Financial Management
Level 1 - Basic
Tracking your monthly expenses
The Money Manager Expense & Budget App can help you track your spending easily! Tracking your monthly expenses helps you be more aware of where your money is going and also to help you see if you are overspending!
Level 2 - Intermediate
Allocating your monthly salary
In this video I present a high level overview on how to manage your money using the 50/30/20 Rule. Money management is 90% discipline and 10% knowledge. The 50/30/20 rule will force you to create a budget and understand where every single one of your after-tax dollars is going.
50% of your budget should be spent on needs which are are things that are essential to life and that you literally cannot live without.
30% should be spent on wants which could be classified as things that bring you joy and happiness, but are NOT essential to living. (Dining out, entertainment, hobbies, etc.)
The final 20% should be spent on savings, paying off debt, and retirement planning.
Level 3 - Advanced
Having an emergency fund
Life is unpredictable. You can't count on knowing what's going to happen one day to the next. Understand why creating an emergency fund is so important and how it can protect you when unexpected costs arise with this Better Money Habits video.