Your Financial Future
Mar’s Musing on Your Financial Future
This week on Mar’s Musings I am continuing the thread of looking at your finances and projecting your finances into the future!
Once you have your budget mapped, understand your monthly expenses and also the percentage allocation (50/30/20) as a rule of thumb, there are different things that you can do with your Savings.
It’s important to carve out a pathway for the money to flow, for it to have a direction and a place to go – I will repeat it again, “money flows where intention goes”.
So as a first rule of thumb there are certain savings to consider:
“Emergency Fund” – 3 to 6 months of your expenses saved for emergencies which are an inability to work or other unexpected events
“Sinking Fund” – savings for larger purchases that aren’t budgeted in monthly
“Retirement Planning” – preparing a fund for your retirement! (I know this can seem early and a daunting thing, so hold on in there!)
An easy way to estimate the retirement savings is outlined by Fidelity to have a reference of how much to have set aside by a certain age.
I know that this can all seem “old paradigm” and some women have given me the feedback of manifestation and calling in abundance. I am all for this, yet I believe in a balanced approach, trusting for all that life will give you and also taking care of the practical matters to be prepared.
I’d remember a saying from a spiritual teach I had which was “Trust in God, but lock your car”, in these similar lines I suggest to trust in God, life, the Universe (whatever you want to call it) but make sure you are also taking care of your material life as to not neglect it.
All this can be turned into much more fun & light ways, it doesn’t have to feel like a drag to save, and you can turn it into a game – even if it means starting small with a cappuccino a day that you’re saving
I’d love to hear from you…. What does your future financial landscape look like?
If you’d like to start with your financial plan, download this document with the Excel to fill it in!
Love Mar Michelle