Tag: Money Management

5 Amazing Ways You Can Secure Your Family Financially

5 Amazing ways you can secure your family financially

Who doesn’t want a secure and healthy financial world for their family? If you’re reading this chances are you’ll do anything to keep your family safe and ensure you provide them with a life unlike anything else.

Some of our biggest dreams aren’t for ourselves, but for our family. We dream of providing them with the best experiences life has to offer. Here are 5 amazing tips to secure your family financially.

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#1. Build a hefty emergency fund

Super important.

The number one way you can secure your family financially is by building a hefty emergency fund that can protect them during a rainy season.

emergency fund
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Note I said rainy season and not rainy day.

Sometimes life simply happens and before you know it we’re going through a pandemic and lockdown out of nowhere.

Have your emergency fund money work for you

The best thing you can do with your emergency fund is to put it in a high yield savings account so it can earn interest every month. Don’t let your emergency fund collect dust in a traditional checking account.

Banks like Citibank, BMO Harris, and Capital One all offer these services and are also FDIC insured meaning your money is protected.

Have cash at hand

This can be in the form of actual cold cash or liquid money that’s available to you instantly, such as a personal savings account.

What I find works best is to allocate money in a money market account and in a personal savings account. This allows me to protect my family should I need to access money right away.

Meanwhile, the hefty emergency fund is earning interest every month. Sounds pretty great right? It is.

#2. Lower your overhead

It does not matter how much money you make. Lowering your overhead simply implies to live below your means.

The most renowned millionaire’s will tell you this is a big part to building long term and generational wealth.

Secure your family financially by lowering your overhead

Lowing your overhead allows you to secure your family financially because it keeps your overall costs down.

What are some benefits to a smaller overhead?

  • Family necessities become abundantly affordable
  • No more living paycheck to paycheck
  • Sense of self control and achievement
  • Resources become available to save and invest

Don’t mistake a small overhead for living frugally. That’s completely up to you. A smaller overhead simply provides you with more access to your monetary means.

So, when should I raise my standard of living?

You should raise your standard of living in small increments.

You’re most likely in a place where you can technically afford higher rent or a new car. However, when we’re striving to secure our family financially we should avoid instant gratification and instead delay it.

Before you begin to make bigger financial moves make sure you and your partner are:

  • Debt free
  • On the same page about finances
  • Have a heft emergency fund built
  • Setting financial goals together

Read: How to Successfully Manage Money As A Couple

What are some ways I can lower my overhead?

You can lower your overhead by:

  1. Renting oppose to taking a loan on a mortgage
  2. Paying off debt to eliminate monthly payments
  3. Lowering your utility bills
  4. Cutting off unnecessary streaming services or subscriptions
  5. Investing in your health and changing your grocery spending habits

Which leads to my third strategy on how to secure your family financially. Yup, by setting healthy budgets.

#3. Budget healthy

Secure Your Family Financially by Budgeting

Now, I say budget healthy because I do believe in splurging on your family once in a while. I mean what’s the point of sustaining a growing family if you can’t spoil them from time to time right?

All in moderation.

Setting budgets will secure your family financially and allow you to gain self control over your spending habits.

Budgets also help us communicate better with our partners and instills trust within the relationship.

When we’re in sync with our partners we tend to grow at a faster rate financially.

Not only is budgeting great for your wallet but it creates a bond between you and your significant other.

What are some simple budgeting ideas?

  • Conserving electricity (also good for the environment)
  • Meal prepping / home cooked meals
  • Keep an eye out for deals or specials
  • Wash your own vehicle
  • Pull out the gift cards from your drawer

Read: 10 Successful Ways To Save Money During A Recession

#4. Develop multiple streams of income

Ladies and gentlemen, the single most effective way to secure your family financially is to make sure there is always cashflow.

Start a side hustle, create your online business, do MORE.

Develop multiple streams of income

These things won’t be easy. I’m not talking about make money fast ‘opportunities’. Developing multiple streams of income takes time and anyone who says otherwise is a scam.

Get creative with it and enjoy the process.

People are making money with:

  • Fiverr as freelance writers, graphic designers, translators, instructors, and so much more!
  • DistroKid – which allows musicians and artists to distribute their music on all major platforms earning them money PER STREAM.
  • Bluehost – WordPress’s number 1 webhosting service for bloggers and online business startups.
  • Turo, by renting out their vehicles.

There are a lot of ways from which you can earn additional income to help feed your financial goals.

Our ‘Side Hustles‘ tab has a variety of posts to help you manifest these goals.

If you’re enjoying this post so far don’t forget to subscribe to our newsletter and leave a comment below!

#5. Talk about money in your household

Talk about money in the household
Financial Literacy

This one is very important.

Maintain an open atmosphere at home when it comes to finances and money management.

Filter private conversations around the kids but increase their awareness. Talk about your goals to them. Make them money conscious.

By openly talking about money in the household, you instill a confidence in your environment that isn’t taught in school.

Become that source for your kids so that one day they become just as money conscious and goal oriented as you are.

Talking about money is a great way to secure your family financially

Kids brains are like sponges. If they hear the content you’re listening to online they subconsciously process this information.

When I put YouTube on my television and my son asks me what it is I’m watching, I advise it’s educational videos for adults. He’ll then carry on and play with his toys or draw beside me.

His daddy isn’t binge watching the new Netflix series that just premiered, he’s learning and making things happen. Manifest this activity for productivity.

Kids notice these things. We are the biggest influences in their lives.

Keep winning, keep persevering, and stay humble.

Read: How To Set Financial Goals: 10 Simple Steps!

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How to Successfully Manage Money As A Couple

How to Successfully Manage Money As A Couple

Whether you’re married or are in a serious relationship, learning how to manage your money as a couple is going to become a real thing if it hasn’t already. More so if you’re both hustling.

Communication is going to play a very important role and your success is going to highly depend on it.

Without the financial vision or guidance, there’s always going to be some sort of disagreement or standoff which can hinder the health of your relationship.

It’s important to listen to one another and speak your mind out loud.

Discuss Savings Goals

A great way to break the ice with your partner is by getting together and discussing a savings goal plan.

It can be as simple as saving your first $1,000 together or building your emergency fund. This strategy develops a teamwork mindset between you and your partner.

Read: How To Create an Emergency Fund and Why It’s Important

Identify The Bigger Picture

What are yours and your partners biggest goals together? Are you aiming to becoming debt free so you can spend time vacationing together? Looking to buy a home?

Communicating about the bigger picture allows you as a couple to stay motivated. It’s going to help you stick to your financial goals and stay focused.

Read: How To Set Financial Goals: 10 Simple Steps!

Should We Combine Bank Accounts?

If you’re married and both partners feel safer doing so, then yes. You should definitely have a joint bank account as it keeps things tidy and easy to manage.

With this type of account you’re able to see all expenses deducted from one account. This means when your earnings deposit you’ll also see a nice chunk of money sitting there.

If you’re a couple and both of you are more independent, either way works. This helps both partners learn how to manage financing prior to marriage or creating a joint account. If you’re combining savings or paying off debt with separate bank accounts, communicate on how transfers will work.

*

Maybe you’re both using the snowball method to tackle debt. You may transfer money over to your partners account so they take care of the smallest debt on the list prior to proceeding with yours (or vice versa).

This strategy also helps you both as individuals increase your credit score. This is especially good if you’ve set financial goals that require an excellent score.

Read: How To Increase Your Credit Score | Reach Excellent

What About Investment and Money Market Accounts?

If you have money allocated in investments or money market accounts, be transparent with your partner.

If you’re married, your partner should have an idea of where you are allocating certain money to. They are entitled to that information.

Serious couples should also be informed of any money whereabouts. This allows you to gain trust in your partner and instill confidence to one another.

Learn to Budget As A Couple

Couples who want to manage their money correctly will need to learn how to budget successfully.

You’ll need to come to an understanding of how much money is to be allocated towards certain expenses. This may include groceries, entertainment, shopping, etc.

Budgeting together is a great way to manage your money as a couple because it provides you with control and stability.

When you have control and stability, you’re able to move money into savings, towards debt, and anywhere else you need it to be in order to meet your financial goals.

How Do We Go About Vacationing?

The wise thing to do is to have your finances under control before vacationing. This could simply mean having your emergency fund built and making sure you aren’t behind on any bills that may be a detriment to your finances.

Think of vacationing as a long-term goal or reward. Earn it. Delay that gratification and never settle for now.

Think about how much successful you will feel having your finances under control oppose to vacationing knowing you have past due bills back at home. It’s simply not the same.

Set Your Money Intentions

Money is only a tool.

When you begin to manage money with your partner you’ll both begin to set money intentions. It’s very similar to your goals but has to do more with your desires.

While your financial goals are usually to get you out of debt or prepare you for financial stability, money intentions are the rewards you reap for working hard.

Such intentions can be making enough money to provide for your mom and dad or to give to charities. Other intentions can be to pass wealth down to the next generation.

Setting money intentions with your partner aligns both of your visions and goals. When you both have the same or very similar mindsets, you’re able to accomplish anything financially.

Don’t Allow Money To Get In The Way

Money should not destroy a couple. It should encourage you to make wise decisions for a more comfortable and secure future together.

If you’re having trouble earning money check out our side hustles tab where we provide you with a variety of ways you can make extra money.

FrankNez provides you our readers, with the tools required to reach your most profound goals.

Communication Is Key To Succeed

There’s no doubt communication is the secret to succeeding financially as a couple.

The combination of tackling financial goals together and taking disciplined action is what will manifest your desires.*

Keep setting all sorts of life goals as a couple. This mindset is what’s going to allow both of you to strive beyond your imagination.

Read: How To Reach Financial Stability At Any Age

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How To Manage Money Straight Out of High School

How To Manage Money Straight Out Of High School

Congratulations to the class of 2020! You’re now moving into a phase of self discovery and more hard work. Only a few of you are actually here though. You’re what I like to call the 1%. AKA the high achievers. You’re most likely already driving and started working at your very first job. You’re here because you want to get ahead of everyone and start your path to financial success right away. Here’s how to manage money straight out of high school.

If you’re new to FrankNez be sure to subscribe to our newsletter to be informed when a new post is published!

So, unfortunately you graduated from high school but they didn’t teach you ANY of this. Yes, the school system has failed you. It has failed us too. Fortunately, the universe has magnetically drawn you to read this.

Don’t take up any overhead

One of our biggest goals straight out of high school is to move out our parents homes.

As great as this sounds, it also means taking up all sort of bills such as electricity, groceries, and rent. Don’t rush into getting that place with your friends or girlfriend/boyfriend just yet.

Put this financial goal off to the side at the moment. At least for a few years. Now, you don’t want to be a 22 year old freeloader so if you plan on living with your parent longer then you’ll most likely be required to contribute to the household.

By eliminating an overhead to begin with, you’re maximizing the take home income from your current job.

Get the most from your job

If you’ve received your first paycheck you know how good it feels to have access.

Let us know in the comments section below how you spent your first paycheck!

By now you’ve probably noticed most the people at your work are doing what you’re doing for a living. Yup, I know it’s crazy.

You probably can’t see yourself doing that to sustain a family. But, people do.

Tip #1 on how to manage money straight out of high school

Tip number one on how to manage money straight out of high school is to save your money.

The wise thing to do when you begin to work straight out of high school is to save 90% of your paycheck. This is primarily because you don’t carry the weight and several responsibilities that most adults do.

You don’t have to pay a mortgage just yet, you don’t have to pay insurance or other necessary bills. So, the wisest thing to do is to leave yourself with 10% of your monthly paycheck in your pocket and save the rest.

I mean c’mon, you didn’t have a dollar in your pocket before you started working, so???

If you’re making $2,000 a month that means you can use $200 for fuel and, well pretty much fuel and splurge the remaining. That means you can save a hefty $1,800. That’s $21,600 in one year!

Guys, let me tell you something. Most Americans can’t even pay an emergency bill of $400. Statistics also show almost 50% of Americans have less than $1,000 in their savings account.

You have the road all to yourself!

Open a checking and savings account

Tip #2 on how to manage money straight out of high school is to open a checking and savings bank account.

I’ve personally banked with Bank of America and Wells Fargo. I’ve had terrible experience with BofA, and an amazing experience with Wells Fargo. Completely up to you, however.

Opening a checking and savings account will allow you to make direct and mobile deposits into a secured account from which you can have access to at any time.

Remember the 90 to 10 ratio? This is a great way to separate your money.

Take advantage of mobile banking

Take advantage of your banks mobile banking app. The app will allow you to:

  • Track your spending
  • View your accounts
  • Transfer money between accounts
  • Develop a good habit of knowing where your money goes

Occasionally check on your bank account to see your savings grow and to keep tabs on your spending habits.

Move a portion of your savings into a money market account

Tip #3 on how to manage money straight out of high school is to move a portion of your savings into a money market account, aka a high yielding savings account.

This type of savings account earns you interest on the money you have in this particular bank. Over a period of time it compounds and earns more money every month.

Some benefits to opening a money market account include:

  • Earnings may keep up with inflation
  • Money is earned passively every month (passive income)
  • No risk investment

Many people are afraid to move money into a money market account simply because they were never taught about it or they learn about it at a later age.

Take advantage of these awesome bank accounts that can earn you money every month! The more you fund this account, the more money you earn through compound interest.

How to properly balance your accounts

Now that you’ve put about 90% of your earnings into savings, you can actually begin to allocate about 80% of it into your money market account.

We’ll use the same numbers from earlier. Say you earn $2,000 a month. Leave yourself with $200 in checking, and from the $1,800 you had in personal savings, allocate 80% of it or approximately $1,400 into your money market account.

You account will look something like this.

Personal checking: $200.00

Personal savings: $400.00

Money Market Account: $1,400.00

Pretty neat huh!

Here is a list of banks that offer a high yielding savings or money market account.

These banks are all FDIC insured*

Build your emergency fund

Tip #4 on how to manage money straight out of high school is to continue to build your emergency fund.

Your personal savings and money market account essentially become your emergency fund money.

Unlike your money market account, a personal savings account is considered to be liquid. This means you can withdraw money immediately where as a money market account takes at least 3 business days to transfer money to your personal accounts.

Keep stacking your richards until you’re ready to set bigger financial goals.

Read: How To Set Financial Goals: 10 Simple Steps!

Understand the importance of budgeting

Tip #5 – Don’t make purchases that don’t bring value into your life. Avoid unnecessary spending habits that will drain your bank account.

Learn how to budget now and you’ll never run out of money. Budget correctly and you’ll be on your way to really understanding what it’s like to become financially stable one day when you live on your own.

By the time you’re ready to move out from your parents you would have gained these amazing winner habits to help you succeed financially in life.

Budgeting does not mean to be cheap. Don’t be cheap, rather look into the personal value of things and see whether or not they can improve your life.

Learning how to budget is a great stepping stone on learning how to manage money straight out of high school.

Don’t be afraid to take risks, invest

Manage Money After High School Invest In The Stock Market

Tip #6 – You’re young, don’t be afraid to take risks.

If you’re interested in investing some of your money in the stock market we have a post specifically detailing how you can do so step by step. You can check it out here.

You can own a little bit of apple and tesla as a shareholder with stocks. Several years from now they will be worth way more money than they’re worth today and you would have made a ton of money from the investments you made straight out of high school.

The reason most people don’t invest is because they simple weren’t educated on how to do it. Your parents didn’t teach you and your school most definitely didn’t teach you. FrankNez introduces you to a better you so thank you for being here.

Be sure to subscribe to my newsletter where we’ll be in personal contact from time to time. I will always be available to answer any questions you might have. Don’t forget to let our readers know on the comments section below how you spent your first check!

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