Happy Friday, everybody! I’m not going to lie – this week has been thoroughly exhausting. It started out on a high with my hair appointment with @hmdstyle on Instagram (she’s a blonde wizard I swear) and quickly took a wrong turn as I was driving home. My body decided to mimic stroke-like symptoms and wound me in the back of an ambulance. 10/10 would not repeat. I’m on the mend with some neurology appointments in my future, and will keep you guys updated. ON A HAPPIER NOTE: we are going to be chatting all things finance today in honor of the meeting I had with my accountant last week and my partnership with Allstate. Let’s dive into this.
How To FINALLY Be In Charge Of Your Finances
Set a budget.
Well,obviously, Taylor. That’s kind of a no-brainer.Right, of course. But here are some tips you can use that you may not know:
- Be open with your partner from the get-go. If you are married or in a joint partnership, it’s so important to lay all your cards on the table so you guys can work together to create a budget that works for both of you.
- Be realistic. Don’t set a budget you can’t stick to. Make sure you lay all your bills out in front of you and start with the non-adjustable ones first.
- Visit THIS POST to get an in-depth guide to setting a usable budget.
Set specific financial goals.
This is important. If you want to buy a house, set a financial goal. If you want to pay off debt, set a financial goal. If you want your savings to hit a certain number, set a financial goal. Visible, achievable goals are the key to success.Keep track of what you are saving monthlyand even set up separate savings accounts to use.
Start an emergency fund.
Don’t let this one get away from you. We are already going to have a bunch of medical bills from specialist doctors, ambulance rides and ER visits this week but luckily we have a rainy day fund so we don’t have to be drowning in medical debtStart saving(even just a small amount) a month so you are protected when accidents happen.
Develop a plan for reducing or eliminating debt.
Almost everyone I know has student debt, medical debt, credit card debt. Basically, I bet everyone of you has SOME kind of debt. The goal is not to be crushed by the weight of your debt until you die. Use money management skills to make sure you are paying them off in a timely manner so you don’t pay a trillion dollars in interest.
Review your current insurance plans and shop for better ones.
You need an annual insurance review to make sure you stay on top of the most competitive rates and that there isn’t a gap in your insurance policies. There are several ways you can evaluate your current insurance policies and make sure they’re 100% up to snuff and don’t need any tweaking. Head on over to this handy Allstate post that breaks down easy tips for talking with your insurance agent to get right to the point and save you money.
Know your credit score.
Use free websites like Mint.com to review your credit score. It is important that you know where your credit score is at so you can work to improve it and work your way towards big purchases like buying a home or a car. Knowing what your credit score is can be a huge help.
Make everything automatic.
Set your bank accounts up so that you automatically pull your savings each month. Set up direct deposit and auto-bill so that you don’t even have to think about paying your bills each month – it happens automatically. You’ll never miss a payment or be late. It’s a lifesaver and a timesaver. With those things taken care of, you have time to focus on other more important things.
Ask for lower interest rates.
Many times, you can negotiate lower interest rates for your loan repayments. Medical bills, home loans and students loans all have the possibility to have their interest rates lowered. It’s worth a shot to give a call and see if you can’t figure out how to decrease that percentage, even a tiny bit. That little bit can be deposited directly into your savings account and voila! You can start that oh-so-important emergency fund.
PIN THIS FOR LATER:
Finances are no joke – and it’s important to make sure you are doing everything you can to prepare for your future right now while you are young! My husband and I are making a point to be smart with our money now so that we won’t have to worry in the future.
What are some ways you like to be prepared and plan for your financial future? Let me know in the comments below!
This post was written as part of the Allstate Influencer Program and sponsored by Allstate. All opinions are mine. As the nation’s largest publicly held personal lines insurer, Allstate is dedicated not only to protecting what matters most–but to guiding people to live the Good Life, every day.
