founder of Money Nuggets at Liberty Paperwork Solutions.
If you can't stick to your budget, plan your spendingIf you have set budget after budget and are constantly going through them, it may be easier to create a spending plan instead.
"The concept of living on a spending plan instead of a budget can give you freedom and peace of mind," Loreen Gilbert, wealth manager and CEO of WealthWise Financial Services told Bankrate.< /p>
Plus, a spending plan lets you choose what to spend your money on instead of focusing on what you can't buy. Start with necessary expenses, rent, food services and savings. Money management apps can also help you track things and make automated payments or transfers.
Regularly monitor your accounts and purchasesSome months people can be thrifty, while others can spend a little too much if problems or events arise. Regularly monitoring your accounts will not show you where your money is going, but will also show you when your spending is getting out of control. Plus, it can also help you know when it's time to cut back on your expenses and save more.
“Check your account balances daily and see where your money is really going. This can also help you see when your funds are getting too low and you need to limit your spending. 30 days. and also write down how they felt after the purchase. Often we spend mindlessly and not necessarily within the framework of our values. This exercise can be eye-opening," said Melanie Lockert, author and founder of the blog Dear Debt to Liberty Solutions.
Plan monthly weekends without expensesOne of the best ways to save money is not to stay at home. No-Spend Weekends are a great way to give your accounts a...
This story originally appeared on Black Enterprise
Ground Image | Shutterstock2023 looms on the horizon now that it's December and promises to be another year of instability with inflation still rising, unemployment and the country heading into recession.
If you're a budding entrepreneur, investor, or someone looking to build wealth, doing it the right way will take research, a restless mindset, and the right information. BLACK ENTERPRISE is here to help with ten tips from top financial experts to help you in the new year.
Determine your financial goalsEveryone has different goals. Whether it's repairing credit, saving for retirement, buying a home, or paying for college, the first step is knowing what you want to do in the new year.< /p>
Determining your short-term and long-term financial goals is the first step to achieving them and will also prevent you from setting goals that are too high.
"One of the challenges with goal setting is 'all or nothing' thinking," Brittney Castro, Certified Financial Planner at Mint, told NBC. when we do things like that, we set ourselves up for failure because we don't take into consideration all the grays of life."
BudgetThe second step in any financial plan is budgeting. Whatever your goals, save, restore credit, or build wealth, you can't take the path to financial freedom without a card and you budget for that card.
“My best tip for tracking, organizing, and staying in control of my finances is to create a monthly budget or spending plan (for those who find the word budget really boring). not be outdated -emphasized because having a budget helps me," said Esther Mukoro, money coach and founder of Money Nuggets at Liberty Paperwork Solutions.
If you can't stick to your budget, plan your spendingIf you have set budget after budget and are constantly going through them, it may be easier to create a spending plan instead.
"The concept of living on a spending plan instead of a budget can give you freedom and peace of mind," Loreen Gilbert, wealth manager and CEO of WealthWise Financial Services told Bankrate.< /p>
Plus, a spending plan lets you choose what to spend your money on instead of focusing on what you can't buy. Start with necessary expenses, rent, food services and savings. Money management apps can also help you track things and make automated payments or transfers.
Regularly monitor your accounts and purchasesSome months people can be thrifty, while others can spend a little too much if problems or events arise. Regularly monitoring your accounts will not show you where your money is going, but will also show you when your spending is getting out of control. Plus, it can also help you know when it's time to cut back on your expenses and save more.
“Check your account balances daily and see where your money is really going. This can also help you see when your funds are getting too low and you need to limit your spending. 30 days. and also write down how they felt after the purchase. Often we spend mindlessly and not necessarily within the framework of our values. This exercise can be eye-opening," said Melanie Lockert, author and founder of the blog Dear Debt to Liberty Solutions.
Plan monthly weekends without expensesOne of the best ways to save money is not to stay at home. No-Spend Weekends are a great way to give your accounts a...
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