TagFinancial Goals

Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack]

In the 1980s, self-driving cars and smartphones without antennas were only things you’d see in movies — unimaginable futuristic goals. Now, these “impossible” inventions are part of people’s everyday lives. These innovative ideas were thought to be outlandish years ago until creators like Elon Musk and IBM’s team put their impossible goals to the test.

Impossible goals are things you want to achieve that seem out of the ordinary — ones that feel as if you may never reach them, even in your wildest dreams. These goals could be turning your dream side hustle into a full-time job or building your savings from zero in the next year to buy your dream home.

While the end result seems unreachable, a mix of motivation, determination, and hard work can get you further than you think. To see the strategic process of setting and achieving your biggest life goals, keep reading our jump to our infographic below.

What’s an Impossible Goal?

An impossible goal is a goal you think you could never achieve. Becoming a millionaire, buying your dream home, or starting a business may be your life goal, but one too big that you never set out to achieve. Instead, you may stick to your current routine and believe you should live life in the comfort zone.

Becoming a millionaire usually requires investing time, confidence, and a lot of hard work — things that may challenge you. But when you think about the highest achievers, most of them had to put in the effort and believe in themselves when nobody else did.

Flashback to 1995 when nobody believed in the “internet store” that came to be Amazon. While that was considered impossible years ago, Amazon’s now made over $280 billion dollars.

In other words, when you make your impossible goals a priority, you may be pleasantly surprised by your progress. We share how to set hard financial goals, why you should set them, and how these goals could transform your financial portfolio this year.

Impossible Goals Set by the Rich and Famous

4 Reasons to Reach for the “Impossible”

Impossible goals challenge you to shift your way of thinking — getting comfortable out of the safety zone. They help fine-tune your focus for daunting tasks you’re willing to put in the time and work for. Whether you’re looking to become a millionaire, buy your dream house, or pay down your debts, here’s why you should set goals for things you think you could never achieve.

1. You May Be Pleasantly Surprised

Everything seems impossible until you do it. When you’re in elementary school, maybe you thought getting a four-year college degree would be out of reach. Regardless, you put in the time and hard work to become a college grad years later. The same goes for your potential goal to write a book. You may think it’s hopeless to write a few hundred pages in the next year, but you may find it attainable once you hit the halfway point.

2. You Check Off Micro-Goals Along the Way

It’s hard to set your goals too low when you’re trying to reach for the stars. In the past, you may have set small goals like being more mindful with your money. While mindfulness practices are extremely beneficial for your budget, you may need more of a push to save for your dream home. By setting impossible goals, you may find it easier to reach your savings goal this year. You may have no idea how to do it, but your goal is to figure it out. Side hustles, a new job, or starting a business are all potential starting points.

3. It May Not Be as Hard as You Think

It can be uncomfortable to try something for the first time, so to avoid the doubts of reaching your goals, create a strategic plan. Download and print out our printable to breakdown each impossible goal. Start with your big goals and break them down into mini-goals. For example, if you want to start an online ecommerce store, researching the perfect website platform is a good starting point.

4. What Do You Have to Lose?

If you already live a comfortable life, you may only have experiences to gain and nothing to lose. When embarking on this journey, check in with yourself every month. Note all the lessons you learned and how far you’ve come. You most likely will face failures, but you’ll be failing forward rather than backwards. Your first ecommerce product launch may not have gone smoothly, but you may know how to improve for the next time around.

Impossible Goals Roadmap

Impossible Goals Download Button

How To Set Impossible Budgeting Goals in 6 Steps

If your impossible goal is related to finances, your mindfulness, time, and dedication will be required to put you on a path towards your dream life. To get started, follow our step-by-step guide below.

Step 1: Map Out Your Dream Lifestyle

  • Get out a journal and map out your dream life. Some starter questions may be:
  • Do you want to afford that house you’ve always dreamt about?
  • Do you want to have a certain amount of money in your savings?
  • Are you hoping to turn your side hustle into a full-time job?
  • What do you find yourself daydreaming about?

Track all these daydreams in a notebook and curate the perfect action plan to achieve each goal.

Step 2: Outline Micro-goals to Reach Your Financial Goals

Now, list out mini-goals to achieve your desires. Start with the big “unachievable” goal and break it down into medium and small goals, then assign each mini-goal a due date. For example, saving $10,000 this year may take more than your current monthly earnings. To achieve this, you may create passive income streams. If that side hustle is to start a money-making blog, you may need to research steps to successfully launch your website.

Step 3: Believe and Act Like Your Future Self

Think of yourself as the future self you want to be. You may picture yourself with a certain home, financial portfolio, and lifestyle, but your current actions may not reflect your future self. Your future self may invest, but your current self is too intimidated to start. To act like your future self, consider doing the research and finding low-risk investments that suit you and your budget.

Step 4: If You Fail, Learn from Your Mistakes

When working towards your dream life, you may hit roadblocks and experience failures. As Oprah explains it, “there is no such thing as failure. Failure is just life trying to move us in another direction.” While failure may happen, you’re able to learn from it and pivot. Every mistake you make, analyze it in your journal. Note what worked, what didn’t, and what you want to do better tomorrow to surpass this roadblock.

Step 5: Track Your Results Consistently

Host monthly meetings with yourself to see how far you’ve come. Consider creating a goal tracking system that suits you best. That may include checking your budgeting goals off in our app month after month. Find a system that works for you and note your growth at the end of each month. If you’re putting in the time and hard work, you’ll get closer to your goals in no time.

Step 6: Be Patient With Your Budget Goals

Throughout this journey, practice patience. Setting goals may be exciting and motivating, but when you’re faced with failures, you may feel hints of disappointment. To avoid a failure slump, be patient and open to learn from your mistakes. If you didn’t make what you wanted from your side hustle the first year, you’re that much closer than you were last year.

Why set your sights on hard goals? Everything feels out of reach until you do it. All it takes is motivation and determination to achieve the impossible. To boost your lifestyle, budget, and drive this New Year, consider setting goals that feel out of reach. Keep reading to see why these goals may be perfect for you. Why Set Impossible Goals for 2021? [The Ultimate New Year’s Savings Hack] appeared first on MintLife Blog.

Source: mint.intuit.com

The Average Salary of a Pharmacist

The Average Salary of a Pharmacist.

If you’ve been to the pharmacy lately, you may have found yourself wondering how much pharmacists make. Being a pharmacist, at least at the retail level, involves a lot of standing, long shifts and dealing with customers. In other words, it might not be for everyone. On the plus side, salaries in the field are on the high side, with an average annual salary of $123,670. 

The Average Salary of a Pharmacist: The Basics

The Bureau of Labor Statistics (BLS) reports that the mean annual salary of a pharmacist in May 2018 was $123,670 per year. The highest-paid 10% of pharmacists earn a mean annual wage of $161,250. The lowest-paid 10% of pharmacists make an average of $87,790. So, no matter where you end up on the pharmacist income scale your annual wage is likely to be much higher than the annual income of the average American.

The BLS also provides a job outlook for the professions it studies. The job outlook shows the percent by which a field will grow (or shrink) between 2016 and 2026. The job outlook for pharmacists is 6%, which is just shy of the 7% average across all fields. Between 2016 and 2026, the BLS projects the field will add 17,400 jobs.

Where Pharmacists Make the Most

The Average Salary of a Pharmacist

The BLS also looks at state and metro-area data on the jobs the Bureau studies. So where does it pay the most to be a pharmacist? The top-paying state for pharmacists is Alaska, with a mean annual wage for pharmacists of $139,880. Other high-paying states are California ($139,690), Vermont ($135,420), Maine ($133,050) and Wisconsin ($132,400).

The top-paying metro area for pharmacists is Tyler, TX, with an annual mean wage of $174,870. Other high-paying metro areas are Santa Cruz-Watsonville, CA ($155,330); Vallejo-Fairfield, CA ($153,820); Santa Maria-Santa Barbara, CA ($151,590) and San Jose-Sunnyvale-Santa Clara, CA ($149,790).

Becoming a Pharmacist

In order to get a job as a pharmacist, you first have to get a Doctor of Pharmacy degree, also known as a Pharm.D. A Pharm.D. is a postgraduate degree, but most programs only require applicants to have two years of undergraduate education under their belts. Many future pharmacists will spend two years taking prerequisite courses like chemistry, biology and physics. Then, they’ll matriculate and spend the next four years in pharmacy school.

Once you have your degree, you’ll need to pass two exams to receive your license. The first is The North American Pharmacist Licensure Exam (NAPLEX), which assesses your knowledge and skills. The second is either a state specific test or the Multistate Pharmacy Jurisprudence Exam (MPJE). This tests your knowledge of pharmacy law specific to the state you’ll be practicing in.

The Cost of Becoming a Pharmacist

The Average Salary of a Pharmacist

Becoming a pharmacist requires years of study and, for most people, taking on student debt. According to the American Association of Colleges of Pharmacy
Graduating Student Survey, 84.8% of pharmacists-in-training borrowed money to complete their Pharm.D. degree program. Of the survey respondents who borrowed money, the median amount borrowed (across public and private institutions) was $160,000.

Bottom Line

While pharmacists have an advanced degree and a high salary, they are often working in a retail setting. And retail, with its heavy emphasis on customer service, isn’t for everyone. Still, the high pay and job security, along with the intellectual and public-service aspects of working as a pharmacist, might make it worth it. If you’re thinking of becoming a pharmacist, it’s a good idea to talk to some professionals in the field before you commit to an expensive course of study.

Tips for Forging a Career Path

  • Your salary dictates a lot of your financial life, such as how much you can afford to pay in rent and the slice of your paycheck that goes to taxes. However, there are some principles that apply no matter your income bracket, like having an emergency fund and saving for retirement.
  • Need help managing your money and growing your nest egg? You should probably be working with a financial advisor. Finding the right financial advisor that fits your needs doesn’t have to be hard. SmartAsset’s free tool matches you with financial advisors in your area in 5 minutes. If you’re ready to be matched with local advisors that will help you achieve your financial goals, get started now.

Photo credit: Â©iStock.com/skynesher, ©iStock.com/gradyreese, ©iStock.com/IPGGutenbergUKLtd   

The post The Average Salary of a Pharmacist appeared first on SmartAsset Blog.

Source: smartasset.com

How to Break Through and Overcome Financial Hardships

Your life and personal finances don’t always go the way you hope. We all have struggles and no one achieves success without their share of hurdles and challenges. However, there are tools that can help you break through financial hardships and live the life you want.

I interviewed AJ Gibson, author of Flipping the Script: Bouncing Back from Life’s Rock Bottom Moments, an Amazon #1 new release. We talk about the personal, professional, and financial challenges that he’s overcome.

AJ is a Los-Angeles based TV host, public speaker, and coach who loves great people, food, fashion, entertainment, and travel. He’s been the host of the nationally syndicated daytime talk show, Hollywood Today Live, a co-host on Access Hollywood Live, and a frequent anchor on Good Day LA. You’ll see him on CBS’s The Talk and even on several episodes of The Wendy Williams Show.

His journey from being a closeted gay boy in Ohio to a host chatting with the some of the world’s most admired celebrities on Hollywood’s biggest red carpets is incredibly inspiring. He has a gift for busting through life’s roadblocks and persevering despite failure.

On the Money Girl podcast, AJ and I chatted about key lessons from his book. You’ll learn how to shift your perspective to find the beauty in life’s most challenging moments. We cover:

  • Overcoming the financial hurdles of becoming self-employed
  • Tips for reaching financial goals when you have big dreams
  • Why fear and shame may be causing you to ignore your financial situation
  • Leaning on professionals to help stay on top of your financial life
  • Tools for turning hopelessness into a positive, fresh outlook on your future
  • Using a focus wheel for daily motivation to achieve your dreams and goals

Listen to the interview using the audio player above, or check it out on Apple PodcastsSoundCloudStitcher, and Spotify

ABOUT THE AUTHOR

Laura Adams received an MBA from the University of Florida. She's an award-winning personal finance author, speaker, and consumer advocate who is a trusted and frequent source for the national media. Her book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show. Stay in the personal finance loop! Listen and subscribe to the Money Girl podcast on Apple, Spotify, or wherever you get your podcasts.

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Source: quickanddirtytips.com

6 Signs Your Personal Finance Software Makes Life Easier

6 Signs Your personal finance software makes life easier

6 Signs Your Personal Finance Software Makes Life Easier

Finding personal finance software is easy, because there are countless choices in mobile apps, online programs, and finance software you can run on your home computer. But they’re certainly not equal. Personal finance software should make your life simpler, not more complicated, and it should be customizable for your particular life, goals, and needs. You know you’ve found great software when your financial life becomes easier over time. Here are 6 signs your personal finance software makes life easier.

1. You Haven’t Paid a Late Fee in Months

Does your personal finance software let you know in advance of when bills are due? It should be easy to set up automated alerts that tell you a few days before monthly, quarterly, or yearly bills are due, so you can take care of them and avoid annoying and guilt-inducing late fees. Ideally your software should notify you by text, so you’ll be sure and get the message whatever you’re doing and wherever you are.

2. Spending Categories Correspond to Your Actual Life

When personal finance software requires you to shoehorn your actual spending patterns into pre-set spending categories, the result can be confusion and frustration. Look for software that lets you create an unlimited number of spending categories you can customize. Do you buy your employees breakfast once a month? You can make a spending category for it. Are you a coffee or microbrew aficionado? You can make a spending category for it. Your budget should conform to your life, not the other way around.

3. You See How Trimming Budget Fat Affects Financial Goals

Sometimes it just doesn’t feel worth it to hold back at the grocery store after a long day or when buying Christmas presents. But when your personal finance software shows you exactly how disciplined spending helps you achieve your financial goals, like a vacation or paying off a loan, it’s easy to avoid giving in to those little temptations you face every day. When you can see how your discipline pays off, you’re more likely to stick with your good habits.

Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.

4. You May Have Faced One or Two Painful Truths

Powerful personal finance software can tell you things like how much you spent on fast food last week, or how much you’ve paid in non-network ATM fees this month. Sometimes, getting control of your personal finances means facing some harsh truths, like how much those little extras add up to. Your software should also be able to tell you how much more quickly you can reach financial goals if you cut a certain dollar amount from various spending categories. It’s a great way to stay on track to your goals.

Meeting finance goals with personal finance software5. You Know Exactly How Close You Are to Meeting Financial Goals

Maybe you want to save for retirement, or build up a down payment on a home. Your personal finance software should show you exactly how close you are to your goal at any time. You should also be able to receive monthly emails that track your progress and see how your everyday spending decisions affect how much you’ll have left over at the end of the month. Don’t settle for software that doesn’t let you track your progress easily.

6. Your Personal Finance Software Goes With You Everywhere

Personal finance software that links your computer and your mobile devices empowers you to make smart spending choices anytime, anywhere. Thinking about buying an item you unexpectedly find on sale? You can check your account balances right on your phone and know instantly if you can afford it. You can also set up convenient alerts that can tell you right away such things as whether you’re approaching your credit limits on your credit cards.

Personal finance software has come a long way since the days you had to manually enter checkbook balances and draft amounts. Today’s software offers an astonishing array of features that not only help you achieve financial goals, but actually make your everyday life easier. And when it links your accounts to your computer and your mobile devices, like Mint does, you have all the budget tools you need, wherever you go.

Start now: Get budgeting software from Mint to help manage your finances and make everyday life simpler by clicking here.

The post 6 Signs Your Personal Finance Software Makes Life Easier appeared first on MintLife Blog.

Source: mint.intuit.com

Should I Cash Out My 401k to Pay Off Debt?

Paying off debt may feel like a never-ending process. With so many potential solutions, you may not know where to start. One of your options may be withdrawing money from your retirement fund. This may make you wonder, “should I cash out my 401k to pay off debt?” Cashing out your 401k early may cost you in penalties, taxes, and your financial future so it’s usually wise to avoid doing this if possible. When in doubt, consult your financial advisor to help determine what’s best for you.

Before cashing out your 401k, we suggest weighing the pros and cons, plus the financial habits you could change to reduce debt. The right move may be adjusting your budget to ensure each dollar is being put to good use. Keep reading to determine if and when it makes sense to cash out your 401k.

How to Determine If You Want to Cash Out Your Retirement

How to Determine If You Want to Cash Out Your Retirement

Deciding to cash out your 401k depends on your financial position. If debt is causing daily stress, you may consider serious debt payoff plans. Early withdrawal from your 401k could cost you in

Deciding to cash out your 401k depends on your financial position. If debt is causing daily stress, you may consider serious debt payoff plans. Early withdrawal from your 401k could cost you in taxes and fees as your 401k has yet to be taxed. Meaning, the gross amount you withdraw from your 401k will be taxed in full, so assess your financial situation before making a decision.

Check Your Eligibility

Depending on your 401k account, you may not be able to withdraw money without a valid reason. Hefty medical bills and outstanding debts may be valuable reasons, but going on a shopping spree isn’t. Below are a few requirements to consider for an early withdrawal:

  • Financial hardships may include medical expenses, educational fees, bills to prevent foreclosure or eviction, funeral expenses, or home repairs.
  • Your withdrawal is lower or exactly the amount of financial assistance you need.

To see what you may be eligible for, look up your 401k documentation or reach out to a trusted professional.

Assess Your Current Financial Situation

Sit down and create a list of your savings, assets, and debts. How much debt do you have? Are you able to allocate different funds towards debts? If you have $2,500 in credit card debt and a steady source of income, you may be able to pay off debt by adjusting your existing habits. Cutting the cord with your TV, cable, or streaming services could be a great money saver.

However, if you’re on the verge of foreclosure or bankruptcy, living with a strict budget may not be enough. When looking into more serious debt payoff options, your 401k may be the best route.

Calculate How Much of Your Retirement Is at Risk

Having a 401k is crucial for your financial future, and the government tries to reinforce that for your best interest. To encourage people to save, anyone who withdraws their 401k early pays a 10 percent penalty fee. When, or if, you go to withdraw your earnings early, you may have to pay taxes on the amount you withdraw. Your tax rates will depend on federal income and state taxes where you reside.

Say you’re in your early twenties and you have 40 years until you’d like to retire. You decide to take out $10,000 to put towards your student loans. Your federal tax rate is 10 percent and your state tax is four percent. With the 10 percent penalty fee, federal tax, and state tax, you would receive $7,600 of your $10,000 withdrawal. The extra $2,400 expense would be paid in taxes and penalties.

The bottom line: No matter how much you withdraw early from your 401k, you will face significant fees. These fees include federal taxes, state taxes, and penalty fees.

What Are the Pros and Cons?

What Are the Pros and Cons?

Before withdrawing from your 401k, there are some pros and cons to consider before cashing out early.

Pros:

  • Pay off debt sooner: In some cases, you may pay off debt earlier than expected. By putting your 401k withdrawal toward debt, you may be able to pay off your account in full. Doing so could help you save on monthly interest payments.
  • Put more towards savings: If you’re able to pay off your debt with your early withdrawal, you may free up your budget. If you have extra money each month, you could contribute more to your savings. Adding to your savings could earn you interest when placed in a proper account.
  • Less financial stress: Debt may cause you daily stress. By increasing your debt payments with a 401k withdrawal, you may save yourself energy. After paying off debt, you may consider building your emergency funds.
  • Higher disposable income: If you’re able to pay off your debts, you may have more financial freedom. With this freedom, you could save for a house or invest in side hustles.

Cons:

  • Higher tax bill: You may have to pay a hefty tax payment for your withdrawal. Your 401k is considered gross income that’s taxed when paid out. Your federal and state taxes are determined by where you reside and your yearly income.
  • Pay a penalty fee: To discourage people from cashing out their 401k, there’s a 10 percent penalty. You may be charged this penalty in full.
  • Cut your investment earnings: You gain interest on money you have stored in your 401k. When you withdraw money, you may earn a lower amount of interest.
  • Push your retirement date: You may be robbing your future self. With less money in your retirement fund, you’ll lower your retirement income. Doing so could push back your desired retirement date.

6 Ways to Pay Off Debt Without Cashing Out Your 401k

6 Ways to Pay Off Debt Without Cashing Out Your 401k

There are a few ways to become debt-free without cutting into your 401k. Paying off debt may not be easy, but it could benefit your future self and your current state of mind. Work towards financial freedom with these six tips.

1. Negotiate Your Credit Card Interest Rates

Call your credit card customer service center and ask to lower your rates on high-interest accounts. Look at your current interest rate, account history, and competitor rates. After researching, call your credit card company and share your customer loyalty. Follow up by asking for lower interest rates to match their competitors. Earning lower interest rates may save you interest payments.

2. Halt Your Credit Card Spending

Consider restricting your credit card spending. If credit card debt is your biggest stressor, cut up or hide your cards to avoid shopping temptations. Check in on your financial goals by downloading our app for quick updates on the fly. We send out weekly updates to see where you are with your financial goals.

3. Put Bonuses Towards Your Debt

Any time you get a monetary bonus, consider putting it towards debts. This could be a raise, yearly bonus, tax refund, or monetary gifts from your loved ones. You may have a set budget without this supplemental income, so act as if you never received it. Without budgeting for the extra income, you may feel less tempted to spend it.

4. Evaluate All Your Options for Paying Down Debt

If you’re in dire need to pay off your debts, look into other accounts like your savings or emergency fund. While money saved can help in times of need, your financial situation may be an emergency. To save on early withdrawal taxes and fees, you can borrow from savings accounts. To cover future emergency expenses, avoid draining your savings accounts entirely.

5. Transfer Balances to a Low-Interest Credit Card

If high-interest payments are diminishing your budget, transfer them to a low-interest account. Compare your current debt interest rates to other competitors. Sift through their fine print to spot any red flags. Credit card companies may hide variable interest rates or fees that drive up the cost. Find a transfer card that works for you, contact the company to apply, and transfer over your balances.

6. Consider Taking Out a 401k Loan Rather than Withdrawing

To avoid early withdrawal fees, consider taking out a 401k loan. A 401k loan is money borrowed from your retirement fund. This loan charges interest payments that are essentially paid back to your future self. While some interest payments are put back in your account, your opportunity for compounding interest may slightly decrease. Compounding interest is interest earned on your principal balance and accumulated interest from past periods. While you may pay a small amount in interest fees, this option may help you avoid the 10 percent penalty fee.

As your retirement account grows, so does your interest earned — that’s why time is so valuable. While taking out a 401k loan may be a better option than withdrawing from your 401k, you may lose out on a small portion of compounding interest. When, or if, you choose to take out a 401k loan, you may start making monthly payments right away. This allows your payments to grow interest and work for you sooner than withdrawing from your 401k.

This type of loan may vary on principle balance, interest rate, term length, and other conditions. In most cases, you’re allowed to borrow up to $50,000 or half of your account balance. Some accounts may also have a minimum loan balance. This means you’ll have to take out a certain amount to qualify. Interest rates on these loans generally charge market value rates, similar to commercial banks.

Pulling funds from your retirement account may look appealing when debt is looming over you. While withdrawing money from your 401k to pay off debt may help you now, it could hurt you in taxes and fees. Before withdrawing your retirement savings, see the effect it could have on your future budget. As part of your strategy, determine where you’re able to cut out unnecessary expenses with our app. Still on the fence about whether withdrawing funds is the right move for you? Consult your financial advisor to determine a debt payoff plan that works best for your budgeting goals.

The post Should I Cash Out My 401k to Pay Off Debt? appeared first on MintLife Blog.

Source: mint.intuit.com

3 Financial Self-Care Habits You Can Start Today

If you’re someone who struggles with financial anxiety and stress, practicing a financial self-care routine could help. Just like other areas of your life, the more consistent you are about financial self-care, the better. This is why I am emphasizing the idea of building habits. The reality is that anxiety and stress are life’s constants. We ourselves don’t have the luxury of removing those factors from our environment, but what we do have are tools to help manage and reduce them. 

Before I get into it, I want to note that there’s a pretty extensive list of financial-self care options available, but what I’ve realized is that when we are struggling, we often overcommit ourselves to perfectionism instead of trying to be a little less imperfect. I’m the first to admit that it’s really tough not to go all-in when reading advice that sounds life-changing. Often, we find ourselves trying out anything and everything to feel in control, and it is for this reason that I won’t offer you the extensive list today. Instead, I hope to help you focus on taking things slow for once so that you don’t set yourself up for failure (and ultimately right back in the anxiety-ridden state you first found yourself in). You can view these three foundational habits as a starting point for a long-term financial self-care routine that you will work to enhance over the course of your life. With this in mind, let’s dive in.

HABIT # 1: REVIEW & CATEGORIZE YOUR TRANSACTIONS DAILY

Building awareness of what and how much you’ve spent can be a game-changer. This habit not only takes the dreaded guessing game out of your end-of-month leftover income and total spending, but it can help you course-correct throughout the month to ensure you hit budgeting goals, cut back in areas you may find yourself regretting, or even upping your spend in areas that bring you joy. A few added bonuses of this habit include saving time at the end of the month if you’re someone that typically sits down for 4-5 hours to get yourself organized, in addition to helping you catch fraudulent transactions faster! 

Pro tips for building this habit: 

  • Make it easy: If you don’t already use Mint, download the app today to have all of your transactions organized and easily viewable in one place. 
  • Make it obvious: Set a calendar reminder on your phone to check Mint each day at the same time. I’d recommend early morning before your day gets busy.
  • Make it attractive: Check your spending after a ritual or habit you enjoy doing. For example, after you sit down to drink your coffee, open up Mint to review your transactions.    
  • Make it satisfying: After reviewing your transactions, do something rewarding. For example, after categorizing and reviewing, consider checking it off your to-do list for the day to feel progress.

HABIT # 2: CHECK YOUR SAVINGS ACCOUNT(S) DAILY

Checking your savings accounts is a great way to flood your brain with positivity about your financial situation. Having savings is a rewarding feeling, and even more rewarding, is seeing your savings progress over time. Getting in this habit will also be a good reminder to actively save for each of your financial goals. 

Pro tips for building this habit: 

  • Make it easy: Connect your savings accounts to Mint and use the goal-setting feature that allows you to customize your savings goals and connect your savings account to easily track your progress. 
  • Make it obvious: Consider setting your phone’s background to a photo of something you’re saving for so that everytime you check your phone, you’ll be reminded of saving. Mint also allows you to add photos of your goals in the web version and in the app. 
  • Make it attractive: In addition to checking your savings right after reviewing your transactions in Mint, consider starting a savings group with your friends and family. No need to talk about how much you’ve saved, but you can talk about your goals and turn to the group for motivation when you’re tempted to spend what you would normally save. 
  • Make it satisfying: Make sure to give yourself credit for doing this habit by also crossing it off as a separate to-do list item. Try to also make it a rule to never miss checking your savings twice in a row. Skipping a day here and there because life gets in the way is totally normal, just make sure to commit yourself to doing it the next day. 

HABIT # 3: REWARD YOURSELF 1X PER WEEK

I saved the best for last. Rewarding yourself is a critical step that most skip when trying to become more disciplined. Self-control can be a draining experience, especially at first. Make sure to set aside “free time” each week to do something for yourself. It doesn’t have to be big, and it doesn’t have to require a lot of money. Think of it as a way of telling yourself good job for working hard and trying to improve. 

Pro tips for building this habit*: 

  • Make it easy: Consider making your reward something that takes less than 2 minutes to start doing. Perhaps it’s turning on a Netflix show, making an easy dessert, grabbing a coffee at the Starbucks you just walked by, or even dancing in your living room to your favorite song. 
  • Make it obvious: As I write this, it sounds weird, but for some of us, setting aside time for ourselves isn’t something we’re good at, so commit yourself to a consistent day and time that’s for you to do what you want.

*Making it attractive and satisfying isn’t necessary here because the reward in and of itself will reinforce the habit. 

 

With that, you now have 3 habits to start building a financial self-care routine. Give this a shot, and let me know how it goes in the comments below. 

The post 3 Financial Self-Care Habits You Can Start Today appeared first on MintLife Blog.

Source: mint.intuit.com