Beauties, can’t believe it, it’s already the beginning of the month again. How is the financial planning going, has it been started? Whatever the answer, planning your finances is important. This will help Beauties to manage their finances better.
Good planning will make the allocation of the salary received more focused. This will prevent Beauties from critical financial conditions. For example, broke at the end of the month. So, so that this doesn’t happen, Beauties can apply these 5 strategies.
1. Identify Financial Goals
Worker illustration/Photo: Pexels.com
Maybe Beauties have their own goals regarding their finances. For example, wanting to work and collect a salary for your dream home, or maybe for your dream holiday. Whatever it is, of course it’s fine. Quoted from CNBC, to be able to manage money well, the first step that must be taken is to know what you want to achieve through your finances.
In this case, it needs to be emphasized that Beauties must think about what is most important, then look at the values. In other words, something Beauties want to achieve should reflect what is important to Beauties, not what Beauties think is important. If you feel it doesn’t reflect the values that Beauties sets, there’s no problem if you just skip it.
2. Make an Emergency Estimate
Emergency budget/ Photo: Freepik.com/freepik
We cannot deny that nothing can guarantee that financial conditions will continue to run well. Therefore, an emergency fund is an important aspect of financial planning at the beginning of the month.
Quoted from Nerdwallet, an emergency budget can be started by setting aside a small amount of money first, then it can be increased over time. Beauties need to practice making it a routine first, until they finally feel the need and get used to this emergency fund.
3. Collect Past Financial Data
Recording finances/ Photo: Freepik.com/freepik
Quoted from Forbes, financial planning can be started by collecting financial data several months in advance. This includes expenses, cash, credit if any, debts and so on. This way, it can be seen how Beauties spend money over time.
Things like this also help Beauties to improve their financial planning, if there are things that they feel are still lacking from previous months. Improving financial planning over time is an important lesson.
4. Determine a Fixed Amount for Savings
Saving/ Photo: Freepik.com/jcomp
Planning how much income to save is one of the main foundations of any financial plan. Will Duffy, a financial consultant, suggests increasing the amount of savings if your income also increases.
This means, Beauties can set a fixed amount for savings in the form of a percentage so that if their income increases, Beauties will still be based on the predetermined percentage, with the nominal savings increasing.
5. Create a Separate Bank Account
Separate bank account/ Photo: Freepik.com/katemangostar
Financial planning can be more organized if Beauties start sorting out their storage places one by one. Why? Because the storage locations are separated, it makes it easier for Beauties to check and be truly aware of the financial conditions in each storage location.
In addition, by separating accounts, it will reduce the potential for money to be used for things it shouldn’t. This will make Beauties more careful about finances.
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