💰Loud BudgetingFeb 04, 2024
It’s good to be back in your inboxes bright and early this Monday morning! There’s lots to talk about in this week’s issue of Hack Your Money - paying off debt, elevating your credit score, and Loud Budgeting which we’re pinning to be this month’s hottest money trend.
There are loads of juicy tips and tricks coming your way so buckle up. Happy Monday and here’s to supercharing your money, one step at a time!
IN THE STOCKS
- S&P 500: 4,958.61 (4.55%)
- NASDAQ: 15,628.95 (5.84%)
- Dow Jones: 38,654.42 (2.49%)
*Stock data as of closing on February 2nd.
THE MONEY BREAKDOWN
There’s a new money trend populating the realms of the internet that could possibly give “quiet luxury” a run for its money. “Loud Budgeting” is everyone’s favorite new money-saving technique that combines setting strict boundaries for your budget and being vocal about it across your social circles.
Picture this: you're ready to splurge on dinner with friends or jet off to a fancy destination wedding, but your wallet… not so much. Loud budgeting is not about shouting your financial woes from the rooftops, but about confidently declining those pricey invites and letting people know you're focusing on your financial goals.
This tactic is like flipping a missed opportunity into a step toward your long-term financial goals. What you do today, your future self will thank you for. It’s important to strike a balance between saving and savoring life's joys so ration out your social obligations and watch your wealth slowly stack up.
Here are some tips to keep you focused:
- Know Your Goals: Set clear financial goals - proportion your savings and investments appropriately.
- Budget Like a Boss: Take a close look at your income and expenses, and track your spending. Start here.
- Embrace the Power of “No”: Confidently explain that you're focusing on your goals.
- Communicate Openly: Be transparent with friends and family and encourage them to join you in setting and achieving financial goals.
- Find Joy in Saving: Reframe budgeting as a positive step towards financial freedom.
- Stay Flexible: Be open to adjusting your plans as needed and remember that it's okay to indulge occasionally.
MILAN’S HACK OF THE DAY
Elevate Your Credit Score By Paying Off Debt
Let's talk credit scores and the savvy moves you can make to elevate them. Believe it or not, responsible debt management can be a superhero cape for your credit score. Here's the game plan: start by ensuring you make timely payments on all your debts, be it credit cards, loans, or any other outstanding balances. On-time payments showcase your financial responsibility and contribute significantly to your credit score.
Now, let's talk about debt utilization. Aim to keep your credit card balances low relative to your credit limit. This demonstrates to credit bureaus that you're a responsible borrower. Lastly, avoid the temptation of opening multiple new credit accounts at once. Always remember – quality over quantity.
So, there you have it – the superhero trio to boost your credit score: timely payments, mindful debt utilization, and strategic credit management. Unleash these financial superpowers, and watch your credit score soar to new heights. For my #1 tool that can help fix or boost your credit, visit milansingh.co/hack-your-credit