At PowHERhouse Money Coaching, we specialize in empowering women around the world to step into their Money Bitch mindset and take control of their financial goals. Here are our top five money tips to help YOU become a Money Bitch!
1. Spend Intentionally
Yes, you can still spend on the things you love while building wealth. However, cut out all the dumb sh*t! Stop spending on things that don’t serve you or aren’t getting you closer to a goal. Do you have subscriptions you forgot about or you don’t enjoy that you can cancel? Are you dining out a lot while wanting to lose weight?! Make sure your money habits are in alignment with your goals and what you want to achieve!
2. Create An Emergency Fund
This is our top money tip for being financially sound. Before you start investing and having your money make money you MUST have an emergency fund. This should be about 6 months of your expenses. Even if you’re paying down debt, you must save for this fund at the same time. That way if LIFE happens, you have funds to cover the unexpected instead of just going into more debt!
3. Diversify Investments & Maximize Your Tax Perks
If you work for a company, make sure you’re taking advantage of that full 401(K) match for the *free money* and consider a ROTH IRA. Each have their own tax perks and benefits to serve you in the future! ROTH grows tax free and withdrawals are tax free in retirement, where 401(K) helps you now with a tax deduction, but you’re taxed on with withdrawals are ordinary income. Having both can be gold.
4. Invest In Insurance (For When Sh*t Happens!)
So what IF you can’t work tomorrow because you were in an accident or have cancer. I know you don’t want anything bad to EVER happen, but if it does, be prepared! The last thing you want to worry about during a devastating time is money! Disability insurance helps to replace your paycheck. If you have people who depend on you to live… you also want to think about Life Insurance! There are so many different types and benefits it’s important to ask the questions and get what you need to protect what matters most!
5. Complete a Will, Power of Attorney + Health Care Proxy
We will always tell you to plan for the future and estate planning is a crucial part of that. A will is for determining what happens to everything you own when you aren’t here anymore. A power of attorney allows you to designate someone you trust to help with financials if you’re not able to take care of them (Think coma or serious illness). A health care proxy is who you designate to make medical decisions on your behalf if you cannot. These are IMPORTANT and make your life easier on the people you love. Super painful to think about, we get it but also super worth it when you or your family need them.
YOU are worth the effort. Make a plan that gives you that roadmap to reach your goals. You work much to hard to not get what you want and have the people you love most to not enjoy that ride with you!
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