In addition to being the Founder and Editor for BeyondSuccessOnline, Edith Moricz has now become the Director of Public Relations and Marketing for SheNow.org. SheNow is a community that believes young women should live their own lives first. The site offers personal and professional development articles and supports an online network. She will also be a contributing blogger for the site.
Edith’s first contributing article for the site is shown below:
8 Tips to Put You on the Path to Financial Freedom.
by: Edith Moricz
Ladies, it’s never too early to plan for your secure financial future. As Brenna Smith, the Founder of SheNOW, says, “A man is not a financial plan. Your financial success
is up to you.” When you are financially secure, you are the captain of your ship, and the world is your oyster. “Where you go and what you do is limited only by your imagination.”1
Here are some ways to immediately impact YOUR financial future:
- Collect all of your expense receipts each week and chart your purchases. At the end of each month, analyze the data and you’ll often be surprised to see how much is spent on different items such as entertainment, food, clothing, vacation, etc. Use this data to develop a budget, and plan out how much you will spend each month on key areas. This will help to ensure smart shopping, minimize spontaneous purchases and focus money towards both short and long term goals.
- Pay off high credit card debt ASAP, and pay by cash or debit card whenever possible. Once this is accomplished:——-Set up an IRA account as early in your 20s as possible. In an article from MSN.com, they show that, “Someone who puts $4,000 a year into retirement accounts starting at 22 can have $1 million by age 62, assuming 8% average annual returns. Wait 10 years to start contributing, and you’d have to put in more than twice as much — $8,800 a year — to reach the same goal.” So, make sure to contribute religiously every year, and you will definitely reap the benefits later in life
Organize your monthly recurring expenses using the plain envelopes system (each major monthly expense has its own envelope). It is a smart reminder of your key monthly financial priorities, and it also enforces discipline for smarter spending habits.- For each pay check, adopt the 30-30-40 rule. Set aside 30% for savings, 30% for out of pocket expenses and 40% for rent/mortgage.
- If you can’t pay your credit card purchase in 1 payment, you can’t afford the item. If you really want it, adjust your budget and set aside some of the out of pocket expense money mentioned above to save for it. Whatever you do, do not touch your savings for a one-off discretionary purchases.
- Live within your budget. Your credit score will reflect your lifestyle and will impact your ability to invest not only physical assets like a house, but in your future as well.
- Don’t use $ to impress people. The security you create from smart spending will empower you to spend your time as you wish – pursuing your passions, retiring early, etc and not just focusing on paying the bills. Also, the people that are impressed by money, and not you as a person, probably aren’t the people you want in your life anyway.
- Whenever possible, brown bag your lunch at work. It is healthier and more cost effective, as eating out adds up on your waistline (if you aren’t careful with menu options) and on the purse string.
Beyond Success Online 
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