If you know me, you know I’m passionate about financial literacy! It’s not just about real estate - it’s about how you approach your entire financial health and wellness. I love talking to my clients, friends, and family about ways to improve financial literacy, and April is the perfect time to share this with you too! Whether you want to make small changes or a big life shift, I want to share some great financial resources you can use to have a positive impact on your financial situation.
Create a budget for yourself
A budget doesn’t have to be scary or complex, you can make a simple budget that will allow you to spend AND save. I love Dave Ramsey’s approach of zero-based budgeting. Simply put, zero-based budgeting means you account for every dollar, so your income minus your expenses and savings equals zero. You can even use the free EveryDollar app to start today! Learn more about zero-based budgeting here.
Check your credit reports
Did you know that you can get a free credit report from each of the credit bureaus once per year? Just visit www.annualcreditreport.com and request one today. Your credit has a major impact on your ability to buy a home, purchase a car, apply for credit cards, and so much more. Be proactive in reviewing your credit report so you can identify any errors or potentially fraudulent activity.
Pay down your debt
There are many ways to approach paying off your debt - the important thing is to start today! Debt can weigh you down and make it difficult to accomplish other financial goals. Dave Ramsey’s approach to debt is the snowball method. Essentially, you pay off debt in order of smallest to largest. You’ll continue making minimum payments on all your debt, but start by paying off the smallest debt first.
Supercharge your savings
Based on your budget and debt payments, figure out how much money you can set aside each month. Set up an automatic transfer to savings each month (or week!) so you can set it and forget it. You can also set up different savings accounts for different goals, like a car, a vacation, or home improvements. No matter what you want to use it for, just keep saving!
Understand your home’s value
If you’re a homeowner, make sure you stay up-to-date on your home’s value. Even if you aren’t planning on selling soon, stay in touch with what’s going on in your neighborhood and the real estate market in your area. Not sure how to do that? Reach out to me at 8Z Real Estate and I can help!
I hope you have an opportunity this month to take even a small step towards more financial wellness opportunities. If you have any questions about the real estate market, your home’s value, or anything else real estate-related, get in touch with me at 8Z Real Estate!