MONEY MINUTE: Financial fluidity in 2020

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MONEY MINUTE: Financial fluidity in 2020

Money Minute with Jackson Boyer

Money Minute with Jackson Boyer

Lori Erickson

Money Minute with Jackson Boyer

Lori Erickson

Lori Erickson

Money Minute with Jackson Boyer

Jackson Boyer, Staff Writer

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2020: New Year, new plan for becoming financially fluid

Now almost a week into the new year, it is time to commit.  To commit to the most important New Year’s revolution that you can make: to make a promise to yourself to become more financially literate.  To work towards harnessing the power of money, knowing its secrets so that you control it not the other way around.

Over the course of January, we will look at different critical steps you should take in 2020 to better your financial life. 

The battle plan for your financial army. 

The first step to getting financially free is to set a definitive budget.  It is amazing the places money goes when not properly tracked. Having a budget should be a must in your quest to become better with money.  

Kevin O’Leary, investor on shark tank and billionaire entrepreneur, says that to him “money is my soldiers, and I want to send them out so that they can capture prisoners and bring them back.”  Looking at money as soldiers can help us understand why a budget is critical.  

In the military, every troop is told where to go and what job to perform.  It is in this similar manner that money should be treated. You must allot certain amounts for certain activities such as: $25 for gas or $30 to shop.  

Sitting down and planning out where you will spend money each month will let you know where and what your “soldiers” are doing. 

Having a budget will also keep you from over spending.  This is because you will have a set plan for every dollar you plan to make.  From putting it in a dining, gas, clothes, or most importantly saving category- keeping track of your money is a top lesson to learn in order to become financially fit. 

Therefore, the challenge is to take time each month to plan the next budget.  Doing this in 2020 will become a habit that will serve you a lifetime.