filmov
tv
6 Things I Do When I Get Paid | Money Management Tips
Показать описание
These are the six things I do every time I get paid!
Books I'm Reading
Chapters
00:00 Start Here
00:30 Take Out Taxes
01:58 Contribute To Roth IRA
03:34 Pay Off Credit Card
05:09 Pay Non Credit Card Expenses
06:42 Move Money To Savings
08:15 Notice Financial Trajectory
Once a month, every time I get paid, I sit down and do six things that help me stay organized and avoid any bad financial surprises. In this video, I share those six things.
1. Take Out Taxes
Whether you are self employed or employed with a company, it is important to make sure that you are setting aside enough money from each paycheck for taxes. This amount varies from person to person; however, it's important to take the time to make sure you're setting aside the right amount to avoid a large tax bill at the end of the year.
2. Contribute $100 To My Roth IRA
The next thing I do when I get paid is regardless of how much I make on a given month, I contribute $100 to my Roth IRA. And if I make more one month, I consider putting more in my Roth IRA. It is important to be in the habit of contributing a certain amount for retirement each month because eventually you will need money for retirement.
3. Pay Off Credit Card
I put most of my expenses on my credit card and run up the balance each month. I do this because it allows me to have one single bill to pay at the end of the month rather than having to keep track of multiple. Once I get my statement each month, I immediately pay it off and bring the balance down to zero. Credit cards are a great tool to consolidate bills; however, do not consider doing this if you do not have the self control to pay off the balance.
4. Pay Off Non Credit Card Expenses
I am unable to put certain expenses like my health insurance and rent on my credit card or I am met with a high fee. It is important to be aware of these fees and make sure you are not paying them. I set all of these bills on direct deposit and make sure that they were actually charged.
5. Move Money To Savings
Since I am self employed, I have to be very cautious with how I spend and manage my money. Whenever I make more, I do not spend more, but I set aside the extra money for a worse month. I personally like to keep my checking account at around $150 because I do not have many expenses that go through my checking and by moving all the extra money over to my savings, I never confuse saving money for spending money.
6. Notice My Current Financial Trajectory
The final thing I do on my payday routine is to zoom out and see if my account is growing, stagnate, or declining. This allows me to understand the financial path I am on and I can make changes if need be. No trajectory is right or wrong, but it is just dependent on your goals in life.
**I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You are responsible for the financial decisions that you make. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
Books I'm Reading
Chapters
00:00 Start Here
00:30 Take Out Taxes
01:58 Contribute To Roth IRA
03:34 Pay Off Credit Card
05:09 Pay Non Credit Card Expenses
06:42 Move Money To Savings
08:15 Notice Financial Trajectory
Once a month, every time I get paid, I sit down and do six things that help me stay organized and avoid any bad financial surprises. In this video, I share those six things.
1. Take Out Taxes
Whether you are self employed or employed with a company, it is important to make sure that you are setting aside enough money from each paycheck for taxes. This amount varies from person to person; however, it's important to take the time to make sure you're setting aside the right amount to avoid a large tax bill at the end of the year.
2. Contribute $100 To My Roth IRA
The next thing I do when I get paid is regardless of how much I make on a given month, I contribute $100 to my Roth IRA. And if I make more one month, I consider putting more in my Roth IRA. It is important to be in the habit of contributing a certain amount for retirement each month because eventually you will need money for retirement.
3. Pay Off Credit Card
I put most of my expenses on my credit card and run up the balance each month. I do this because it allows me to have one single bill to pay at the end of the month rather than having to keep track of multiple. Once I get my statement each month, I immediately pay it off and bring the balance down to zero. Credit cards are a great tool to consolidate bills; however, do not consider doing this if you do not have the self control to pay off the balance.
4. Pay Off Non Credit Card Expenses
I am unable to put certain expenses like my health insurance and rent on my credit card or I am met with a high fee. It is important to be aware of these fees and make sure you are not paying them. I set all of these bills on direct deposit and make sure that they were actually charged.
5. Move Money To Savings
Since I am self employed, I have to be very cautious with how I spend and manage my money. Whenever I make more, I do not spend more, but I set aside the extra money for a worse month. I personally like to keep my checking account at around $150 because I do not have many expenses that go through my checking and by moving all the extra money over to my savings, I never confuse saving money for spending money.
6. Notice My Current Financial Trajectory
The final thing I do on my payday routine is to zoom out and see if my account is growing, stagnate, or declining. This allows me to understand the financial path I am on and I can make changes if need be. No trajectory is right or wrong, but it is just dependent on your goals in life.
**I am not a financial advisor. The ideas presented in this video are for entertainment purposes only. You are responsible for the financial decisions that you make. Links above are affiliate links where if you click and order, I will receive a commission at no cost to you. **
0:10:30
6 Things Narcissists Do When You Go No Contact
0:17:54
Art Things Things To Do When Bored #6
0:08:35
6 Things You Should NEVER Do In Lucid Nightmares!
0:08:09
6 Things you NEED to do when you Feel Overwhelmed
0:06:53
6 Things To NEVER Do Around A Girl You Like
0:13:24
6 Things 'NICE GUYS' Do WRONG! (Instant Attraction Killers)
0:03:41
6 Things Emotionally Mature People Do
0:07:14
6 Things You Should NEVER Do In Sleep Paralysis!
0:33:50
6 things Texas Rangers must do in the second half to make the playoffs
0:08:01
67 Actual FUN Things To Do When You're Bored | Bethany
0:02:32
6 things to do if your man checks out another woman.
0:09:47
7 things women do when they genuinely love you
0:00:56
6 Things Not To Do When You Have Depression
0:09:09
6 Things to do during Hibernation || Making Cekodok Pisang I Jemput Jemput Pisang
0:06:01
6 Things Girls Do That Guys Love | Brent Rivera
0:00:22
6 things to do if you are being bullied
0:10:01
100 things to do when you're bored & stuck at home
0:11:06
12 DIY - 12 Things To Do When You're Bored - Room Decor, Phone Case, School Supplies and more..
0:14:05
6 Things Women Do That Turn MEN OFF!
0:04:45
6 Things You Shouldn't Do When Mountain Biking | MTB Bad Habits To Break
0:10:52
6 Things Narcissists Do at the End of a Relationship
0:09:36
Covert Narcissists Always Do These 6 Things (Empaths Beware)
0:02:12
6 things you can do with JavaScript in 2 Minutes
0:16:38
Art Things to do When You're Bored #8
Комментарии