210 National Financial Literacy Month - Day 4 - Financial Planning, The Starting Point For Every Other Goal In Your Life

Listen, if you have never developed a financial plan, start
today. I know this is a lot for some people to grasp because if
you want to do what you have never done before when it comes to
creating a budget, your time is now.


Understand that when you develop your budget, do not include the
gross amount you earn because it is not your take-home pay or
what is your net income which is after taxes and other
deductions. 


Next, I recommend you consider a 50%/30%/20% budget profile,
meaning 50% is to be allocated to needs such as a mortgage, rent,
and other priority items. Allocate 30% for wants such as travel,
entertainment, and fun things, lastly allocate 20% for savings,
emergency accounts, and investments.


List your fixed expenses so you know exactly what to budget for
each month such as a mortgage, rent, vehicle payments, and
insurance come up with your annual payment. Calculate your
variable expenses such as utilities, coffee, movies, etc.to
ensure you don't pay them late and or budget to cover these
expenses. Lastly, consider automating the process by using your
bank or credit union online app to autopay your debts.


Avoid third-party apps for bill paying, I recommend using an
Excel spreadsheet or legal-size paper to set up your budget,
sadly many third-party apps are fraught with advertising costs,
and you can possibly be hacked. The bank or credit union will
likely provide you with a free bill pay service and you will have
all of your money under one roof sort of speak.


Learn about Paul Lawrence Vann's virtual Financial Fitness
course, it is being offered at a 50% discount throughout the
month of April, National Financial Literacy Month, here is the
link:  https://bit.ly/3dbperG