This is a sponsored post with CreditRepair.com. All opinions are 100% our own.
When it comes to getting your financial health in shape there is a lot to think about!
Don’t we all want to be independently wealthy or financial independent? We want to be able to pay for our lifestyles without help- and maybe without working!
It can be completely overwhelming and stressful trying to pay all our bills and debts with our hard-earned income!
It’s easy to slip into the mindset that good money management needs to be all or nothing.
Luckily for you, that’s simply not the case.
Taking some small money moves in the right direction over a long period of time can and will make a world of difference in reaching your financial goals.
Here Are 5 Smart Money Moves to Make Today
1. Organize Your Financial Life
It goes without saying but I will say it anyway. In order to become debt-free and start building wealth, you need to get your financial life under control and organized.
If you are married you know this is easier said than done. Getting on the same page with your finances with your spouse can be a difficult challenge but there is hope!
In today’s digital society there are many financial platforms and money managing apps that will help you get started.
Two of our favorites are Mint and Personal Capital. They are both free, can be used on both desktop and mobile app, and pack a punch when it comes to keeping your finances organized.
If you don’t get organized and make a plan for your money it’s impossible to reach your financial goals.
To do: Tonight sit down with your significant other and start taking action creating the dream life you have always wanted.
2. Start a Budget and Stick to it
Budgeting is not something that equals a fun night in, but it does mean that fun things can be sorted out and paid for, without worrying about how the bills are going to be paid.
Writing down your income, expenses and allocating the leftover money to savings and fun stuff, sounds like a no-brainer to me.
Trust me, we have been budgeting for over a decade now!
I know for a fact we would not have been able to pay off $25,000 in student loans in under 5 months, top $100,000 net worth, and go on many once and a lifetime vacation before turning 30 without a budget.
Take a second and change your mindset about budgeting. It’s not something to constrain your money but rather free up your money to do more of the things you love.
3. Build an Emergency Fund and Pay Off Debt
So how do you handle life when it slaps you in the face with a huge medical bill, car repair, or death in the family?
Do you stress out like crazy, reach for your nearest credit card, and swipe it like it’s not affecting your life?
Stop the madness! You NEED an emergency fund set up, like, yesterday!
Unfortunately, life is going to throw things at you and you need to be ready financially.
Saving up $1,000 in a high yield savings account is a great way to have a buffer when things get rough.
But, remember that once you tap into your emergency fund it’s time to switch your priorities around and fill it back up.
Having an emergency fund will protect you from falling into the trap of going into more debt and ruining your financial future when things go south.
Once the dust settles, make sure to get back on track paying off your debts to get rid of them!
To do: Save $1,000 in a high yield savings account and start paying off debt.
4. Start Investing Your Money
Investing our money is something that I need to concentrate more on, because how many millionaires do you know of, that don’t make money from saving and investing? Exactly – not many!
The problem with investing is that there is no sure-fire system out there that will tell you exactly what you have to do, and there are so many options that it’s easy to be overwhelmed.
I’ve thought of a solution though – robo-advisors. They do the work for you, so you are investing, but you don’t personally need to invest a lot of time into doing it.
Our absolute favorite robo investment platform and one we highly recommend is Betterment.
A lot of the time, it’s a lack of knowledge and the worry of starting something new that holds me back, but I’m over it. I’m stepping out of my comfort zone this year, and it’s going to be great!
5. Start a Side Hustle
A side hustle is a term that is being used more and more frequently – you have probably come across it by now, but if you haven’t, a side hustle is essentially something that you do on the side of your regular job to bring in some more money.
I know that the thought of more work isn’t something we are all going to jump at.
The fact of the matter is though, I want to reach my goals now. More money made means more money to throw at my goals, so I’m all for it.
Here are the best side hustle ideas you can start today:
- Book Keeping
- Facebook Ad manager
- Teaching English online
- Freelance work (writing, social media management, graphic design, etc)
- Running a Shopify store
BONUS: Fix Your Credit Score
Believe it or not, your credit score has a huge impact on your financial health.
Having a low damaged credit score can impact your ability to land a job, rent an apartment, or even purchase a house or car.
It’s always a good habit to understand your credit score and monitor it regularly so it does not negatively impact your life.
If you are currently struggling with your credit score and are looking for some guidance we highly recommend reaching out to CreditRepair.com.
They have some of the best credit repair experts around waiting to help you repair your credit today.
What Money Move Should You Do Right Now?
The most important money move you can make is getting extremely organized and setting financial goals to go after.
Without setting super specific goals it’s near impossible to pay off debt and build wealth like you want to.
Take action today and start your journey into building your dream life of financial freedom.