THE GOLDEN RULE TO BEING A FINANCIALLY SAVVY BOSS
Times are not like they used to be! Gas is STILL at sky rocket levels and being fabulous can become very expensive….if you’re not making smart moves that is. Making a budget and sticking to it can give you the fabulous lifestyle you want to live and have your bank account looking just as FAB! Girlfriends, remember that being a Boss also means making intelligent financial decisions.
Like many lessons in life, there are key concepts and rules that will take us far if we follow them routinely, saving and living as the queen you are is no different. The golden rule to being a financial savvy Diva is…
GOLDEN RULE: 50/20/30
50%= Essential Expenses: HALF (yes an entire 50%) of your money should FIRST go towards your NEEDS, those things that you absolutely can’t live without. I am not talking about your Tory Burch flats or the latest MK bag, but those essentials that you need to survive. Housing utilities, transportation and groceries are among those needs. Think of this as the base to your financial food pyramid, without a solid base everything else will come tumbling down.
20%=Financial Priorities: Always remember to pay yourself! All boss women set themselves up to accumulate wealth. At LEAST 20% of your take-home-pay should be put into a savings account (one that you don’t dibble and dabble in) and a retirement fund. For those of us younger independent women, its never too early to start your retirement fund, the sooner we start the more fun we are able to have later! Lastly, but most certainly not least on the list are…debt payments. It’s perfectly okay to buy your Precious Fendi Bag Bug or the bag itself via credit, as long as you make your payments on time! Credit is a precious gem that can be scratched and tarnished in a flash, so we must treat it as fragile as it is by taking excellent care of it.
30%= Lifestyle Choices: No more than 30% of your take-home-cash should go towards whatever your heart desires. Lifestyle choices include charitable giving, entertainment, childcare, gym fees and hobby upkeep, just to name a few. When it comes to shopping think of second hand stores! Thrifting has become a huge phenomenon in fashion, so instead of spending $24.00 for one dress try going to the sales racks or thrift stores and consignment shops, the Buffalo Exchange has become my best bud! You wouldn’t believe the wardrobe you will acquire with $30.00! Brunching is also a huge hit in the social world, instead of going out for brunch, invite the girls over and do brunch at home. I guarantee you that the mimosas are just as good if not better right out of your own kitchen!
So as you continue to live your boss lifestyle try maintaining a budget. Following the golden rule brings double the reward! Not only will you be able to live fabulously but your bank account will scream BOSS!!
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