My hat is off to all the money making mamas out there finishing one adventure as a student and transitioning to a new adventure as a young professional. Here are five personal finance tips to keep you at the top of your game, financially.
1. Keep track of your cash flow. Landing your first post-college job making “real” money is exciting. Keep an eye on your income and expenses as your cash flow increases. There are many ways to do this successfully: Mint.com, Wally App, Quicken personal finance software, Excel spreadsheet, etc. There’s no right way to keep track of income and expenses. Find a way that works best for you and stick to it.
2. Take adequate time to understand your employer-offered retirement benefits (if applicable). If your employer offers a matched contribution be sure to contribute enough to receive the full matched amount. This is “free money” you leave on the table if you don’t take advantage of and fully understand the benefits.
3. Create a net worth statement using the following equation: assets – liabilities = net worth. List all your assets. List all your liabilities. Subtract liabilities from your assets to determine your net worth. Don’t worry if your net worth is negative. Time is on your side! Here’s an example.
4. Use the free PowerPay program to create a plan to pay down debt using the snowball debt payment method. The updated version of this free online resource includes helpful hints specifically about paying down student loans. Find out more here.
5. Watch my recent Facebook Live video on how to build good credit. Stay current on bill payments, reduce debt, and keep your credit utilization ratio below 30%.
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