We all strive toward the peace of mind that comes with having a safety net to fall back on during tough times and the freedom to pursue our passions and dreams without worrying about our bank accounts.
Financial security isn’t just about accumulating wealth; it’s about creating a life of stability, confidence, and abundance. Taking control of your finances is essential in a world where economic landscapes can shift instantly. Once you know how to achieve it, financial security can feel attainable to everyone.
Recently, motivational expert Mel Robbins and award-winning financial educator Tiffany Aliche, known as “The Budgetnista,” shared valuable insights on achieving financial security. Their discussion highlighted five essential rules of money management that can lead to financial freedom and stability. From budgeting and debt management to saving strategies and credit improvement, these rules offer practical steps to take control of your finances and build a secure future.
1. Budget: Step one is writing down all your monthly spending (words only). Step two is writing down how much you spend monthly on those items. Step three is writing down all of your monthly income. Step four is deducting your total monthly spending from your monthly income to determine whether you’re in red or black. Next, if you’re outspending, label your expenses as follows. Put a “B” next to any mandatory bill (mortgage, college loan, car insurance). Place a “U” in front of any “B” that fluctuates based on usage (utilities, your cell phone data). Everything else is a “C,” a choice or cash (entertainment, groceries, clothing). If most of your income goes to your “B” or “UB” expenses, you’re likely not making enough money. You may be spending too much if you’re in the red because of “C” items. Creating a budget will bring expenses to the forefront to identify cost-saving areas; your goal should be to save 30% of your monthly income.
2. Debt: Create a debt list that reflects who you owe, how much you owe, when the debts are due, what the monthly interest rates are, and what the status is for each debt. Line up your debt from lowest to highest, and pay off the lowest first. Look at your money list and pull from optional “C” categories to pay off the lowest debts first. When the smallest debt is paid off, apply what used to be that debt’s minimum monthly payment toward the next largest debt, essentially doubling your debt payment. The trick here is not to view that first paid-off debt as “fun money” to spend on more category “C” items; pretend it doesn’t exist and automatically apply it toward the next debt. The Budgetnista calls this “the snowball effect.” You’re not coming out of pocket any additional money; you’re wisely repurposing freed-up money to remaining debt.
3. Savings: How do you save if you don’t have money? Sometimes, you can only save when income increases, but saving $5/week by eliminating one Starbucks is a small step that will lead to more significant savings. And news alert! You can oversave. The Budgetnista believes you don’t need more than one year’s expenses for an emergency fund. After that, the remaining money should be put to work (investing). As part of the savings rule, two other helpful pieces of advice apply. 3.1
4 Credit: Good news: if you worry about your credit and want to improve it, it’s easy to fix. Your credit score reflects 35% of your payment history, 30% of your amounts owed, and 35% of your credit experience. Healthy debt (mortgage) and disciplined financial behavior (paying your bills on time) help build your credit score. Use credit cards to pay small recurring expenses. Automate your bills to improve payment history.
5. Go Make More Money and Enjoy It! Create a “brag book” to show how much money you’ve made or saved your company. If you’ve made the company money, consider the value you brought to it “a salary correction.” Advocate for yourself for a pay raise. Unfortunately, women and people of color still earn less, and it’s often the squeaky wheel that gets oiled. Instead of being frustrated for being underpaid, shift that energy into building a case for yourself. Find a side hustle if you’ve advocated at work but have yet to get anywhere. Suppose you have a degree or certification in an area that’s attractive to others and can find a side hustle that only requires using existing skills. In that case, you’ve already elevated your desirability. Think of a preschool teacher who babysits and tutors on the weekends. Once you’re making more money, remember that it’s possible to oversave. Ask yourself, “To what end am I working and saving?” Your money should have meaning and purpose and fulfill you today, not just in a future that may or may not exist. Enjoy the present moment, even if it means spending some of that hard-earned money; time is an inevitable debt that will come due for all of us, and we can’t take our savings with us.
Are you interested in helping your audience (and yourself) take steps toward financial security? Visit our website today and explore keynote speakers who can help you leverage these insights to make informed financial decisions and pave the way for a brighter financial future. The Keynote Speakers recommends the financial planning prowess of field experts and speakers like Anne Lester, Sallie Krawcheck, and Morgan Housel.
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