Even if you and your partner do not yet share finances, if you plan on doing so in the future, it’s good to start healthy money management habits now.
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Do you desire financial freedom? I DO!
While interviewing a few millionaires and people who are considered “Financially Free” and living the life of their dreams, each of them shared some tips about how to become financially free. So, here are 7 Easy Tips to Achieve Financial Freedom.
Set a SMART Goal.
Your first goal doesn’t have to be big. Your goal should be Small, Meaningful, Attainable, Reasonable & Timed, which will put you in a better financial position than you are right now. Making your goal too big or too difficult may make you feel defeated if you don’t or cannot reach it. For example, start by trying to save $500 in 6 months. Once you reach your goal, work towards the next one.
Control Spending.
Overspending is the assassin of savings and can keep you in financial bondage. By controlling your spending through a spending plan or budget will help you make better purchasing decisions. Also, do small things to avoid miscellaneous spending that takes a big chunk out of your budget. For example, avoid getting that $5 cup of coffee every morning; bring your lunch to work instead of eating out every day; look for season sales where you can get 50-75% discounts for clothes or technology; and cook dinner instead of eating out every night. You will see that you will save a heap of change over time.
Save with a passion.
You have to be passionate about your savings in order to make real substantial progress. Being half-hearted about your goals won’t get you anywhere. You maintain momentum when your saving is driven by your passion. Remember, financial freedom doesn’t come free, it comes with a price. In order to reach your goal of financial freedom for your future, you must first make small sacrifices now. Develop a monthly savings goal with an actual dollar figure and use discipline and self control to reach it.
Avoid high cost mistakes.
Major money mistakes are by far the best way to sabotage your financial future. We are all probably guilty of at least one big financial blunder in our past. In life there are always setbacks, delays, obstacles, and problems to overcome. If you can avoid high cost mistakes by staying focused on your priorities and goals, you can continue on your path with minimal or no disruption. If life throws a monkey wrench at you, remember to keep focused with positive thinking. Stay optimistic, even in the worst of times. Our attitude towards each problem, dictates our success or failure in overcoming them. Use any disruption or setback as a motivator to work harder, catapulting yourself forward.
Invest with diligence.
You don’t have to be a stock broker to know how to invest. All it takes is a little self-education and desire to do so. You can start by starting a 401k with your employer, if they offer it. If they don’t, then open a Traditional IRA (Individual Retirement Account) or Roth IRA. Start making small contributions to the retirement savings account on a consistent basis. For a 401k, you should make sure to contribute enough to get the company match, if they offer it. Most companies match contributions up to 6% of your weekly gross pay. Of course it will vary from one company to the next. Start contributing as soon and as much as possible. Starting at a young age will increase your chances of having a nice nest egg at retirement. Time and compounding will work for you.
Timing is Everything.
Bad timing in finances can be devastating. Moving ahead too quickly by making a purchase of a big ticket item before you can really afford it can be detrimental. Timing is crucial with purchasing and investing. For example, when purchasing a vehicle, go shopping in October, close to the end of the month. This is when most dealerships get their new shipment of the new year vehicles. They usually have great deals on current and past years models to make room for the upcoming year’s new models.
Create 7 Streams of Income.
Identify at least 7 ways that you can create revenue. Work on the first 2 – 3 by establishing a plan of action, seek assistance, and execute. Then work on the next 2. Streams of income could include Employment income, investments, home-based business, etc. This is powerful because if one of your streams of income is stopped or reduced, you will the others to fall back on. Helpful Hint: Be creative!!! Remember all great new businesses or ventures start with one small creative idea. Steve Jobs, the founder of Apple Computer started his business by selling his car for supplies and building his first computers in his parent’s garage.
Using these 7 easy tips will help you on your journey to financial freedom.
Comment your tips for financial freedom below.
When do you start talking about money in a relationship? While financial compatibility in a relationship is important, no one wants to explain their 10-year student loan payment plan on a first date. Nevertheless, money habits (especially the less-than-favorable ones) and debt should be out in the open long before a couple moves in together or gets engaged, in my opinion. Similarly, within the first year or two, I think it’s relatively easy to gauge whether your financial values align. If one person is pushing for an all-inclusive resort vacation in Tahiti, while the other would rather take a local weekend camping trip, it’s worth discussing the difference in spending styles.
For me, financial compatibility is not about how much my partner makes, or how much debt he has, but about how he chooses to spend his money and approach savings. I honestly don’t think I would see a future with someone who spends $50 at a bar every weekend but isn’t saving any money, simply because that’s not compatible with my relationship to money.
Because money is the “leading cause” of strain in relationships, it’s important to get comfortable talking about money with your partner in an open and non-judgmental way. To help navigate these love and money conversations, I outlined five financial conversations and when you should have them in a relationship. I then asked two financial professionals about each conversation and when it should come up. Ben Barzideh is a wealth advisor at Piershale Financial Group, a wealth management firm just outside of Chicago, and Kimberly Foss is a certified financial planner and president of California-based Empyrion Wealth Management. Here’s what they had to say about these five financial conversations.
Financial conversation: How much debt do you have?
When to have it: When it starts to “get serious,” which will be different for everyone, but likely in the first two years of a relationship.
Foss: ‘Fess up about the debt too soon and you risk scaring that special someone away. However, if you wait too long, it can complicate things. If you are becoming very serious in your relationship, it is time to speak up. [If you carry a lot of debt], think of the roles being reversed — wouldn’t you want to know? You might be surprised just how understanding and open your partner is.
Financial conversation: Are our money habits compatible? If not, how can we meet each other halfway?
When to have it: When it starts to get serious.
Foss: Some people are spenders and some are savers. This might seem harmless with small-scale purchases, but it will be a hurdle to overcome when financial obligations and necessities [come into play]. Similar to discussions about disclosing debt, honest communication about your attitude toward money can bring understanding and harmony to financial decisions.
Barzideh: You find out if your financial practices are compatible with your partner’s by having an open conversation to assess where you agree and where you disagree. The areas of disagreement need to be compromised on in order for the relationship to [progress] smoothly. It’s important to be considerate and respectful of your partner’s wishes and habits.
Financial conversation: What are your future money goals?
When to have it: Before moving in together.
Barzideh: In the first five years of a relationship, there needs to be a lot of open communication about every aspect of your current financial picture and also your vision for the future. One of the most critical components of a successful relationship is communication, which absolutely pertains to finances. It’s very important to create an accurate snapshot of [your] current financial situation. Identify core values, goals and priorities. Basically [ask each other], what are you looking to do with your money and your life?
Financial conversation: What’s mine and what’s yours? What happens to our shared purchases if we break up?
When to have it: Before moving it together.
Foss: Until you are married, keep major purchases separate and documented. Because you don’t have the same legal protections as married couples in case of a split, it’s a good idea to keep track of who paid what toward every major purchase. Detail out a “yours, mine and ours” list of furniture and household items when you move in together.
Financial conversation: Do we want to merge our finances?
When to have it: Around the time of engagement — or after at least a year of living together if you see each other as life partners but don’t plan on getting married.
Foss: Couples should do what’s right for them. I have a client who says she will never marry her significant other and never combine finances with him. I have another client who combined finances with her now-husband shortly after they were engaged. Typically, I recommend keeping finances separate until the knot is tied as the laws apply differently to married couples as opposed to two people cohabiting. If you do combine finances before marriage, [I recommend] leaving some accounts separate for personal needs or gifts and drafting an agreement (define who “owns” each financial account) before any finances are combined. It may or may not help you legally in the event of a nasty breakup, but it’s better than nothing.
This article originally appeared on Forbes.com by Maya Kachroo-Levine, a personal finance writer, editor and digital content consultant. She loves to find new ways to budget and side hustle, whether through her own trial and error or by interviewing other people. Her work has been featured on The Atlantic, Refinery29, LA Weekly, and Marie Claire, among others. Follow Maya Kachroo-Levine on Twitter: @mayakach.
Whether you are spending time with your longtime beau or with a new love on the special day, dating is always part of putting the spark into new relationships.
You may be asking yourself why ideas have to be inexpensive? Great question. Unfortunately, the dollar amount of gifts and dinners has uprooted the opportunity to spend and share quality time together on this commercialized day.
Do you still have an expensive piece of jewelry, teddy bear or article of clothing from an ex-boyfriend or girlfriend? You probably no longer value those items, correct?
On the other hand, can you remember that special moment like a conversation over coffee, walk in the park or perfectly timed moment in silence simply appreciating one another?
These are moments that you can’t put a dollar amount on, but we sincerely appreciate and yearn for more of them.
Here is a list of 10 inexpensive date ideas for new relationships. These ideas will hopefully promote conversation, fun and eliminate the superficial value placed on things.
Rent a movie.
Don’t rent just any movie though. Identify a movie that you have heard your mate mention as a favorite or one they have wanted to see. Create an atmosphere where you cook or cater a special meal and your atmosphere is now set.
Play a sport together.
You might laugh at this idea, but I’ve heard a number of women express appreciation and pleasure after a day of tennis, golf or even putt-putt. Of course you might have to dress the date up with a neatly packed basket of gourmet sandwiches, wine and dessert for your post-activity enjoyment.
Go ice or rollerskating.
If you are willing to put down your guards and expose yourself to some potential embarrassment, ice or roller-skating are fun ways to spend time together.
Have a board game night.
A board game of your choice accompanied by a great meal, wine and cheesecake can allow you to spend quality time together. Playing board games also breaks the monotony of the normal date experience.
Go bowling.
This is one of my favorites. Bowling allows you to place yourself in a not-so-normal recreational environment. A number of cities offer bowling establishments that are different than one you grew up with. Many have upscale locations that create more social friendly, culturally relevant environments.
Have a day in the park.
The day in the park alternative is one that is often overlooked, but those who take advantage of them are often greeted with great conversations and the opportunity to learn more about that special person. Hey ladies, if your man is one who lacks communication, these boundary-free environments are usually great at eliminating walls of communication.
Go bicycling.
Before heading out for a night on the town, get your joint workout in by bicycling across your city. Places like the Silver Comet Trail (Atlanta, GA) provide bike rental shops and a dedicated trail for you to explore together. Take on a 10, 20 or 30-mile ride and then celebrate by visiting a local cafe for breakfast or lunch. This allows you an opportunity to decide whether or not you want to attend a movie or restaurant with live music later in the evening.
Hike a mountain.
Not for the faint of heart, hiking a mountain provides both a fitness outlet and opportunity to openly communicate throughout the experience. Since a number of people are becoming more health conscious, any opportunity to combine getting fit with quality time is great alternative.
Stage play/Live Performance.
Stage plays and live performances allow you to get dressed-up and enjoy a day/night of entertainment. Women especially appreciate being able to get dolled-up and enjoy the cultural experience offered by the arts and music.
Go to a driving range.
With the popularity of golf increasing, more and more people have an increased interest in learning or exploring the game. Taking a date to the driving range allows you to instruct, if you’re good, or learn together if you’re both rookies. It’s fun to learn or at least be goofy while having fun with one another.
Any other ideas on fun, inexpensive dates? Leave a comment below.
This article originally appeared on BlackEnterprise.com by Kenny Pugh, a coach, speaker and Manager of KTP Financial, LLC. He leverages his expertise to help clients improve their businesses, finances and relationships. Kenny Pugh has over 17 years of business experience primarily in the financial services industry. Follow Kenny Pugh on Twitter: @mrkennypugh.
Financial Freedom, like salvation, is available for any and everyone. However, even though you have access to it, there are principles or "commandments" that should be obeyed. So, here are…
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Everyone wants to save on groceries, but it’s not always obvious how to eat cheaply.
Here are some tips for every type of shopper — and eater.
The number cruncher
If you want to get your costs down as much as possible, consider clipping coupons or using a rebate app to make sure you don’t miss out on deals.
Rebate apps work like high-tech coupons: The app will show you rebates available on certain items. After you buy those items at the grocery store, you can snap a picture of your receipt and your refunds will become available. You can transfer them into a PayPal account.
Related: How to split the tab (without losing friends)
You can also keep costs down by comparison shopping — shopping at different stores for the best price on each item on your list.
“I typically will look at the [store’s] weekly circular online, and depending on what is on sale, that’ll determine what we’re eating that week and whether or not we’ll buy in bulk,” says Anne Marie Ashworth, a certified financial planner with Abacus Planning Group in Columbia, South Carolina.
The healthy eater
It may feel like a challenge, but there are ways to keep your grocery budget in check while still buying healthy foods. For organic produce, check out low-cost grocery stores like Aldi.
To spend less on fruits and vegetables in general, shop according to what’s in season. You can buy seasonal produce in bulk and freeze it for soups or smoothies at a later date. Avoid buying fresh, pre-chopped vegetables, which are often more expensive.
The online shopper
Amazon, Instacart and many local grocery stores offer online food shopping.
Roger Ma, a certified financial planner based in New York, says he uses the online grocery service FreshDirect almost exclusively.
To save money, Ma plans meals around what’s on sale and buys discounted non-perishable items in bulk. He also uses FreshDirect’s DeliveryPass, a flat fee for unlimited deliveries, to keep delivery costs down.
Amazon Prime members are also eligible for free shipping on some orders.
Related: Want To Save More Money? Why You Should Shop Online More Often
The planning averse
Planning ahead is a good way to stick to a budget, but it can be tricky.
Jeana Salman, an LPL Financial Planner with Delta Community Retirement & Investment Services, recommends a meal-planning service called The Fresh 20 to help keep you on track. You can subscribe to different plans: a year-long subscription costs about $74 for access to grocery lists, meal-prep guides and recipes, and a cookbook.
The provider
If you spend a few hundred dollars on groceries each time you shop, you’d likely benefit from a credit card that gives extra cash back for groceries.
The American Express Blue Cash preferred card offers users 6% cash back on up to $6,000 in yearly purchases at U.S. supermarkets. According to American Express, customers who spend $400 at eligible stores per month can earn more than $300 back each year.
Originally appeared on Money.CNN.com and written by @dwbronner
