Money Monday: Financial Reset

Today’s Money Monday is different from all the others in the past. April is financial literacy month, and it is also the first month of the second quarter. Remember, in January, you laid out all those plans about how to manage your finances better in 2022. Now that the dust has settled or the new year’s resolution smoke has cleared, you realize that you are not achieving your goals and struggling. What can you do now? Take hope, my friends! Review your financial plans, and let’s make second-quarter adjustments. You can still achieve many things on your financial list this year. Today’s Money Monday is a word of encouragement and a reminder about your finances. Here is the list of some of my twenty-five financial reminders as I begin the second quarter of 2022.

The List

  1. Get paid your value and spend less than you make
  2. Create a financial vision board
  3. Improve your skill in what you do to earn a living
  4. Calculate and keep track of your net worth
  5. Create a financial calendar
  6. Check the interest rate or APR you are paying on your debt
  7. Budget a reasonable amount for lifestyle spending
  8. Save 20% for financial priorities
  9. Get a financial accountability partner
  10. Spend ON experiences, NOT things
  11. Shop alone to avoid overspending
  12. Comparison shop
  13. When you get a salary increase, increase your retirement saving
  14. Analyze your purchases by cost per use
  15. Keep your credit use below 30% of available credit
  16. Love yourself
  17. Keep your savings out of your checking account
  18. Pay your bills on time
  19. If renting, get renters insurance
  20. Review your credit card statements for errors and charges
  21. Remove all extra credit cards from your wallet
  22. Use the $15 rule when it comes to gifting
  23. Never bank on an inheritance to solve your financial problems
  24. Invest in yourself
  25. Start a side business

Let’s talk Money Monday on the Zoom Conversation on April 25, 2022, at 7:00 p.m. Sign up at: https://bit.ly/TTCM_Register

WHAT’S UP!

Today’s what’s up is about rising interest rates. While the rise in interest rates is not good for those with credit card debt and car loans, there may be good news. Between 2015 and 2018, the Federal Reserve raised interest rates to the point where savers benefited from amounts held in their saving or checking accounts. The interest you may earn on your checking or savings account could be close to the Federal Funds Rate. Without a more complicated explanation, just know it’s the rate at which banks could lend or borrow money from each other for overnight use of funds. You may see better interest rates in your checking and saving accounts as interest rates rise. And that’s what’s up! Let’s talk Money Monday fundamentals on the Zoom Conversation on April 25, 2022, at 7:00 p.m. Sign up at: https://bit.ly/TTCM_Register

Ruthven R. Phillip, Esq., is a tax attorney, Stewardship and Philanthropy Ministry Assistant, and CEO of Give2Getrich, LLC. Give2Get Rich, LLC 2022. All Rights Reserved. Any distribution or reproduction of part or all of the contents in any form is prohibited.

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