Once you’ve tackled various ways to maintain or improve your physical and mental wellness, there’s one big area left to address — your financial wellness.
At Partner.Co, we have the number one-voted Compensation Plan in the industry that can help set you up for success, but there are also plenty of other things you can do to ensure you won’t worry about the numbers on your bank statement.
COMMIT TO A BUDGET
Impulse purchasing may seem fun at the time — who doesn’t want that brand-new popcorn maker you saw sponsored on Instagram? — but in the long run, it can hurt you financially. Instead, committing to a budget can help you in both the short and long term.
A budget will allow you to forecast each month to plan out your expenses. By understanding your monthly income, spending and how much you can put away in savings each month, you’ll have a clearer picture of what you may need to do should an emergency pop up.
CREATE AN EMERGENCY FUND
Speaking of emergencies, it’s important to establish an emergency fund if you don’t already have one. Life can be crazy and unpredictable, so why not plan for that?
Experts say it’s best to have a fund that can cover three to six months of expenses so you’re set if something does happen.
By putting a few extra dollars aside every month (which you’ve already budgeted for!), you can easily put yourself in a situation where even if something happened, you’d be prepared.
PLAN FOR MAJOR PURCHASES
Is your fridge getting older? Are you driving a car you got a decade ago in college? Or maybe you’re getting ready to go on the vacation of a lifetime. It’s best if you think you’ll make a major purchase to plan for it by adjusting your budget to incorporate an extra portion of that payment every month.
The good thing about Partner.Co is that if you’re using it as a side hustle, you can use what you make every month to help ensure you’ll be sitting under the sun in Hawaii (or wherever you want) in no time!
Want more wellness tips? Make sure to follow us on social @partnercoglobal for wellness tips all month long!