Money Talks August 2021 | Carolina Hoyos

Stretch your budget and increase your savings goal by 10%

Stretch your budget and increase your savings goal by 10%

There are lots of things to learn from JLO, but one of them is learning how to change the rhythm of our savings if it’s looking like we can take on more. Here are a few tips to keep in mind if you think you are ready to join the big leagues and stun all the people who said you couldn’t do it. 

 

Thankfully, there’s no pre-requirement for flexibility just a drive to grow your wealth! Let’s get movin’ 🕺🏽💃🏽

 

Stick To Budget

The easiest way to get ahead is to make a plan and stick with it. Putting your expenses and income on the same page helps to keep you mindful of where your money is going and how an unnecessary purchase affects the overall picture. So this means no impulse buys unless you have built in an allowance to spend freely! 🧐

 

Pay Bills on Time

This is key. Avoid late fees and penalties! You probably didn’t factor those types of expenses into your budget so they aren’t welcome! Sticking to a budget will help you achieve this step, so make sure to be thorough with it! 📅

 

Pay Down Debt

If you owe on your credit cards, make a priority to get out of debt. If you’re at a point where you qualify for low or no interest credit cards, it’s a good idea to transfer the debt so you aren’t just accumulating interest and making it harder to pay down the principal. 💸 

 

Negotiate Interest Rates

If you are further away from being able to pay off your debts and have been paying them on time for at least 6-12 months, it’s worth it to request for the issuer to lower their interest rates. The worst they can say is no, but you won’t know unless you try. That extra savings in interest can add up significantly. 💰

 

Now we know we can’t rush a menudo to the dinner table. 🍲 Some things just take time! But you’re in the game already, so click the link 🔗 for more plans to change it up and get ahead!

 

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