My sister has been my best teacher when it comes to financial security and decision making. She has always taught me to live a little beneath your means. While some risk takers who manipulate money systems and accounts may not agree with this, I believe this is good advice for most of us. I took my sister's advice and it has made a positive difference in my life.
If you're someone with little means and a lot of bills, you may want to rush right out and spend that stimulus check on an item you've longed for. I've been there and know what that's like. But, rather than do that, I suggest that you take some time during this shelter-in-place response to COVID-19 to make a financial plan before that check arrives.
Here are my financial plan tips.
First, dream. Make a 10-year plan about where you want to be financially in ten years. Then work backwards as to how you will get there. When I did this many years ago, my plan included lots of professional learning since professional learning for teachers, if done within system guidelines, leads to greater pay. This was important to me because it helped me to be a better teacher and also helped me to support my family--a win-win. Also when you make that 10-year plan, it becomes easier to put-off buying items you long for right away.
Next, once you have your plan in place. Decide what you'll do with the stimulus money. What will help you and your family more? Will you invest it into professional learning that leads to advancement? Will you purchase an item for your home that will save you money in the long run. For example, if you go to the laundromat to wash your clothes, will it be better to buy a washing machine? Do the math to see what matters. And, take a close look at what debt costs you--is it worth it or should you pay off your loans and debts. While interest rates are low, it may be a good time to visit a financial institution and consolidate those loans with a low interest loan.
There are so many ways to save money and use your precious dollars well. It's easy to do the research online today as there are countless good articles from trusted sources that will help you. Don't squander your stimulus check, instead dream, make a plan to achieve your dreams, and then use that money as one step in the right direction. Onward.
If you're someone with little means and a lot of bills, you may want to rush right out and spend that stimulus check on an item you've longed for. I've been there and know what that's like. But, rather than do that, I suggest that you take some time during this shelter-in-place response to COVID-19 to make a financial plan before that check arrives.
Here are my financial plan tips.
First, dream. Make a 10-year plan about where you want to be financially in ten years. Then work backwards as to how you will get there. When I did this many years ago, my plan included lots of professional learning since professional learning for teachers, if done within system guidelines, leads to greater pay. This was important to me because it helped me to be a better teacher and also helped me to support my family--a win-win. Also when you make that 10-year plan, it becomes easier to put-off buying items you long for right away.
Next, once you have your plan in place. Decide what you'll do with the stimulus money. What will help you and your family more? Will you invest it into professional learning that leads to advancement? Will you purchase an item for your home that will save you money in the long run. For example, if you go to the laundromat to wash your clothes, will it be better to buy a washing machine? Do the math to see what matters. And, take a close look at what debt costs you--is it worth it or should you pay off your loans and debts. While interest rates are low, it may be a good time to visit a financial institution and consolidate those loans with a low interest loan.
There are so many ways to save money and use your precious dollars well. It's easy to do the research online today as there are countless good articles from trusted sources that will help you. Don't squander your stimulus check, instead dream, make a plan to achieve your dreams, and then use that money as one step in the right direction. Onward.