If you’re like many Americans, you made a resolution that involved personal finances. I’ll tell you like I tell my clients: There is no room for shame when getting on the right foot with your finances. It takes on average 66 days to form a habit.
Now, if you’ve fallen off the bandwagon but are ready to recommit, I’ll share 3 actionable steps you can take:
1. Automate your savings. Set up a monthly transfer from your checking to savings.
2. Increase your retirement account contributions by a couple percentages. It will go a long way!
3. The crux of any good financial planning is understanding your cashflow. In order to increase your savings, you have to know where your money is going. That means you need the B word. Yes, budget. Or we can call it a spending plan. Whatever floats your boat.
I am sure you will find extra money to save. 2022 is looking good on you!
Find more Greenwood Daily bites and read Rianka’s latest blog: How Do You Break Generational Financial Curses? Teach ’Em Young.
Rianka R. Dorsainvil, CFP®️ is the Co-Founder and Co-CEO of 2050 Wealth Partners a virtual, fee-only comprehensive financial planning firm dedicated to serving first-generation wealth-builders, entrepreneurs, and thriving professionals. Rianka also hosts 2050 TrailBlazers, a podcast aimed to address the lack of diversity in the financial planning profession by engaging industry experts and leaders in conversation.
As an award winning successful, millennial Certified Financial Planner professional, Rianka offers a unique perspective not only on the current state of the financial service industry, but on how to stay relevant in an ever-changing world.
Rianka serves as a member of CNBC’s Digital Financial Advisor Council and CFP Board’s Diversity Advisory Group, is a Forbes Personal Finance Contributor, and has been recognized for her accomplishments and leadership within the industry by leading publications and organizations such as Investment News’ inaugural 2017 Women to Watch Rising Star and Wealth Management’s Ten to Watch in 2018. She has been published in PBS NewsHour, Forbes, USA Today, Black Enterprise, CNBC, Women’s Health, and more.