Millennial Money Guide

💸 GET YOUR MONEY PRIORITIES STRAIGHT

If you did an audit of your recent spending today, what would it reveal about your priorities? 🤔

It's a common misconception that when you get on a budget, you have to deprive yourself of all the things you love

No more Starbucks, Target runs, or avocado toast!

🙅‍♀️ This however is the further way from the truth!

🚨 BUDGETING IS ABOUT REPRIORITIZATION, NOT DEPRIVATION 🚨

When it comes to your money, it’s important that your priorities are appropriately reflected with your spending habits and how you budget your money

☕ Maybe you love coffee but don't care about at all about having the latest iPhone or driving a new car

🍲 Maybe you never spend money at restaurants because preparing a delicious home-cooked meal brings you joy

🏡 Maybe saving a down payment for your first home is the most important thing to you right now and you've cut out everything else that might distract you from this goal

Your BUDGET should reflect these PRIORITIES

👉 ASK YOURSELF THIS: Do my spending habits properly align with my current priorities?

Stay tuned 😉

This week’s posts will be dedicated to my favorite tips, tricks, and advice on the topic of BUDGETING and SPENDING

💸

Rewriting your financial future starts with one teeny tiny choice
I know that sounds HELLA dramatic but stick with me here
From BARELY SURVIVING to THRIVING
From I CAN’T DO THIS to I CAN TOTALLY HANDLE THAT
From CLUELESS to CONFIDENT
For real though sis...what choices will YOU make today to change your tomorrow?
Here are a few ideas to get your gears spinning:
🐯 Take a break from your binge to create your first budget or update your current one (then come back here and comment below with what you thought about the show 😂)
📕 Read a chapter in that personal finance book collecting dust on the shelf before bed tonight
🤝 Make a commitment to tracking your spending for the rest of the month to see where your money is really going
💰 Open up a new savings account and get started on building your emergency fund
COMMENT BELOW: What small choice will you make today?
💸

QUESTION: How much should I save for my emergency fund? 🤔

✨ Bookmark this post for future reference!

1️⃣: 1-2 MONTHS
If you’re just getting started, aiming to save 1-2 months worth of expenses sets a solid foundation to build upon. Set a goal of saving this as quickly as possible if you’re starting from zero.
2️⃣: 3-6 MONTHS
Beyond that, the stability of your income should be considered. In general, 3 months' worth of expenses is suggested for households with more than one income, while 6 months is suggested if things are more unpredictable.
3️⃣: 12+ MONTHS
Although saving 3-6 months worth of expenses is often regarded as the standard, many people go a step beyond and build a 12+ month emergency fund. Doing so can provide even more freedom and financial security.
Remember, these are just suggestions.
.
👇 THINGS TO CONSIDER
When determining the actual dollar amount to save, take into consideration the expenses that would need to be covered in case of a sudden loss of income such as:
.
🏠 Rent
🚗 Car Note + Insurance
💡 Utilities
❤️ Health Insurance
🍊 Groceries
⛽️ Gas
.
You’ll notice that things like Netflix subscriptions and money for dining out aren’t included on the list. Sure, these things are nice to have, but when it comes down to it, they aren’t necessities.
COMMENT BELOW: Have you built your emergency fund?
💸

Double tap if you needed to hear this ❤️
Personal finance is a journey and no journey happens in a linear fashion. There will be twists, turns, detours, and roadblocks.
Recent happenings may have thrown you for a loop but remember this:
These are only temporary setbacks and you CAN and WILL get back on track
Give yourself some grace.
Tag a friend below who needs this word of encouragement today 💕
💸