🤓 CPA helping moms:📈 Invest confidently🚸 Raise money-savvy kids 🤑 👉 My FREE Money Challenge helps you accomplish the MOST important financial tasks step-by-step!
#1 DEBT-PAYOFF Tip + How I track my CREDIT
Hey Reader,
Time to check in on your finances!
Consider this your monthly reminder to update your Net Worth -- an easy way to track your financial progress. 📈
Need the ✨UPDATED!!✨ Monthly Budget Meeting Agenda?
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💸 MONEY FIT CHALLENGE of the month: DEBT + CREDIT
First, to my DEBT-FREE Readers:
Did you know . . . 20% of consumers have an error on their credit report. WHAT??!
- Spot errors by requesting your free credit report. You might find a surprise debt - We did!
- I also keep an eye on my credit using a free Credit Karma account. Make sure no one has opened a fraudulent account in your name by reviewing your accounts (Go to "Menu: Credit: Accounts.") Caution about Credit Karma: They get *paid* to get you to take out loans and open credit cards. Resist the urge.
DEBT PAYOFF - Let's do this! What's the secret?
My financial coaching client paid off over $27,000 of debt in FOUR MONTHS without even BUDGETING. 😮 But how?? Read on . . .
#1: Set the goal and TRACK YOUR PROGRESS!
Update your Net Worth ONCE A MONTH!
This is my #1 tip to debt payoff! This is what my clients did instead of budgeting: They started tracking each of their account balances every month. Sounds simple, but you really do "manage what you measure." You can track your net worth by creating your own spreadsheet or using mine.
#2: Build your 1-Month "Baby Emergency Fund"
Set this aside to prevent future debt and then only use it in a TRUE EMERGENCY.
#3: Create a BUDGET and make some LIFESTYLE ADJUSTMENTS
Decreasing expenses and/or increasing income can be challenging for the first 2-3 months. But once you see PROGRESS by tracking your net worth, your brain adjusts and destroying that debt feels AMAZING! 🎉
🧠 MENTAL REFRAME: Choose your Top 3 Values -- Rather than feeling like you're saying NO to spending, think of these changes as saying YES to more important priorities like the PEACE, MENTAL HEALTH, and SECURITY that will come from being debt-free!
😮💨 Take a deep breath . . . YOU'VE GOT THIS! 🙌🏽
Still a Financial Nerd,
Lisa Schader, CPA @MoneyFitMoms 🤓💸
🤓 CPA helping moms:📈 Invest confidently🚸 Raise money-savvy kids 🤑 👉 My FREE Money Challenge helps you accomplish the MOST important financial tasks step-by-step!
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