- Budgeting: Hopefully everyone had a successful and stress-free back-to-school shopping experience this year lol! As if it’s ever, right? I still hope that those joining us on this financial journey prepared and followed their budget sheet and are reaping the benefits of having a plan. If not, no worries! It is never too late! We encourage everyone to budget and to just start wherever they are. Here at Building Wealth Advisory Group, we constantly encourage our clients to start where they are with what they have. So if you haven’t done so, email us at firstname.lastname@example.org requesting a Budget Sheet and we will happily send that out to you.
- Reducing Expenses: About 2 months ago we discussed areas in your life where you could potentially reduce expenses by most importantly identifying your needs over your wants. If you haven’t done so already, we encourage you to sit with your family along with your budget sheet and identify the areas where you can cut costs. Make sure to include your children or entire household in these conversations. We have seen that financial illiteracy is a continual issue in emerging youth and young adults. When you expose your children to the financial information and resources available, the more knowledgeable they become which increases their overall awareness of how money works in the real-world.
- Increase Income: This one is by far one of our favorites and most creative component of building wealth. I hope those that have been trying to write that book for the past 3 years are about midway or at least have developed an outline. If not, WHAT ARE YOU WAITING FOR??!!! If writing a book is not the stream of income you want to enter in, we hope that you found your niche. If not, there is still time! Check out our blog, http://www.buildingwealthadvisorygroup.com/blog/let-freedom-ring-for-you-your-finances, where we list a variety of areas/ideas that you can use to start generating that extra stream of income.
- TAX SEASON READY? Yes, the big three letter word can be either the most rewarding season of all or the most STRESSFUL of them all. To assure to make it a season where it’s music to your ears we encourage you to begin organizing your financials TODAY! We really mean that too! Tax preparation and cost varies between businesses, individuals, and families. However, one cost that you can control is to have your bookkeeping and tax related documents organized into an Excel file at minimum and a folder. It is WAY CHEAPER for you to track your own expenses for the year! For those that like data and facts, a CPA or bookkeeper can charge anywhere from $50-$100/hr to do this for you, especially since their time is valuable during the rush of tax season. So if you can, take advantage of your down times and enter your weekly expenses into an Excel spreadsheet. Make sure to categorize them correctly as well. For example, have a column for: meals, hotels, supplies, entertainment, and etc. That way by the time tax season arrives all you will have to do is print out the Excel sheet and turn in the folder to your Tax Preparer. Talk about saving hundreds of dollars right?! Remember, organization is key and can save you money.
As always friends, remember that financial freedom is available to everyone. Your goals may look different from those that surround you and the people you follow on Facebook, and that is OK! Be encouraged and believe in your abilities to reach your goals...we are excited to hear your stories about your journey in reaching your financial goals.
Natalie & Roz