FINANCIAL FITNESS BY RAINE ST.CLAIRE
Tips to help you achieve financial success in 2024 A month-to-month
planning guide
W
ith rising costs for essentials like food, fuel, and electricity, the new year presents an ideal opportunity to add financial fitness to our resolutions.
In simple terms, financial fitness means possessing the skills, knowledge, and tools to make wise money decisions. Basics like saving, debt management and contemplating retirement form the core of a financially fit lifestyle.And achieving financial fitness is very similar to developing a fitness routine - it demands planning, discipline, and perseverance. It involves an understanding of proven principles for a healthy life.
Much like adopting a fitness regimen brings benefits and confidence, being financially fit means skillfully managing money for present and future needs. Having, and sticking, to a financial plan helps save for emergencies, avoid debt, and build good credit, all crucial for financial security. To kickstart your journey to managing your money, here’s a monthly breakdown of practical tips to help you achieve financial fitness. TOP TIPS FOR FINANCIAL FITNESS 1. The 50-30-20 rule Allocate 50% of your money toward needs, 30% toward wants, and 20% toward savings, which includes money needed for future goals.
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20% Savings 20% Wants
2.
20% Needs
Automate your bank accounts Automate your bank accounts – a key practice of financially wise individuals. Set up automated transfers from your checking account to savings, bill payments, and contributions to retirement funds. This ensures a clear understanding of your spending, eliminates late fees, and designates leftover money
