Have at least $1,000 in savings
Have at least $1,000 in your savings! Here's what you need to do.
👉🏼First thing you are going to do is have a money meeting with yourself. Yes you can do it.
👉🏼Build your budget to see where your money is going & how much you can actually save per month
👉🏼Calculate your net worth so you can see your assets & debts. You’ll do this monthly to track it. This helps bring awareness instead of just avoiding the debt and turning a blind eye. This also can help encourage you as you see your debts decrease and savings increase.
👉🏼Either get a side hustle or cut unnecessary expenses or both to get there faster!
👉🏼If the thought of a side hustle seems daunting, it doesn’t have to be forever. Maybe just to get the $1,000 racked up you do it for a few months.
👉🏼Watch my video on 10 ways to cut expenses https://youtu.be/N6Ba6j3Be6c
👉🏼Read my blog post on side hustle ideas. Side Hustle Ideas (juliehaneline.com)
👉🏼For a few months, ease back on spending extra (shopping, Starbucks, restaurants, etc) to help save back that money.
👉🏼I don’t love the thought of this but if it’s only for a few months then another way to accelerate the process of saving $1,000 is to pause your 401K or IRA contributions. ONLY for a short period though to save, especially if you are contributing a large amount.
Having $1,000 saved will make you feel SO much better and less panicked when an unexpected bill comes or your car needs to be fixed. Continue to save of course but this is your minimum goal to kickstart your debt freedom journey.
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