If like me, have you ever wondered if you are saving enough to fund your retirement and live the life you want?
Do you find that you have no financial structure? Where does your money go in monthly?
How can YOU fund Your Dreams?
Here’s a bit of advice on how to break it down. Try to adhere to these percentages and look forward to being in a great financial shape.
Long-term Savings: this is the money you are saving to eventually spend. Emergencies, such as getting your car fixed also belong here as does your other financial priorities, like paying off for a wedding or taking a holiday: 10%
Financial Freedom Account: this is where the retirement savings and other cash flow-generating such as stocks and real estate come in. This is money for your golden years: 10%
Living Expenses: this category should encompass household expenses like rent, food, and utilities. When you see people and the challenges they are having financially, generally they are having trouble with this account, This is because most of the time, our basic needs are well over 50 percent of our net income: 50%
Education: whether you are saving for your children, a relative or yourself, this is the money you will be using to keep those education dreams alive: 10%
Charity, Tithing, and Giving: whether you believe in giving to charity, or in tithing or just like to be generous at times, this is the money you intend to give away: 10%
Fun: if you like to eat out, buy clothes, or stop at Starbucks every day, this cash allows you to do whatever you want, no questions asked: 10%
Also, note that when making credit card payments or bank loans, ensure that you subtract that amount from your other categories. Cut back on your long-term savings but pay off the debt off to properly fund the other priorities you have set for yourself. Having a good credit rating is essential on this Financial Journey.
I will like to encourage you to take some time to analyse your finances and then map out a plan to ensure that there is a monthly structure to it and remember the end result is to have enough to Fund your Dream!
Are You Ready?
The Renaissance Journey continues …
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Yours in love – The Renaissance Lady ©
As a Mompreneur & Lifestyle Blogger, I am constantly on the goal of being ready for the NEW re-birthing and renewing of Oneself as I believe we all have a purpose to fulfil on this earth and part of my mission is for us all to live a Purpose-Driven Life.
