Daily Data 📈
Ready to really see your money? This tip comes from Sahirenys Pierce, shared in a recent article from RealSimple.
In its most simplified form, this is how the High-Five Baking Method works. In this model, your personal finances are divided into five—cough, I know, it hurts—bank accounts.
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If you're more of a Chris than a Brett, then you hate the idea of complicated systems, but hear us out. You don't actually have to start out with all five! Most folks have one checking account and a savings account, and that's okay. The High-Five Method is an organizational goal, so start with diving your checking account into everyday expenses and monthly bills. Then, divide your savings into a stash that would take care of you for 3-6 months if things went haywire, and one for that dream cruise. Then, build from there. See, not so bad, right?
And a tip to keep your organization method organized: Pierce recommends setting a date each month to check your accounts, particularly on the savings side. Measure where you are against clear goals, and adjust as needed. Also, don't be afraid to move to a higher-yielding account, particularly for those long-term goals!
9 Techniques for Keeping Your Shit Straight You'll Wish You Started Sooner
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When thinking of the successful entrepreneur or investor, you may think of communication skills, salesmanship, technical ability, ambition, or creativity before you think of a skill that sounds as mundane as organization. However, if you lack organization skills as your foundation, you set yourself up for failure.
This skill holds it all together.
Now, don't hear us say to make overnight organization your New Year's resolution, especially if that's not already a strength. But, here are some actionable techniques to get you started.
The Take
Here's another chance to gift yourself something that keeps giving: a list of affordable (or free) courses to take when you're ready to grind into a new gear. You don't have to wait to invest in yourself and your vision. These are ready for you to start now!
Click the picture above to download the Take of the week!
The Word
Check out our recommended reading for the week:
- Stressing Out About a Tough Decision? Make it Easy with the 5-Minute Ladder Rule (Inc.)
- A wise person once said, clutter is unmade decisions. Get ahead of messy brain fog with a technique to help you make big decisions faster and with more efficiency.
- Why should you care? Because another wise person said time is money.
- Smart Money Podcast: Why to Question Your Bills, and Making the Most of a Raise (NerdWallet)
- Don't take anything for granted—especially not autopay.
- Why should you care? Successful finances involve making money AND keeping it.
- 5 Mistakes We Make When We're Overwhelmed (Harvard Business Review)
- You lose time, cool, and energy when you're stressed. Keep a coping mechanism in your back pocket, so you don't do something that will cost you even more down the line.
- Why should you care? I don't know about you, but when are we NOT overwhelmed these days?
