You have already read about how I have been making it rain here. Today though, I am going to share with you the steps I have taken to get my finances in order to live with financial peace and freedom. I also included my 2016 financial goals as well.
- Financial Peace University by Dave Ramsey
- 40lk contribution slightly above the company match
- Roth IRA
- HSA max contribution
- Electronic debit for all bills
- No use of credit cards unless I can pay the balance in full every month
- Automatic, direct deposit of 20% of each paycheck into a savings account
- Emergency fund with 1 year living expenses in a high yield savings account (check out capitalone 360)
- Paid off car and won’t have another car note for at least 3 years
2016 Financial Plans
- Pay off student loans (start with the smallest one 1st and then move to the larger one using the snowball effect)
- Increase charitable donations
- Practice minimalism
- Raise insurance deductible to lower monthly payment since my emergency fund can over the deductible in the event of an accident
- Review life insurance policy
- Study investing more critically and diversify financial portfolio as needed
- Generate another source of income
What are your favorite saving and budgeting tips?
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~Thanks for Keeping it Kinky~