Inside: This free printable 100 Envelope Challenge is a great way to start saving money. At the end of the 100 days, you will have saved a total of $5000!
Today, I received an email from a reader, who said, “I struggle with controlling my spending and being able to save.”
That is something I hear over and over. Honestly, we spend because we truly don’t know what to do with our money.
Thus, enter the 100 envelope challenge.
A simple way to save over $5000 in a mere 100 days or about 3.5 months!
For most of us, we realized our spending habits needed work. Like every other month, I would spend money on unnecessary things like clothing and shoes (check!) or expensive meals out for one person (double check!). This way of life is no good if you have anywhere in your budget left over at the end of each month; it’s barely enough to make rent.
The solution? Challenge yourself with a 100 envelope challenge.
I know it sounds like a bit of a stretch, but hear me out: you’ll save $1 to $100 each day. The amount you save in the first month is random, but you can expect to save over $1,000 in just the first month! That’s enough to be excited about, right?!?!
Here are some tips on how to start this awesome money saving journey with my free printable below:
How much money do you save doing the 100 envelope challenge?
The 100 envelope challenge is a great way to save money.
By the end of the challenge, you can expect to save $5050.
That’s because you put away a good chunk of money each and every day. Depending on your budget and spending habits, you may be able to save even more!
This post may contain affiliate links, which helps us to continue providing relevant content and we receive a small commission at no cost to you. As an Amazon Associate, I earn from qualifying purchases. Please read the full disclosure here.
Right now, you are wanting a100 envelope challenge box to keep your cash stuffed envelopes.
Here are some great options to make sure you reach your goal.
Photo Credit:
www.etsy.com
This extremely popular handmade item on Etsy is for you!
You get to choose which theme you want your kit to be made from! This extra customization will keep you motivated. All envelopes are laminated and cut by hand.
Don’t want the full kid – just the cute envelopes!
This option is perfect for you! These envelopes are high quality as they are made of superior paper. They will last for use over and over with outstanding durability and sealing.
Plus it won’t expose the content inside.
Make saving money an interesting game! Do the 100 Envelopes Saving Challenge with your spouse or best friend. You can set a goal together, for example, to go someplace or buy something.
Commes with a complete kit and everything you need. Plus each envelope has a motivational quote to keep you going.
Photo Credit:
www.etsy.com
This homemade 100 envelope challenge kit has that personal touch you wanted.
This is a highly rated small and compact box to help you reach your goals!
100 Envelope Challenge Free Printable PDF
The 100 Day Envelope Challenge is a great way to save money over a short period of time. This fun and easy money saving challenge is popular thanks to Tiktok.
The challenge is simple: put a set amount of money into an envelope each day and don’t touch it.
This 100 envelope challenge pdf provides a visual way to track your progress during the 100 envelope challenge.
This will help you stay disciplined with your spending and save more money over time. You can print the PDF template for free, and it’s easy to use. It is simple to use and helps you stay motivated throughout the year.
100 Day Envelope Challenge PDF Template to Print
Here is how you can grab the free printable!
Simply click on the image, which will direct you to our free resource library. Enter your email and you will get a unique password. Check your email and come back and download your free template to print!
FREE PRINTABLE 100 ENVELOPE CHALLENGE PDF
Why You Will Love Saving Money with the 100 Envelope Challenge
The 100 Envelope Challenge is a fun, simple, and stress-free way to start saving more cash.
It is an easier way to save cash than ever before and a great way to learn about budgeting and saving techniques.
Download the 100 envelope challenge free printable today as a way to learn about how to save for short and long-term goals.
You will love saving money with the 100 Envelope Challenge because of the simplicity of this money saving challenge!
More Envelope Saving Challenges:
Additionally, there are many different variations of the challenge that you can do in order to save the money that you need.
50 Envelope Challenge – For those who are beginner savers or with low income, this money saving challenge is perfect to teach yourself how to save money.
100 Envelope Challenge – The most popular envelope challenge. Learn how to complete this 100 envelope challenge and save $5000.
200 Envelope Challenge – This is a spin on the traditional challenge that is easier for many of my readers to complete. Each day you will put between $1 to $50 in an envelope.
Know someone else that needs this, too? Then, please share!!
Last Updated on February 25, 2022 by Mark Ferguson
Flip2Freedom is a real estate wholesaling and flipping program put together by investor Sean Terry. I was able to provide a Flip2Freedom review and check out all the features and benefits of the program. The program or system is full of information. To be honest I could not get through all of it, because it would have taken weeks of my time without doing anything else! The program is based on wholesaling and flipping with a focus on finding deals, especially off-market deals.
I try to review as many real estate programs as I can for many reasons. I like to inform people on how good a program is and what is really included in the program. I never review a program I have not tried out myself and I don’t post reviews on bad programs. I don’t post reviews on bad programs, because I do not want to give publicity to programs that are a rip off or not worth the money. I have reviewed a few programs that I never posted anything on because of this.
*Please note I may receive an affiliate commission on some programs I link to on my site.
Should you pay for real estate coaching?
You will find a lot of varying opinions on if it is worth it to buy real estate programs. Some people feel you should never spend any money on a real estate product because you can find information for free online. It is true you can find a lot of free information online, in fact, I have over 300 free articles on my site. One problem with free information you find online is knowing how accurate that information is and if the person posting that information has any idea what they are doing.
I also think there is a place for buying products and spending money to save time or learn faster. I spend a lot of money on products that reduce my learning curve or will prevent costly mistakes. When I started out in the REO business I bought a $400 REO kit that taught me a lot about the business and helped me get more listings (I have my own REO kit as well). I have spent over $5,000 on a personal coach to help propel my business and I have spent much more than that on a paid mastermind group. It is tough to spend a lot of money just to talk to someone or a group, but it has all been well worth it and made me much more money than the cost of the group or coaching.
There are a lot of real estate programs online and it can be tough knowing what is legit and what is not. I will get into Sean Terry’s program soon, but it is legit and affordable. Some programs will charge you $40,000 before everything is said and done and teach you almost nothing! Here are a few things to watch out for if are considering a real estate investing course.
Free seminars
Most free seminars lead to a $300 boot camp, which then lead to a $20,000 to $40,000 coaching program. Stay away! If they don’t teach you anything in the free seminar or the boot camp, they won’t teach you anything in the coaching program either. It is all a sales tactic. Buy a house or hire a local investor to teach you with that money.
Money back guarantee
I offer guarantees on my programs and most good programs will as well.
Free information
Many gurus refuse to teach anything until they are paid. If you have to pay to get any information at all, there is a good chance they don’t have any good information.
Current programs
Try to work with investors who are doing deals in today’s market, not 20 years ago or who have never done a deal.
What is Flip2Freedom?
One of the perks of running a blog is I get to try out many products for free. I was able to go through Flip2Freedom and see everything it has to offer and if it would be useful to investors. I have to say I was impressed with the sheer amount of information provided in the program and the topics he covers.
His program is focused on wholesaling by finding off-market properties. He uses direct mail and many other tactics to find off-market properties. Sean himself is a wholesaler and a very successful wholesaler. He not only preaches these techniques, but he uses them himself (last I saw he does about 10 deals a month). You can also use direct marketing to flip houses and this program talks a lot about flipping as well. Here are a few of the topics covered
What is wholesaling
How to find distressed sellers
How to buy HUD homes cheap
How to use a website, bandit signs, direct mailing, Google ad-words and many other techniques to find off-market homes.
How to write contracts
How to talk to sellers
How to negotiate with sellers
How to close on a property
How to find buyers and build a buyers list
How to hire staff and build the business
And even how to sell your wholesaling business
How to flip houses instead of wholesale them
I actually learned a lot from this program myself on how to improve my direct mailing program. I have bought one flip and listed three houses as an agent with direct mail (much more since I first wrote this).
What is in Sean Terry’s coaching program?
The sheer amount of information in Flip2Freedom is a bit daunting, but it is worth going through it all. There are multiple learning channels included.
Videos: If you like videos you are going to love Flip2Freedom. There are close to 150 videos included in the program that help guide you through the entire process of wholesaling and flipping.
Coaching Calls: Every month they have a coaching conference call and you can listen to previous calls dating back to 2010.
Buying houses: They will buy your deals of they are good enough and they have partnership opportunities.
Supplemental information: With every video comes documents and forms to supplement the training. Many come with word docs or PDFs if you don’t like video training.
Software: The program comes with excel software to help you analyze deals and even project the number of deals you have to do to make the money you want to make.
Facebook and community: There is a discussion board for members and a private Facebook page to discuss investing.
Additional materials: The program has motivational videos, articles on attitudes and goals and teaches people how to think successfully, not just the actions to take investing in real estate.
Here is a link to Flip2Freedom.
My Flip2Freedom review: What are some of the downsides to Flip2Freedom?
Flip2Freedom takes an investment of time and money. It will take time to get through the training and you have to commit yourself to completing it and taking action if you want to be successful. That is true for anything as there is no program that will do the work for you. The program is more expensive than my investing program, but it covers completely different material than mine.
The program is based on videos so if you don’t like videos it may be tough to get through. I used to hate watching videos, until I realized I could listen to them while driving or working out. If you still don’t want to watch videos you can read the supplemental information, but you may not get as much out of it.
When you visit the sales page for the program it will look like every other sales page you see online. A lot of crazy colors, videos and other tactics are used to sell the program. Many people are put off by this sales technique, but the sad truth is it works. I have resisted using any sales tactics like this for a while, but the stats and research shows this is the best way to sell products. If you can get around the hard sell, it is a great product and I recommend trying it out.
Conclusion
Flip2Freedom is full of great information from an investor doing deals in today’s market. I would love to put together a fix and flip or wholesaling program myself, but it takes a ton of work to create these products. I am also not a wholesaling expert, although I think I know a little bit about flipping. If you are looking for a program that can walk you through the process of flipping, finding off-market properties and wholesaling I highly recommend Flip2Freedom.
In today’s world, it’s important to find a job that not only pays well but also lets you enjoy your life outside of work. To achieve this, it’s essential to have valuable skills that people need so much that they are willing to give you the conditions you need to live freely. In this article, we will share some high-income skills that you can learn to upgrade your career and improve your quality of life.
What Are High Income Skills?
High-income skills are specialized abilities that are in high demand in the job market and can potentially generate a significant income for individuals who possess them. These skills often require a high level of expertise and are usually transferable between industries.
High-income skills can include a range of abilities, such as those related to sales, marketing, software development, data analysis, project management, financial management, public speaking, and others. The specific skills that are considered high-income can vary depending on the industry and the job market at any given time.
Importance of High-Income Skills in Today’s Job Market
In today’s job market, traditional education and job skills are no longer enough to secure high-paying jobs. Many industries are undergoing rapid technological advancements, which means that jobs that were once secure and high-paying are now being automated. In contrast, high-income skills are in high demand and can help individuals stay relevant and competitive in their respective fields.
Furthermore, high-income skills offer individuals the potential to earn a high income, even if they do not have a traditional college education.
By mastering a high-income skill, individuals can become independent contractors, start their own businesses, or work remotely, all of which offer greater flexibility and earning potential than traditional 9-5 jobs
Differences between High-Income Skills and Traditional Job Skills
Traditional job skills refer to skills that are required for specific jobs or industries. For example, a doctor must have knowledge of medical procedures and healthcare, and a teacher must have knowledge of education and classroom management.
In contrast, high-income skills are often transferable between industries and can be used in multiple professions. For example, a person with strong project management skills could work in a variety of fields, such as construction, healthcare, or finance.
Additionally, traditional job skills often require a formal education, such as a degree or certification, while high-income skills can be learned through experience, mentorship, and practice. This means that individuals can acquire high-income skills without going into debt to pay for college or vocational training.
High-income skills are in high demand in today’s job market and offer individuals the potential to earn a high income and achieve greater flexibility and independence in their careers. Unlike traditional job skills, high-income skills are often transferable between industries and can be acquired without a formal education.
1. Copywriting
Copywriting is the art of selling by writing. It involves convincing people to take action through your writing. While it may be easy to persuade people verbally, writing to convince them to take action is a lot more complex. Copywriters are highly sought after because they are the ones who write promotional emails, home pages, and online product features.
To be a good copywriter, you need to be good with people, understand how they think, what they need, and how to best help them. You should also be skilled at structuring your paragraphs and words to make sense and sound compelling. The average salary for copywriters is around $55K, but depending on your niche, you can earn over $200K per year.
2. Sales
Sales is all about communication and convincing someone to do something. It’s not just about convincing people to buy a product they don’t need; it’s also about presenting an idea, interviewing for a job, or presenting a project to your boss. If you believe in the company you work for or the product you sell, then excellent sales skills are essential.
Average salespeople make around $50K per year, but those who work for businesses can earn six figures. If you’re good with people and passionate about helping them, sales could be the perfect fit for you.
3. Web Design
Web design involves designing beautiful websites that follow brand strategy and guidelines to develop a unique look. If you have a sense of design and creativity, web design might be the skill for you. The average salary for web designers is around $55K per year, but on platforms like Upwork, people charge between $65 to $80 per hour, which is more than $135K per year.
4. Digital Marketing
Digital marketing is the practice of promoting products or services through digital channels, such as search engines, social media, email, and other online platforms. As technology has continued to advance, digital marketing has become increasingly important for businesses of all sizes.
Digital marketing involves a variety of different disciplines and specializations, including search engine optimization (SEO), pay-per-click (PPC) advertising, social media marketing, email marketing, content marketing, and more. Each of these areas requires a unique skill set and approach, but they all share a common goal: to connect with potential customers online and drive business results.
One of the biggest advantages of digital marketing is its ability to target specific audiences with precision. Through advanced targeting options, businesses can reach the people most likely to be interested in their products or services. This can help to maximize the effectiveness of marketing campaigns and generate a higher return on investment.
Another benefit of digital marketing is the wealth of data and insights that it provides. By tracking website traffic, social media engagement, email open rates, and other metrics, businesses can gain valuable insights into how customers are interacting with their brand online. This data can be used to optimize marketing strategies and improve overall performance.
As for the salary range in digital marketing, it varies greatly depending on the specialization and level of expertise. According to Glassdoor, the average base pay for a digital marketing manager is around $77,000 per year in the United States, but this can range from $47,000 to over $117,000 depending on the location, company size, and years of experience. In specialized areas like SEO or PPC, the salary can be even higher. Freelance digital marketers can also earn significantly more by working with multiple clients and charging an hourly or project-based rate.
5. Computer Science
If you’re passionate about apps, algorithms, and online processes, then computer science might be the skill for you. This broad term can encompass many areas like data analysis, software engineering, or machine learning. The average salary for computer scientists is around $75K per year, but on platforms like Upwork, people charge between $65 to $80 per hour, with some earning up to $150K per year.
Job Title
Salary Range
Software Developer
$70,000 – $150,000
Web Developer
$50,000 – $107,000
Database Administrator
$74,000 – $122,000
Information Security Analyst
$77,000 – $130,000
Data Scientist
$85,000 – $165,000
Cloud Architect
$120,000 – $200,000
Machine Learning Engineer
$110,000 – $190,000
Please note that these salary ranges are approximate and may vary depending on factors such as years of experience, location, company, and industry.
6. Consulting
Consulting involves using soft skills like communication, negotiation, and presentation to help clients find better solutions. It’s all about asking key questions, handling emotions, and understanding your clients to serve them better. While the average salary for consultants is around $75K, it’s not accurate due to the great resignation.
Independent consultants can earn between $90 to $150 per hour, but it’s not something you can learn online. You need to learn skills like negotiation, presentation, and sales to become a good consultant.
7. Content Creation
Content creation involves creating great content that will attract people to your business. You can do it for yourself or for others, like writing, content creation, and content management. If you do it for others, you can earn between $75-$150/hour.
Content creation is the process of developing engaging content that captures the attention of an audience. It can include creating written content, such as articles, blog posts, or e-books, as well as visual content, such as images, infographics, or videos. If you have a passion for creating compelling content and are skilled at storytelling, content creation may be a high-income skill worth pursuing.
Here are some points to consider when developing your content creation skills:
Writing: The ability to craft well-written and engaging content is a valuable skill in today’s digital age. If you’re interested in writing, consider taking courses on writing techniques, storytelling, and copywriting. Practice writing regularly to hone your skills and build your portfolio.
Video Production: Video content is becoming increasingly popular, and businesses are looking for skilled video producers who can create high-quality content. If you have an interest in video production, consider learning how to shoot and edit videos, as well as how to use video editing software.
Social Media: Social media is a powerful tool for businesses to connect with their customers and promote their products or services. As a content creator, you may be tasked with developing social media content that is engaging and shareable. Consider taking courses on social media marketing and developing your social media skills.
SEO: Search engine optimization (SEO) is the practice of optimizing content to rank higher in search engine results. As a content creator, you may be responsible for ensuring that the content you create is optimized for search engines. Consider taking courses on SEO and staying up-to-date on the latest SEO best practices.
Graphic Design: Graphic design skills are valuable for creating visual content, such as infographics or social media graphics. If you have an interest in graphic design, consider taking courses on design software, such as Adobe Photoshop or Illustrator, and developing your design skills.
Overall, content creation is a versatile skill that can lead to high-paying opportunities in a variety of industries. By developing your content creation skills and building a strong portfolio, you can position yourself as a valuable asset to businesses looking to connect with their customers and build their brand.
8. Writing
Writing is a versatile skill that can open doors in various industries. Whether it’s creating content for a blog, writing copy for a website, or drafting an important business proposal, writing is a skill that can help you communicate your ideas effectively.
Strong writing skills are especially important for those working in fields like journalism, public relations, marketing, and advertising. Good writers can earn an average salary of around $60K per year, but top earners can make well into the six figures.
9. Project Management
Project management involves overseeing a project’s planning, execution, and closing phases. It requires strong organizational skills, leadership abilities, and the ability to manage resources effectively. Project managers are in demand in various industries, including construction, engineering, technology, and healthcare. The average salary for a project manager is around $80K per year, but top earners can make over $150K.
10. Public Speaking
Public speaking is the art of delivering a message to an audience. It’s a skill that’s useful in various industries, including education, sales, and politics. Good public speakers can engage their audience, convey their message clearly, and leave a lasting impression.
Public speaking can be a lucrative skill, with top motivational speakers earning millions of dollars per year. However, even an average public speaker can make a comfortable living, with an average salary of around $60K per year.
“Public speaking is a skill that can be learned and mastered with practice. It’s not about being perfect, but about connecting with your audience and delivering a message that resonates with them.”
– Grant Baldwin, author and professional speaker
11. Graphic Design
Graphic design involves creating visual content, such as logos, illustrations, and layouts. It requires creativity, technical skills, and the ability to communicate a message visually. Graphic designers are in demand in various industries, including advertising, marketing, and publishing. The average salary for a graphic designer is around $50K per year, but top earners can make over $100K.
13. Accounting
Accounting is the process of recording, classifying, and summarizing financial transactions. It requires attention to detail, strong analytical skills, and the ability to work with numbers. Accountants are in demand in various industries, including finance, healthcare, and government.
The average salary for an accountant is around $70K per year, but top earners can make over $100K. Accounting is a great career choice for those who are organized and detail-oriented. With the right qualifications, you can open your own practice or work in a large organization.
Accountants must be prepared to stay up-to-date on changing regulations and industry trends. They also must be comfortable working with computer software and technology, such as accounting programs and spreadsheets.
The Bottom Line – Increase Your Income with High Income Skills
In conclusion, acquiring high-income skills can lead to a more fulfilling career and a better quality of life. These skills can take time and effort to develop, but the financial rewards can be significant. Whether you choose to learn a new programming language, improve your writing skills, or become a better public speaker, there’s always room for growth and development in today’s job market.
By investing in yourself and developing valuable skills, you can position yourself for success and achieve your career goals.
I have one of the personality types where I LOVE meeting new people. There’s something addicting about meeting someone new and learning their story. What’s even more exciting is when you meet someone that is super motivated, genuine and uber successful.
My buddy Bobby Diehl was gracious enough to introduce me to his good friend (and now mine) Ben Newman and I’m so excited that he did. Here’s a quick rundown of some of Ben’s accomplishments:
Super successful agent at Northwestern Mutual
Professional speaker
Author of not 1, not 2, but 3 books!
Founder of The Continued Fight and Bootcamp Workshops
Loyal husband and proud father
One cool dude
Did I mention he’s only 32?
Feel like a slacker yet? Yeah, me too 🙂
Fight For What You Believe
My first introduction to Ben was reading his book Fight the Good Fight, A Mother’s Legacy Live On. (In case you missed it, I included this book in one of my Top 25 Books for Entrepreneurs).
I might lose man points for admitting this, but while reading Ben’s book I cried. I actually cried several times. I don’t want to be a spoiler and reveal too much, because the book is such an uplifting read. In fact, before you read the interview, head over to Amazon and buy it now.
Seriously, you won’t regret it.
Ben recently released his third book titled Pocket Truths for Success. Like I said, this man is always involved in something powerful and am excited for him to answer some questions.
Introducing Ben Newman…
+++++++
1. For those that are just meeting you, give our readers some background on what the Continued Fight is?
A company that’s believes strongly in the INDIVIDUAL YOU. WE are all different and we will all have different paths to greatness. Speaking and writing are the catalyst to educating, inspiring and empowering individuals to uncover their passions and desires to seek a greater vision for themselves.
2. What are some of the most common obstacles that you see people face and how do suggest they overcome them?
The most common answer I hear and the stories that are often told relate to what happens in between your two ears. In life we will all face obstacles. Howe we respond and frame the challenges we face will determine our legacy. We all have stories and challenges we have faced in the past. When the timing is right, reach onto your proverbial mental shelf and have the courage to explore past adversity to give you strength for the future. You never know who you might impact by the manner in which you have fought to overcome your obstacles. The great philosopher, Rocky Balboa, once said, “its not how hard you fall it how fast you are willing to get back up.”
3. What was your motivation behind your latest book Pocket Truths for Success?
“Pocket Truths for Success” was written for the individual YOU. The book is about understanding through daily passion for the process of what you do and love YOU will achieve great results in life. The book is also intended for those tough days when you are struggling to get up when you have been knocked down. The book provides belly punches of inspiration to HELP you get up and get back on your success journey!
About this Video: Only watch this if you want to moved, encourage, motivated in some way. I’ve had the pleasure of hearing Ben speak in person and this guy is oozing with passion. Love this dude!
[embedded content]
4. How do you define success?
Success is defined by a great balance of the personal and professional. Success is not about wins and losses. Success is about giving your best every single day and believing in a purpose that is greater than you. May I also paraphrase a poem by Linda Ellis…
For it matters not how much we own; The cars the house the cash What matters is how we live and love And how we spend our dash.
So when your eulogy is being read With your lifes actions to rehash Would you be proud of the things they say About how you spent your dash?
I believe this poem says it all. Focus on the right things in life and challenge yourself to love more, laugh more and live more and you will find tremendous SUCCESS IN YOUR LIFE!
5. In a recent interview, you stated that you always end meetings/talks with the questions, WHY NOT YOU? AND WHY NOT NOW? Tell us why.
Life is all about choices. What happens in your future and more importantly the LEGACY you live behind is a direct reflection on your choices and beliefs. STRIVE to BE GREAT!
6. I was fortunate enough to attend one of your motivational boot camps. What was the inspiration behind those?
Boot Camps are designed to help individuals with mental toughness and to help YOU define your legacy and purpose for life. We have been holding Boot Camps since 2009 and they always have individuals attend from coast to coast. You can check out details for our next Boot Camp in Las Vegas June 23rd-25th at The Palazzo by Venetian at www.UncommonSalesBootCamp.com.
7. You have a knack for sharing awesome and inspiration quotes. Can you close with one that has moved you lately?
“It’s not how long you live, its how you choose to live your life.” Janet Fishman Newman
I am living proof that individuals can choose a positive path when faced with adversity. My mother Janet Fishman Newman passed away from a rare muscle disease called Amyloidosis when I was 7 years old. She left behind a journal that represents how she unleashed her positive mental attitude onto the world as she battled the deadly disease. Her life and her journal now represent for me the valuable lessons that exist to help others overcome adversity and remain positive on their success journey. The above quote is the greatest life lesson I have ever learned and it comes from my mother, the greatest champion of life I have ever known.
Don’t ever let anyone tell you that you can’t do something. Strive for greatness on your bridge to success everyday and surrender to a purpose way bigger than you.
LEAVE A LEGACY!
WHY NOT YOU? WHY NOT NOW?
+++++++
Thanks, Ben for the great interview. If you want to see Ben in action, check out one of his speeches below. Be sure to look for his awesome closing words.
Save more, spend smarter, and make your money go further
For most of us, getting organized is a pipe dream. The random creams, pastes, and oils in your bathroom cabinet will probably never be color coordinated or arranged alphabetically. Your sock drawer will probably be a nest of tangled and mismatched cloth until the day you die. Your DVD collection… well, at least now you can use Netflix instead.
But whether you’re naturally tidy or a chaotic mess, there’s one area of your life that truly needs to be organized: your finances. You can get away with a messy garage or a cluttered basement, but working toward financial goals without a discernible structure is like trying to build a home without pouring a foundation.
If your finances are as disorderly as the rest of your life, here’s an argument for making a change – and how to actually do it.
Why You Should Organize Your Accounts
There are few things duller than making sure you know where your life insurance monthly statement is or how to access your 401k. But like exercise and a healthy diet, organizing your financial information is important even if it’s the last thing you want to do.
It’s crucial to have a firm sense of where you actually stand financially. Do you have a positive net worth or do you have more debt than you realized? Are you adequately insured? Did you update your beneficiaries when you had kids or got divorced?
Being aware of your financial health lets you plan for the future more accurately. You can’t adequately prepare for retirement if you don’t know the value of your assets or where they’re located because you won’t be able to set accurate and realistic goals. Knowing the total balance of your 401k and IRA can inform whether you’re on track or woefully behind.
There’s also a motivational component to this. By starting from a firm foundation and keeping close track of where your finances are headed, you’ll be able to measure your progress towards the goals you care about.
Think of it like a weightlifter. You might be able to get stronger by consistently lifting random weights, but you won’t be able to fully appreciate your success. By having an accurate sense of how much you lift every session, you’ll have an exact measurement of how much stronger you’re getting week to week.
If you can’t muster up the willpower to do it for your own sake, consider your family. People pass away every year without disclosing relevant financial information to their loved ones, leaving them in the dark about everything from retirement savings to insurance information. By organizing your accounts and passwords in a secure location, you can make the grieving process easier for your spouse, children or any remaining family who might inherit your estate.
Find and Maintain a System
There are multiple ways you can organize your financial accounts. You can use a pen-and-paper system, an Excel spreadsheet or an app like Mint. Apps sync to your financial accounts and keep them updated every time you log in. Some even send notifications if you’re running a low balance or if you were charged a late fee.
The benefit of using a spreadsheet is that you can customize it to fit your specific needs. It won’t be able to pull information automatically, so this works better for someone who doesn’t mind tinkering for a few hours every month.
A digital cloud like Google Drive or Dropbox is the best place to store your records since you can access it anywhere and they can’t be physically stolen or damaged. If you do keep records on the cloud, use a secure password and enable two-factor authentication, which means you’ll have to provide a unique code if the account is accessed.
There’s no right or wrong way to track and manage your financial accounts. The key is to pick a system that’s easy for you to use on a regular basis.
Keep a running list of every financial account you have, including:
Bank accounts
Checking and savings
Health Savings Accounts or Flex Spending Accounts
Credit cards
Retirement
401ks, IRAs and brokerage accounts
Debt
Mortgage, student loans, auto loans, home equity loans or lines of credit, personal loans, medical debt and more
Insurance
Auto, health, disability and life insurance
Taxes
W2s, 1099s, and other tax-related forms
You should know the following information for each account:
Account number
Username
PIN
Total balance
Beneficiary
For debt-related accounts, write down the interest rate, monthly payment, the total balance remaining, loan provider, loan term and any other relevant details. If you can’t remember where to find all your accounts, check your credit report. It will list all credit-related accounts, even those that are closed.
Still feel like something’s missing? Check sites for unclaimed money that the federal or state government is holding in your name. These funds can come from a closed bank account, undeposited tax refund or a life insurance payout. Be sure to check both federal and state websites since it’s not clear where your money might be. I like to check these websites once a year just to make sure there’s nothing I’m forgetting.
If you’re married or have kids, repeat these steps for your spouse and children.
Don’t Forget Your Inbox
Now that everything is online, our inboxes have become a digital dumping ground for financial documents. Whether you use Gmail or Outlook, you can organize financially relevant emails by adding labels or assigning them to specific folders.
I’m self-employed, so I keep all records of business-related purchases so I can deduct them at tax time. I categorize all potential tax-deductible receipts in a “Taxes” label. When I’m updating my income and expenses spreadsheet, I refer back to the email label to see what I can deduct.
If you prefer to use paper records, keep them in clearly marked folders divided by account or year. Use a fireproof safe that you can easily grab in case of emergency, but keep it hidden where a burglar won’t be able to find it quickly.
Save more, spend smarter, and make your money go further
Previous Post
Developing the Right New Year’s Financial Goals
Next Post
First Home Down Payments: What’s the Magic Number?
Zina Kumok is a freelance writer specializing in personal finance. A former reporter, she has covered murder trials, the Final Four and everything in between. She has been featured in Lifehacker, DailyWorth and Time. Read about how she paid off $28,000 worth of student loans in three years at Conscious Coins. More from Zina Kumok
Welcome to another Ask GFC! If you have a question that you want answered you can ask it here. If your questions get featured on GFC TV or the GFC Podcast, you are the lucky recipient of a copy of my best selling book, Soldier of Finance, and a $50 Amazon gift card. So what […]
The post ASK GFC 002: Keeping Your Own Money and Building a Legacy for the Future appeared first on Good Financial Cents®.
A year after graduating high school, I remember throwing one of the biggest parties while my mom and step-dad were out of town one weekend.  There were tons of people and for one night I felt like “the man”. It was short lived as the police showed up to shut it down. Nonetheless, it feels […]
The post How to Throw a Kick A$$ Conference and Get All The Cool Kids To Show Up appeared first on Good Financial Cents®.
If you have any inkling of wanting to become an entrepreneur, then you should be doing one simple thing. What’s the simple thing? Reading. Reading is said to be the spark behind creative thinking, and is one of the most predominate traits of individuals said to pertain a level of âhigher intelligenceâ. Is the thought […]
The post The Best 37 Books For Entrepreneurs That Kick Serious Butt appeared first on Good Financial Cents®.
Ready to start making more easy money? Here you go. Whether you are looking to start your own business, or whether you just want some fast cash to pay down debt, or buy a little something extra, more income rarely hurts. Earning more than you spend is about finding an active way to improve your […]
The post Make Some Money: 35+ Easy Ways to Earn Extra Income appeared first on Good Financial Cents®.