Black Star Wealth’s 3 Tips For Financial Resolution Success

By Kristy Andredakis

Jan 13

Wendy Brookhouse here. Happy 2021!!

Although this year looks different, it is all about focus. Being focused on what’s most important to you! If financial confidence is on your checklist, you are absolutely in the right place.

Guess what?  We are already almost halfway through January – how are those New Year’s resolutions coming along?  If you are like most people, chances are you made one resolution or goal around money.  The top financial resolution is usually to SAVE SAVE SAVE MORE MONEY! 

Challenge Accepted!  (Now what?)

In the next couple of weeks, each day we are going to give you some CONCRETE ACTIONS that can help you with that goal.   I am calling it Black Star Wealth’s Path To Financial Resolution Success. There are 15 wealth principles I want to share with you, but for now, we are going to let you easily consume the first 3.

Adopt this principle in 2021, “To save more, is to spend less”.   

So on Day 1  let’s look at what your Cell Phone Bill is “really” costing you.   

When is the last time you took the time to review it in detail?   I would suggest you get online and pull it up. Get it RIGHT IN FRONT OF YOU. (Stop the guessing.)   

Look at this first – are you using everything you are getting charged for?  The last review I did showed that I was paying for wifi access for 2 tablets.  I had lost one and hadn’t used the other for ages, so I canceled both of those.  I was able to put $50 a month back in my pocket.  That is $600 in one year. (That is a ridiculous amount to spend on something you are not even using.)

Second – make sure you aren’t paying extra for data overages, or other fees that might be less if you had a plan that covers it all. Carve out time for a chat or that call and make sure you are able to transfer, change & understand everything you are paying for. 

Third – if it makes sense, find a carrier that charges less. Commercial carriers want us to believe we won’t get the same coverage or that the phones we get with a competitor are older and less reliable. 

Day 2 of the Financial Resolution Success Plan: Set Up A Savings Account.

I want you to ask yourself this,  “How much money did you save yesterday on your cell phone bill?”  Now, what are you allocating those savings to?

My suggestion is to now set up a savings account and automate that savings right on over there.   I use Manulife Bank for my high-interest savings – here is a link to click to set yours up! For that matter, as you go through the next 13 Days, whatever you want to save, automate it.  No procrastination.  Do not pass go.  Set it up!

One of the best things about savings accounts is that the money you deposit automatically earns interest, and that interest compounds over time, accelerating the growth of your money. You rarely have to make any decisions (other than which bank to save with; some offer higher interest rates than others).

Day 3 –Finding The Best Creditor Insurance? 

Do you have creditor insurance on your mortgage, line of credit or credit cards?  These items can add up. Seeking a new provider might just be less expensive and provide better coverage. Choosing to purchase an independent policy might be the best way to go.  

That’s it for today! Executive Oerview:  Don’t be afraid to try on something new. This is 2021 and things won’t change unless you change them. Break the cycle and find clarity. Clean up that Financial Junk Drawer that you have been leaving for tomorrow or another day…and just dive in! What are you waiting for?

Need more help? No problem. Let’s hop on a call and grab a virtual coffee. I would love to share MORE MONEY SAVING STRATEGIES.

STAY WARM CANADA!

xo-Wendy

 

SOURCE:

https://www.discover.com/online-banking/banking-topics/four-reasons-to-open-savings account/#:~:text=One%20of%20the%20best%20things,higher%20interest%20rates%20than%20others).

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