Wednesday Wisdom: 4 Financial Resolutions Every Entrepreneur Needs to Make Today For a Burden-free 2019
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Here are 4 financial resolutions every entrepreneur needs to take today for a burden-free 2019
1. Budget Well
Are you often broke at end of the month? It’s time to re-work your spending habits. Follow the 50/20/30 budgetary guide to categorize your expenses well.
50% - Essential (rent, transportation, utilities)
20% - Personal finances (saving or paying off debt)
30% - Flexible (eating out, groceries, shopping, hobbies, entertainment or gas)
2. Emergency Fund
Boosting your cash reserves should take priority over all other financial goals in 2019. Make sure to set aside funds needed in the event of a personal financial dilemma like job loss, debilitating illness or major expense.
3. Eliminate Debt
Credit card payments don’t sound so fancy when the debt interest accumulates, is it? If getting out of debt was not in your priority list, add it as it is not only affecting your credit score but also damaging your financial independence.
4. Retirement Savings
For millennials, saving for retirement might sound absurd but is essential. Start small but start to ensure a comfortable and successful retirement.
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