3 Ways I Manage Finances

Saving money has always been the easy part of finances. I remember the excitement of going with my mom to the bank to open my first savings account in middle school. I saved money from my birthday to deposit into the account; I felt so responsible. As I’ve grown, so have my saving goals. Que Donna Summer, “She Works Hard For The Money.” I DO work very hard to save for the future. This year I’m taking it up a notch. Money sitting in a savings account isn’t growing; it’s just sitting. My focus for this year is investing. If I have to work to make money, my money should be working too. Here are three different ways I will be tracking and managing my finances this year. 

My Budget Spreadsheet

Last Year I created a spreadsheet to track and manage my finances. I’m embarrassed to say I did not know how much I was saving or how much I was spending from month-to-month before using this spreadsheet. I committed myself to update the budget every week for a full year. I now have a record of how much I made, saved, and spent each month.

I know there are fancy apps for tracking finances, and that works for you, great. I like my spreadsheets. It forces me to spend time reflecting on the different categories in which my money is going. If I see the dining out collum is becoming more than I would like, I can mitigate this by prepping meals from home the following week. I’ve also been able to track electric bills throughout the year and see my car insurance steadily rise for no reason. 

If you would like a free download of my Google Doc Spreadsheet, click HERE

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Wealthfront

Wealthfront is an investment management platform. Banking, Investing, and Retirement accounts can be monitored and contributed to all with the ease of one app. IRAs and Individual Investment Accounts can be personalized for the specific needs of each person. Money sitting in a traditional savings account is not growing. Instead, transfer the savings into an investment account where it can be invested in the market. No need to navigate the stock market for market trends. Simply choose the level of risk for each account and invest as you feel comfortable. 

Wealthfront offers free management of balances under $5,000 and account minimums are $500. If you would like to invest in your future by signing up for a Wealthfront account, I’ve linked a referral link HERE

Webull

Webull is an app that allows individuals to make commission-free trades of stocks, options, ETFs, and cryptocurrency. Unlike Wealthfront, using Webull requires a more hands-on approach when buying or selling. I am most intimidated by this app, but I’m determined to learn the lingo and make some smart investments. I spoke about Aaron’s investment challenge last week in my 2021 Resolutions post. We agreed to invest a thousand dollars into stocks and other assets to see who could make the most at the end of the year. I have a list of reading material and youtube videos to learn from. Here’s hoping it sinks in. 

When you sign up for a Webull account using my referral link you will receive two free stocks valued between $2.50-$250 just for opening an account. If you fund your account with $100 or more you will receive two more free stocks valued between $8-$1,600. If you would like to invest in your future by signing up for a Webull account, I’ve linked a referral link HERE.

Lastly, I’m not an expert in finances or a financial advisor. My opinions and suggestions are my own. There is risk involved when investing in the stock market; please do further research in any investment portfolios. If you wish to support me by using my referral links, I would greatly appreciate the support. Thank you!

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