4 Steps to Becoming the Boss of Your Money
Hello there! I hope your week is going fantastically. There’s something I’d love to talk to you about– or, actually I’d love Jackie to chat with you about, ha. Jackie Jenkins is a Financial Advisor at First Command Financial and she’s an expert in all things Finances & Money Management. Managing your money doesn’t have to feel fraught. It’s can feel fabulous. How?!?!
That’s a good question. I think many of us feel fraught when it comes to our money because we were never properly taught how to keep organized and a good track of what’s coming in & what’s going out. But, that’s technically living in the danger zone, because if something unexpected happens (which it will!), then it could hurt us personally and professionally and put us into debt. So, Jackie has been so kind as to give us 4 approachable steps towards taking control of our money and having a great understanding of what’s going on in our personal & business bank accounts.
Take it away, Jackie! -G
Hi boss babes! My name is Jackie Jenkins and I’m really excited to share some Money Management tips with you.
As a financial planner, I help people manage their expenses and budget on a daily basis. For business owners and entrepreneurs I always recommend they get their personal budget in-line first. Making sure they hold themselves accountable for the expenses they incur and know how much they need to earn on a monthly basis to stay afloat in their business and personal life is the best place to start.
Let’s jump in!
A majority of people do not take the time to truly figure out how they are spending their money. Are you amongst this category right now? If so, that’s okay! We can get better together.
When starting a budget, keep it simple and take the time to look at the real data. I suggest to all my clients that they print out their bank statements and credit card statements for the last 6 months to a year. I then them to use 4 different color highlighters and categorize their expenses in the following 4 categories/priorities. So it’s your turn, babe.
Step 1 // Print out your bank statements for the past 6 months to one year.
Step 2 // Grab 4 different highlighter colors.
Let’s get to categorizing all those past expenses. Here’s the category breakdown:
Color #1: Consistent/reoccurring lifestyle expenses like internet, cable, cell phone, etc.
Color # 2: Grocery store, Amazon, Target, etc. expenses
Color # 3: Entertainment/dining expenses
Color # 4: Travel, vacations, and gift expenses
Step 3 // Once all of your expenses are highlighted, let’s add them up.
Go ahead and add up the totals and divide by the number of months you’re accounting for. This will give you a true average of all expenses and allow you to see where your money is going on a monthly or annual basis.
Step 4 // Once your expenses are determined, I suggest putting them into a simple excel spreadsheet.
This will hold you accountable for when you repeat this process the following year or when a life event or change takes place. Having a balanced approach with a solid emergency savings will also help you to prepare for unexpected expenses. An unexpected expense could be anything like medical bills, car repairs, or even home repairs. They always happen when you least expect it, so it’s important to be prepared and have a minimum of 3 to 6 months’ worth of expenses set aside.
Once your personal budget is in order, you’ll want to map out your goals and costs for your business to ensure you’re earning enough money to pay yourself as well as your business obligations. Mapping out a plan for rent, supplies, taxes, insurance, pay roll services, or even future raises and bonuses should be categorized & prioritized in the same fashion as your personal budget. Congrats on getting a clear picture of your personal & business finances, babe! This is going to save you so much time and headaches in the future. Thanks for stopping by to check out my tips. If you ever have any questions or would like to set up a consultation, you can reach out via email.
Jackie Jenkins is a graduate of the University of South Florida with a bachelor’s degree in Communications and Marketing and holds Series 6 and 65 securities licenses plus life and health insurance licenses in the state of Florida. In addition to her work as a Financial Advisor, Jackie volunteers at Hands Across the Bay, Tampa Bay Club Sport, and Yellow Ribbon Suicide Prevention Program. As an avid volunteer, Jackie understands the value of assisting others in all aspects of life and is passionate about helping her clients create lasting and productive financial habits. In her spare time, Jackie enjoys spending time with her family and friends, playing and watching sports, yoga, fitness, painting, art, and spending time outside with her dog, Penny. To get in touch, visit her website here.