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Balancing financial priorities during a pandemic?
I’ve been procrastinating with taking a good look at my financial priorities and I’m looking for some guidance to take steps forward. How do you think about long-term finance strategies? How do you commit to your plan and trust that you’re getting ever closer to the lifestyle you want? Any and all advice -- especially during this time - is much appreciated!
SheIsSoMoneyMaking more money for women and #girlbosses
46
05/29/20 at 1:15PM UTC
I highly recommend talking with a financial advisor. Whether it's me or someone else, we can help you set your budget, create a portfolio, prioritize all your different goals, ensure you're saving in the most tax-efficient accounts, and help hold you accountable.
Feel free to reach out if you have questions; personally I have a $1 minimum asset requirement.
MoneyCareerMotherhoodSmart financial decisions for work & home
175
05/27/20 at 5:37PM UTC
Get to know how you personally feel motivated and inspired. Sometimes having a big long-term goal but not being able to see how to get there is actually de-motivating. If motivation is your challenge (& it sounds like it may be if you feel like you're procrastinating), my biggest recommendation is just to get started and pay yourself first. Make savings in a small amount automatic each month -something you know you can afford. It may not be much at first, but congratulate yourself on making it happen! Your brain will be inspired by this and you'll be more likely to increase the amount.
Once you get some savings on autopilot, start tracking your spending. It's hard to make good financial decisions about what we're doing with our money unless we know where it's going. Hint - We're all worse at knowing where we spent our money than we think, so tracking is a must. Then you can start to make decisions about whether or not it's "worth it" to spend your money where you are.
User deleted comment on 05/27/20 at 2:06PM UTC
M Elizabeth IngramHR, administration, & benefits at work; mom of 2
730
05/26/20 at 7:29PM UTC
I have a personal asset spreadsheet - assets & liabilities that I use. For me, I look at the basic things I want - currently pay down debt and get 6 months savings. I have a monthly budget that includes those two items as weekly expenses. Each week, I put my budgeted amount (more if I can) to both debt repayment & savings and then update my asset spreadsheet to see the progress. For the debt repayment, I also have a box that shows how much progress I've made - the little weekly payments add up over time and remind me that I'm making real progress.
Good luck!
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