Money tips from a financial advisor

We get it. Talking finances usually isn’t anybody’s idea of fun. But when I interviewed Jackie Mazur, CEO of Guide My Finances, I actually got some useful and straightforward tips I want to share with you!

Listen to the full interview on Episode 2: From Intern to CEO: A Financial Advisor’s Take on Money Mistakes You’re Making.

1. Your emotions are too invested in your financial decisions.

Whether it’s buying a house or weekend retail therapy, if your emotions are involved in money decisions — it’s likely you’re not being rational about your spending habits.

Jackie says, “have someone who you can check in with,” when making big spending choices.

2. You don’t have a budget.

Understanding your income and expenses is one of the most important things you can do. Having a solid plan helps you determine whether or not you can afford to live in a certain city, accept a livable salary and reduce debt.

If you’re not sure where to start on making a budget, we got you! My financial expert sister created a customizable Excel spreadsheet. Plug in your income and spending for each category and the doc will calculate everything for you! You can snag that here.

3. You aren’t saving.

Jackie says you should have at least 3 months worth of expenses in your bank account at all times. She also says it’s a good habit to save 10% of your paycheck each time it hits your bank account.

“Don’t get used to spending every dollar you earn,” she says. “You won’t miss it if it was never there.”

4. You’re taking more than you need.

This one is especially important for students! Federal student aid and private loans may offer you more money than you need. Even if you’re approved for a big loan, don’t forget you have to pay it back — usually with interest.

5. You’re living beyond your means.

Whether it’s out-of-control spending on a credit card or living in a city that’s not compatible with your salary, this is a sure fire way to continue living paycheck to paycheck or wreck your credit.

Again, it all goes back to having a solid plan and budget. Jackie says to research cost of living in a new city before you accept a job and to evaluate any benefits a company offers. Know your options and find out what health benefits (if any) are offered.

Other resources to check out:

Learn more about Jackie and her financial advising company at guidemyfinances.com.

www.bankrate.com – Here you can compare rates on everything from mortgages to savings accounts.

www.Mint.com – This site is a great way to manage a budget and keep track of your monthly spending.

www.investopedia.com – A great resource for looking up financial terms you aren’t sure about.

https://www.salary.com – Research cost of living and learn what employer’s are paying for jobs you’re interested in.

January 7, 2020

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Baileyana Rose