F’Empire State Of Mind

With Shirlz Russell of Build Your F’empire

‘Empowerment’ is the number one word that arises when I discuss my 10 Point Checklist for Personal Financial Wellbeing.

I call it a ‘Wellbeing’ checklist because it’s about feeling happy, content and empowered about your finances.

This is basically the way me and my family operate in our lives; a tried and tested guide to managing finances responsibly and realistically.

It’s a simplified method aiming to eliminate any fear or stress you may feel about money.

One of my top tips is to establish a bills account to take away the pressure away from the everyday.

This can be achieved by figuring out how much your bills cost per your pay cycle, putting that money away each time you get paid and setting up as many direct debits from that account as you can so that when bills come in, there’s no stress.

Another contributor to that financial stress can be credit card debt.

Where possible, try to reduce those consumer type loans and prioritise these debts each pay cycle – interest free is a great tool, providing you pay it off within the timeframe.

Being adequately insured is also very important while reviewing your insurance regularly to identify any savings to be made.

Insurance is often something people drop when their budgets are tight, but being insured is a huge contributor to financial and mental wellbeing.

Budgeting is basic, we all talk about it, but not many people actually have one that is honest and correct.

It’s important to make sure that absolutely everything is included and its important to stick to it, especially if you’re working towards financial goals.

Included in my budget is ‘play’ money where I pay myself an allocation of the budget to go towards things like getting my hair done, going out for coffee, that sort of thing.

This way, it’s an allocated amount and I’m not overspending and if I do overspend, I’m aware of it.

If you’re interested in learning more about my 10 Point Checklist for Personal Financial Wellbeing and would like a PDF copy of the list, reach out to me at shirlz@buildyourfempire.com.au.

My 10 Point Checklist For Financial Wellbeing

1. Establish a Rainy Day Fund

2. Pay Bills from a Bills Account

3. Prioritse Credit Card Debt

4. Review Insurances

5. Budget Correctly and Realistically

6. Pay Yourself

7. Familiarise Yourself with your Superannuation

8. Discuss Legal Will & Estate Planning

9. Grow Your Assets

10. Plan Your Retirement

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