7 Smart Money Moves to Make During Memorial Day Weekend ~ Financial Checklist
Memorial Day starts the beginning of Summer; typically leading to beach, barbecues, and family time. With all of the festivities going on, do not forget to take control of your finances. Take advantage of this amazing 3 day weekend to work on your process towards financial freedom.
1. Transfer Money to Savings Account - The reality is majority of millennials do not have a savings account. What are you planning to obtain in the future? A car? Tuition? A house? Start today with opening a savings account and transferring money to that account. Your savings account goal should be 3 times your monthly living expenses. In order to reach that goal, start today wit the habit of transferring 10-15% of your paycheck to your savings account.
2. Complete Your June Budget - June 1st is right around the corner. Take some time to recalibrate your monthly budget and be well prepared for the month of June. I can't stress enough how important utilizing a budget is for you financial journey. See what you can spend comfortably without having to touch your emergency or retirement fund. Having a budget will allow you to visualize exactly where your money is going and how you are keeping track of your savings plan.
3. Get Your Investment in Order - It's half way through the year. Begin to balance your investment portfolio. By balancing your investment portfolio, you are able to allocate the money the way you want it to be, as well as, differentiating how much risk you are willing to take. A good investment portfolio is highly diversified. Take this time to do research on potential companies that you would like to buy stock from, contribute to your IRA account, or think of real estate options for the future. You may also want to rebalance your 401(k). 💼
4. Support Your Favorite Charity - Did you know that you can write donations to charities off of your taxes? During this holiday weekend, have fun, volunteer, and donate to your favorite charity. This way, you'll be ahead of the game of preparation when you do your taxes next year! Donate within your budget and record the amount in your financial journal.
5. Strategize for Summer Plans☀️ - On our continuous journey to financial freedom, is it important to always plan ahead. Smart planning can help you stretch your summer budget. Plan out exactly which activities you wish to complete during the summer, in addition to the cost of the activities. Be flexible with your plans and prepare your wallet the right away. Utilize the correct credit card for traveling in order to save you time and money.
Don't forget to be cautious of scams. Be financial savvy, but be on the look out for legit deals as well!
6. Parents: Have a Financial Chat with Your High School Grad 🎓 - Woohoo! You now have a high school graduate!!! With all the excitement in the air, soon your high school grad will be starting the next steps in their journey. As this new phase begins, it is important as a family to have a financial chat. Within this chat, topics that should be included are a) who's going to pay for what; b) how to stay on top of student loans; c) are there any other possible ways to pay for school; and d) how to build on the generational wealth. This conversation will hopefully stimulate the child to have a healthy relationship with money and on the right track to financial freedom.
7. Don't Unnecessarily Splurge - Keep your vision and your goal in mind! You are on your way to financial freedom. Just because it is the holiday weekend, try to fight the urge of overspending. Set of a plan ahead of time. Stick to your goal!
But most of all, enjoy your 3-Day Weekend! Live financially savvy 🇺🇸💃🏽🎉
