5 Smart Financial Steps to Build Wealth

This article may contain links from our partners. Please read how we make money for more info.

This is a sponsored post by SAVVI Financial. All opinions are 100% our own.

When it comes to getting your financial health in shape there is a lot to think about!

It can be completely overwhelming, stressful, and filled with guilt.

It’s easy to slip into the mindset that good money management needs to be all or nothing.

Luckily for you, that’s simply not the case. Small steps in the right direction over a long period of time can and will make a world of difference in reaching your financial goals.

Here Are 5 Smart Money Moves to Make Today

1. Organize Your Financial Life

It goes without saying but I will say it anyway. In order to become debt free and start building wealth, you need to get your financial life under control and organized.

If you are married you know this is easier said than done. Getting on the same page with your finances with your spouse can be a difficult challenge but there is hope!

In today’s digital society there are many financial platforms and money managing apps that will help you get started.

One of our favorite platforms has become SAVVI Financial. They make it as simple as possible to take control of your financial future in just a few minutes.

Get a personalized action plan for spending, saving, investing and protecting your financial goals.

You can’t manage your money effectively, no matter what you do, if you don’t have an actual plan for it!

Tonight sit down with your significant other and start taking action creating the dream life you have always wanted.

 

2. Start a Budget and Stick to it

Budgeting is not something that equals a fun night in, but it does mean that fun things can be sorted out and paid for, without worrying about how the bills are going to be paid.

Writing down your income, expenses and allocating the leftover money to savings and fun stuff, sounds like a no-brainer to me.

Trust me, we have been budgeting for over ten years together. I know for a fact we would not have been able to pay off $25,000 in student loans in under 5 months, top $100,000 net worth, and go on many once and a lifetime vacation before turning 30 without a budget.

Take a second and change your mindset about budgeting. It’s not something to constrain your money but rather free up your money to do more of the things you love.

 

3. Build an Emergency Fund and Pay Off Debt

So how do you handle life when it slaps you in the face with a huge medical bill, car repair, or death in the family?

Do you stress out like crazy, reach for your nearest credit card, and swipe it like it’s not affecting your life?

Stop the madness! You NEED an emergency fund set up, like, yesterday!

Unfortunately, life is going to throw things at you and you need to be ready financially.

Saving up $1,000 in a high yield savings account is a great way to have a buffer when things get rough.

But, remember that once you tap into your emergency fund it’s time to switch your priorities around and fill it back up.

Having an emergency fund will protect you from falling into the trap of going into more debt and ruining your financial future when things go south.

Once the dust settles, make sure to get back on track paying off your debts to get rid of them!

 

4. Start Investing Your Money

Investing our money is something that I need to concentrate more on, because how many millionaires do you know of, that don’t make money from saving and investing? Exactly – not many!

The problem with investing is that there is no sure-fire system out there that will tell you exactly what you have to do, and there are so many options that it’s easy to be overwhelmed.

I’ve thought of a solution though – robo-advisors. They do the work for you, so you are investing, but you don’t personally need to invest a lot of time into doing it.

A lot of the time, it’s a lack of knowledge and the worry of starting something new that holds me back, but I’m over it. I’m stepping out of my comfort zone this year, and it’s going to be great!

 

5. Start a Side Hustle.

A side hustle is a term that is being used more and more frequently – you have probably come across it by now, but if you haven’t, a side hustle is essentially something that you do on the side of your regular job to bring in some more money.

I know that the thought of more work isn’t something we are all going to jump at.

The fact of the matter is though, I want to reach my goals now. More money made means more money to throw at my goals, so I’m all for it.

Some side hustle ideas are:

• Blogging
• Facebook Ad manager
• Teaching English online
• Freelance work (writing, social media management, graphic design, etc)
• Running a Shopify store

 

What Money Move Should You Do Right Now?

The most important money move you can make is getting extremely organized and setting financial goals to go after.

Without setting super specific goals it’s near impossible to pay off debt and build wealth like you want to.

We found that SAVVI Financial is a perfect platform to help you reach your financial goals.