Although this is the final session for The Power of Know, this is the session that started it. Economic empowerment is what this series is about. Knowing yourself, managing your relationships, and going after what you want. In this session we were able to sit-down with renowned Financial Advisor Derrin also known as Deuce, so that he can provide you with some foundational financing tips to build your net worth and make your money work for you.
Monitor your Spending for one week
Identify the three things that you spend the most money on?
After monitoring, then reevaluate and try to cut back a little bit. That could be Sneaker’s, that could be shopping, going going out to eat, etc.
From there, once you figure out what you’re spending most of your money on it will be a lot easier to budget.
Prioritize Saving Your Money
Put your savings to the side and then budget what you can to spend on what you wanna spend it on.
Point three: Budget
I also want you to budget money so that you can spend it your way. It doesn’t have to be for necessities as far as an emergency fund or even a savings account. Just start budgeting for things that you’d like to do. Whether that’s sneakers whether you like to go out shopping, etc.
As soon as you get paid take some of the money put it to your savings account and budget the rest for things that you like to do. To still have fun while you’re saving at the same time.
For example if it’s a certain pair of sneakers that you want and you know when the release date is you can starts saving on a weekly bases. For that release date. So there’s a budget into your actual financial plan, so that when the release date comes you will be able to purchase those sneakers with no problem at all.
An easy way to start monitoring your spending is by using applications on your phone.
There’s an app called Mint. The app allows you to see what you’re spending most of your money on, and you’ll be able to go from there to reevaluate everything.
There’s also another app called acorns, that when you swipe your card it takes the chains from your balance and I will start investing into other things like penny stocks, and other things like that so that you can actually start making your money work for you.
The main thing that we want to talk about today is the reason why savings and budgeting is so important. It’s because you work hard to make your money. Now you want to make it work for you.
Published By J.D. Wright on 10/07/21