Financial advice

8 Money Moves to Help You Get Your Finances in Order

Growing up is the real world — real rent, real bills, and real student loan payments waiting to be collected. But most importantly - real goals. In the event that your student loan has affected your credit, as it does for many, and you now need money to fund your startup, there are still organizations that believe in and care for those with bad credit.

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To wake up in the morning, decide for myself what to do with the day, not encumbered by anyone else’s definition of what it means to be me, or what I should be doing.

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There are factors in spending money that sometimes pull us away from our goals, and it's important to develop healthier financial habits. After all, the journey to a healthy relationship with money begins with intention, planning and discipline. Together, these three can help transform the way we value, save and spend our money.

Here are 8 practical tips to help you on your financial journey.

1. Define what financial freedom means to you

You have to know where you want to go to get there. Setting clear intentions on lifestyle goals such as having enough to bet daily on the best betting sites.

What steps can be taken to help you afford your dream lifestyle in 5 years? What current habits add to or take away from your future goals? What can you do more or less to make it happen more effectively? These are the things we should ask ourselves if we are serious about realizing our financial goals.

Taking inspiration from Aunty Oprah, we could all learn a thing or two on defining what freedom means to us. Create your own definition of financial freedom, and instill—or eliminate—your habits accordingly.

2. Have multiple savings accounts

Savings options

Nothing brings peace of mind like knowing you have a cash cushion to tap into if needed. Whether it's debt, vacations, emergencies, surprise gigs, etc., allocating funds to goals of your choice encourages you to spend and save more wisely.

Savings accounts create more balance overall because you'll know where your money is going. Plus, there are a variety of savings options, from apps, to automated accounts, to manual deposits, to old school with a change jar in your room.

3. Check your statements

Looking at the numbers allows us to face our financial reality. How much money are you spending each day at lunch? Each week? Each month? When we can accept our money truths, we can then figure out what we need to improve.

Whether it’s adjusting our grocery list for meal prep, limiting that after-work rendezvous with your favorite happy hour menu or purchasing those cute shoes you know good and well you didn’t need, seeing these expenses can help us better manage our current spending habits.

4. Pay off your debt

Prudential surveyed 1,043 African-Americans about their financial experiences. Approximately eight in ten African Americans surveyed (79%) have at least some type of personal debt.

At some point, we've all experienced piled up bills that make us worry about our next cash move, and there's a clear link between debt and stress. According to a survey by the American Psychological Association, 72% of Americans say they feel stressed about money.

Debt can prevent us from achieving other short-term or long-term financial goals, while also hindering our emotional state. Set deadlines for paying off your big debts as well as your small ones. Making it a priority to reduce your debt - even a little at a time is a positive step forward. Have an end goal in mind so debt doesn't have the power to steal your joy.

5. Create a budget

Manage your money

The word budget makes us cringe. A budget makes you more disciplined and aware of your financial reality. As your self-control grows, you'll be able to curb those last-minute impulse purchases that we've all fallen prey to.

You will be able to know exactly where your money is going, properly plan for future goals and become more disciplined in how you manage your money.

6. Make a fun fund

You can't forget to add a fun fund to your budget, nowadays you can even do that and still earn money by investing. We all work hard and deserve to reap the rewards of our labor. Positive spending habits are key!

7. Carry cash

Swiping a debit or credit card gives us the illusion that we’re not spending as much as we think, since we don’t physically see the money coming out of our accounts. Let’s be honest with ourselves, we’re not on black card status—yet. You can better track what’s going in and going out if you use cash.

8. Get financially educated

People don't know that much about money and have relatively low financial literacy.

Taking advantage of financial resources near you is a valuable first step. Explore financial literacy programs that can help you learn more about proper money management and planning. For example, the New York Public Library offers a free Money Matters program that covers financial statements, credit and debt, investing in stocks, budgeting, and more.

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