Financial management is a lifestyle, and it’s not something you can check out every once in awhile or worse ignore. We came across an excellent personal finance video over at Black Enterprise that tackles how couples should go about discussing finances. The clip featured the story of young newlywed couple that was facing $600,000 in debt. However, the advice shared can be universally applied to individuals as well. We’ll share the things we enjoyed about the clip:
• Paying yourself first: You must never leave yourself out of the compensation allocation! You are the root through which everything financially gets taken care of. It’s like a sick person taking care of the sick. How can someone who is broke pay everyone else first? And by pay, we don’t mean buying yourself meaningless things. We mean stacking your paper for emergency funds, assets, and savings. You’ll never get out of the broke cycle if you don’t build your personal worth.
• Discussing your finances: If you have a partner, it makes sense to sit down and discuss your finances with each other. However, individuals can do this as well. They can discuss their financial goals with friends and family. If you need to go one step further, you can seek the aid of a financial counselor. You need to routinely hold yourself accountable for progress in your wealth journey.
• Pay your bills on time. Seek automation. Make being financially responsible convenient. It’s simple these days to automate your bill payments (or savings for that matter). Look into the automation services that your personal bank provides and take advantage of them. Taking that 10 minutes to set everything up is much better than dedicating 15 minutes a month, 180 minutes a year to paying bills.
The author featured in this clip is named Sharon Epperson, and she is the author of a book called “Yours, Mines, and Ours”. We’ll have to check this book out as the lady certainly knows her finances!
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