3 Financial Items You NEED This New Year
Happy New Year! Doesn’t it feel great to be starting a new year? You can leave the old junk behind and start fresh. This New Year, instead of giving anything up, I want to give YOU 3 financial items to enhance your life. Ready to become financially stable this year?
Holistic Financial App
If you want better peace of mind regardless of your financial status, you need a holistic financial app. I’ve said it until my face turned blue, but I LOVE Personal Capital. I have worked for a financial app, tried financial apps, written reviews on financial apps, and have decided that Personal Capital takes the cake. Here’s why:
it allows you to link all of your accounts (checking, savings, retirement, even your car!)
it shows you and highlights your net worth (assets - liabilities = net worth)
it breaks down your budget according to how you actually spend
it gives you insights on your investments
I cannot say enough positive things about personal capital. I have found other apps do not have the technological power that personal capital does. Some apps show budgeting, some are just investments, but personal capital combines them and gives you truly intuitive advice based on your spending. If you don’t want to login and check a million accounts, get personal capital. It will make your financial life so much easier.
If your priority is to pay down debt this year, you need an emergency fund. What is an emergency fund? An emergency fund is a separate account from your normal checking and/or savings that is to used only for emergencies. Here’s why you need it:
it gives you a buffer so you don’t have to put emergencies on a credit card
it can be funded with as little as $25 a month!
it gives you peace of mind and security that you can pay for an emergency
it will allow you to get out of debt faster
If you think you don’t need an emergency fund ask yourself when the last time an unexpected financial emergency arose? I bet you can recall something that happened less than a month ago! Financial emergencies occur roughly once every 3 months. This doesn’t have to be doom and gloom, but it does have to be a major expense you weren’t expecting such as your car going awry, your refrigerator breaking, or (my personal nemesis) you got a parking ticket.
If you are having a hard time deciphering if something is truly an emergency after it is funded ask yourself these three questions:
Is it unexpected?
Is it urgent?
Is it necessary?
If your priority this year is to up level your life and create a business or a side hustle, you need a dream account. What’s a dream account? A dream account is a separate checking or savings account where the funds are be used only for creating your business or side hustle. Here’s why:
there are a lot of steps BEFORE you launch a business and can get a business checking/savings account
it helps you make your dreams a reality by labeling certain funds for business creation only
if you don’t have a separate account, you will find a way to spend the money on other needs
Like a baby, there is never a great time to start a business or a side hustle but you just have to do it! If you don’t, your dreams will never become reality. You don’t need that energy in 2019! Start a dream account and don’t look back.
That’s it! What do you think of the 3 financial items? Let me know!