Financial Tips #1 - Basic Personal Financial Management

With the times we are living in (COVID-19, Job Loss), financial responsibility, accountable and money moves is key to pushing forward.

 Here are some financial tips to moving forward:

1. If not Working, file for Unemployment  - for the jobless that are citizens or have a social security number (someone let me know that even if you are not a citizen but have a social security number), you can file. Many have reported that they are making more money being unemployed than working...but that scenario is only temporary.

Go to this link:

 https://dol.ny.gov/unemployment/unemployment-insurance-assistance

2. Open Up a High Interest Savings Account - Open up a high-interest savings account up to 2%. This is a form of passive income where your money will grow while you sleep. You have a higher return than your checking account and regular savings account.

American Express, HSBC Bank and Capital One are some of the institutions that offer high-interest savings account. Click here to see more:

https://www.thebalance.com/best-savings-account-interest-rates-4164054

3. Invest Your Money (Mutual Funds, Roth IRA) - I am all about multiplying my earnings. Investing in Mutual Funds is the way to go. Mutual Funds are a group of stocks that can be invested in instead of individual stocks. For example, there are mutual funds under Energy. Every stock company is involved in energy (Exxon, Conoco, Shell) will be grouped together so that you can increase your financial wealth instead investing in one stock. 

There are two apps: Stash and Robinhood that helps an investor apply money to mutual funds to increase your income for a low price. You can start investing with just $1. Over a long-term period, the dividends you receive can become income for you at retirement

If you have $3,000 or more to invest, I recommend Vanguard and/or Fidelity. I personally use Vanguard for mutual funds investing as well as IRA retirement investing. If you need more info about investing you can consult a financial advisor or go to this link:

https://www.thebalance.com/should-you-buy-mutual-funds-2466494

If you don't have a retirement account through your 9 to 5 job or you are working for yourself, open up a ROTH IRA account. If you want to know the difference between a traditional vs roth ira account read this link:

https://www.thebalance.com/how-to-choose-the-right-ira-roth-iras-vs-traditional-iras-1289314

If you want a suggestions of companies that offer the best IRA accounts, check this link: 

https://www.thebalance.com/best-retirement-plans-4175463

 

4. Free Travel Miles Credit Card - It you are deep in debt with your credit cards, PAY OFF YOUR CREDIT CARDS FIRST. If this is not your issue, enjoy free plane tickets while increasing your credit score. This is how it works: If your rent is $1,500 and your credit card limit is $2,000, you can use your credit card to pay the rent and then use cash from your paycheck to pay the credit card. The credit card is paid off an you earn points every month. To qualify, you will need a good credit score. Some of the best travel miles credit cards include Chase Sapphire, Wells Fargo, United and More..Check out this link:

https://www.thebalance.com/a-beginner-s-guide-to-travel-points-credit-cards-4588392

5. Start your Own Business - There are several ways to earn income including:

     A. Selling products on Ebay or Poshmark -Sell your used items and/or creating your own products.

     B. Being a Secret Shopper - Get paid to go stores/restaurants and evaluate the products or the meals for money

     C. Selling items through dropshipping or your own product creation with Shopify - Open up a store with a free 14-day trial and start your own business right away. Purchase affordable shopify themes starting at $20!!! PURCHASE TODAY!

     D. Blogging through Wordpress - Create income blogging what you love and get paid for it with partnerships through digital products that you create, google adsense and shopstyle/rewardstyle. Download some affordable Wordpress themes at ENVATO.  Go to Wordpress.com to start your blog

     E. Become a Youtuber - Collaborate with brands and create wealth through video creation, google adsense and T-shirts

     F. Professional Services - Offer professional services such as Accounting, Real Estate, Health, Law, Performing Arts, Creative Arts, Architecture, Engineering, Actuary, Etc..

6. Financial Books - Create an excel worksheet or use a financial software that will keep your finances in order and give you an overview as to the current state of your finances. You can use online budget planners such as Freshbooks, Mint and more,,

Get a free budget template here:

https://www.vertex42.com/ExcelTemplates/money-management-template.html

Financial Software Recommendations:

https://www.thebalance.com/top-8-free-personal-finance-software-choices-1293614

7. Unnecessary Spending - Look at your finances and see what you can cut out in order to add more money to your savings and investment accounts. Here are some suggestions:

 

  • Eating Out - I love eating out but when you have a higher financial goal, you have to cut down on the food budget. I use the company FIT & FRESH to order containers and bags. You can cook meals or bring a sandwich/soup to work. Here are two links to Fit and Fresh Products:

         Fit and Fresh Amazon

         Fit and Fresh Walmart

 

  • Cell Phone - My cell phone bill was constantly through the roof and it wasn't because I was constantly on the phone. The fees were astronomical and I needed a change. Seek out mobile companies that offer unlimited $45 deals to cut down on phone expenses. If you want to keep your phone, seek out mobile companies that offer a SIM card compatible with your cell phone. One of those companies is Mint Mobile. Check them out!

 

  • Vacation - Instead of using your credit card or cash, use your travel points from your travel miles credit card to go on vacation and save money. If you don't have a credit card due to poor credit, save some money every month that goes toward your vacation expense.   https://www.thebalance.com/what-are-credit-card-points-worth-4799294

 

  • Shopping through Layaways- Aside from putting aside money in your savings accounts, I have found a way to pay for some of my clothing and other items through layaway. It disciplines you to save money every month to pay off your items instead of using a credit card. Try it. It works. Burlington Coat Factory is my favorite store to do this.  https://www.thebalance.com/stores-with-layaway-plans-939882

 

  • Cash Back App - DOSH, a cash back app, is an app that gives cash back on your purchases. From restaurants, grocery stores, clothing and jewelry stores to hotels, get up to 10% cash back and up to 40% cash back on hotels. On top of that, when you refer a friend, you get $5. SIGN UP TODAY!!

BudgetCash appHigh interest savings accountInvestingPersonal financial tipsSpending

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