Hey guys hope all is well. Excited to share more tips around #BetterMoneyHabits in partnership with Bank of America. Today, I am giving a few tips that I put into action when I was preparing my finances. In order to take the leap of faith from a 9-5 job to an entrepreneur, I had to make sure that my bank accounts were just as prepped which meant dedicating my time to money management. Check out more ways here..
My two year anniversary for being a full-time entrepreneur is coming up in April and I still have to pinch myself sometimes to make sure I am not in a dream. So let's get to the meat of the ideas for preparing to work for yourself in today’s world. My first suggestion is to understand that your mindset + behaviors will most likely change and have to be continually monitored. Planning our finances is no one-stop shop, it's about creating responsible habits and discipline that result in a favorable lifestyle.
Here are my 3 quick tips that you can integrate into your financial planning today
Check your bank accounts and credit cards (frequently)
Have weekly check-ins with your finances online, look at your statements for any errors or discrepancies
You want to know your transactions like the back of your hand and be quick to reach out to your bank to reconcile any wrongs from misc. charges that can impact your finances or credit score
Also make sure to check the final bank statements at the end of the month to make sure they line up with your expenses.
Create Spending Limits
Setup alerts that notify you / restrict you from overspending
Do you best to limit large purchases, as these can really add up at the end of the year
Bank of America’s Spending & Budgeting Tool is a great way to keep up with your spending limits. This is located in their Mobile Banking app. Just select Spending & Budgeting in account details! Or check it out here!
Set Financial Goals
Making progress towards a goal creates momentum, which is something that can be a positive gust of wind at your back while aiming to become a full-time entrepreneur
Setting many types of goals will make you feel comfortable taking the leap to work for yourself (examples below)
Saving 2 months rent
Flat rate of $10K
For your side hustle to be worth your free time, make sure it brings in a minimum of 60% of your 9-5 income so that you’re not losing any money while doing what you love!
Just wanted to reiterate that the above tips are to help build positive behaviors in your finances. You can save multiple years of income up but if you have bad behaviors when it comes to your finances it can still have a very negative impact.
Whether you’re looking to make a career change or improve your budgeting skills, the Better Money Habits site has multiple articles for you to check out and learn so that you can add entrepreneur to your title.
Hope today’s post was helpful and that you are now in a position to have #BetterMoneyHabits!
Photographer: Mark Asuncion (@moodbymark)
Location: New York
In partnership with Bank of America
Let me know your thoughts on the photos, until next time!
Thank you for reading and Let Your Voice Be Heard Below!!