3 Smart Financial Tips to Implement Today

Photo Courtesy of   SamJohnson3 Photography

Photo Courtesy of SamJohnson3 Photography

We are closing the last day of the first month of 2019. Tomorrow marks beginning of Month Two of the year (February 2019), and I hope you have already both set and written your financial goals for the year and made some progress toward them. If you haven't, don't fret...just get started! Personal finance is imperative to our everyday life and we must give it the necessary attention to groom it properly.

You may be wondering, "Where should I even begin?" Let's start with the basic fundamentals to get you started on the right track. Decide where you want to be financially and write your goals out on paper. Be sure to revisit your goals frequently and design a plan to accomplish them. Once you have that established, then you can go into action. If you are stuck on how to create financial goals and need a little assistance, SMASH Debt®️ is hosting a virtual workshop specifically on designing achievable financial goals. There is still space available in the next session, so visit bit.ly/2019fgeworkshop to register for the event!

Here are three (3) simple financial tips to begin to dissect and implement this quarter (if you haven't already done so).

  1. Establish an emergency fund sufficient enough to cover insurance deductibles. At minimum, you want to have a cash fund available to cover any essential emergency expenses that may "pop up" during the year. Make every effort to build this fund as fast as you can to ensure your emergency reserve is readily available early on in the year.

  2. Build a budget, stick to it, and save any excess funds. This is extremely important in order to build discipline. To build discipline you must first understand the definition of the word. Once you truly have an understanding of the meaning of discipline, you must constantly refer back to it when you are tempted to go against what you truly desire. The key to building discipline is consistently going back to the plan when you fall off...because you will fall off during this journey! However, the goal is to not remain on the floor. You must decide where your money will go, and it takes a budget to accomplish this measure. Sticking to a budget can be difficult, but you must say "No" to your wants temporarily. I always say this, "Make temporary sacrifices for the long-term gain, and you will win in the end." Squeeze your budget and save those coins!

  3. Shop smart, spend less, and add a new revenue stream. When you shop smart, you buy your necessities when prices are low. Take advantage of every discount you possibly can and don't be afraid to raid the clearance racks (or clearance sites for my online shoppers). Make every effort to lessen your expenses each budget month. Scale back until you can't scale back anymore, then save the extra money or apply it to your outstanding debts if you still have some remaining to pay off. While cutting costs, find a new income source that you enjoy doing. Turn your passion and talents into a business. Identify your side hustle and passive income possibilities! In the game of wealth building and designing the life you ultimately want, multiple sources of income (MSI) is PIVOTAL to the blueprint. You must never rely on only ONE source of income. Get intentional about exploring ways to create additional cash inflow to expedite your path to wealth and prosperity.

I challenge you to apply these steps as quickly as you can! You will be surprised at how much money you can "find" by scrubbing your expenses and how much money you can earn by monetizing your gifts and being creative with your mind. From my personal testimony, I have paid off $151,802.99 in just 36 months (3 years) after starting my debt-freedom journey with these simple steps as my jump start to financial prosperity. My mission in life is to now show individuals across the globe that debt freedom is possible. You just need the right resources (STRATEGY) and the right support system (ACCOUNTABILITY) to get you to the finish line. And that is EXACTLY what I give my clients; I serve them with the STRATEGY and ACCOUNTABILITY they need to get them the ultimate financial freedom they desire and deserve.

Are you up for the challenge? Start implementing these steps and share your progress in the comments below. I would love to support you on your journey to the transformation of your financial world. Be sure to register for the Virtual Financial Goal-Setting Workshop (Live Webinar). Looking forward to seeing you in the room.

Remember...Your Financial Prosperity Awaits You!

Sophia Melonē, The Debt Demolisher®️


Sophia Melonē™️ is a Certified Financial Education Instructor (CFEI), Personal Finance Speaker, Facilitator, and Financial Prosperity Coach/Advocate who is extremely dedicated to the financial success of families and households across the globe. Her mission is to make debt freedom the New Norm and Wealth Building the natural nature of habit. Sophia is the founder of SMASH Debt, Inc., which is a woman-owned small business corporation that emphasizes leadership in the personal finances of households. Through the facilitation services and coaching programs offered by SMASH Debt®️, Sophia helps individuals cultivate healthy relationships with their money and shows six-figure income earners how to get their bank account to match their salary and sustain it. Visit www.smashdebtinc.com for more information.