{"id":9557,"date":"2023-08-06T23:57:00","date_gmt":"2023-08-06T23:57:00","guid":{"rendered":"https:\/\/isafespend.com\/personal-finance\/savings\/moneynav-bootcamp-how-to-move-forward-and-maintain-your-financial-foundation-part-four\/"},"modified":"2023-08-06T23:57:16","modified_gmt":"2023-08-06T23:57:16","slug":"moneynav-bootcamp-how-to-move-forward-and-maintain-your-financial-foundation-part-four","status":"publish","type":"post","link":"https:\/\/isafespend.com\/?p=9557","title":{"rendered":"MoneyNav Bootcamp: How to Move Forward and Maintain your Financial Foundation [Part Four]"},"content":{"rendered":"
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Did you know that April is\u00a0National Financial Literacy Month? Its purpose is to bring awareness<\/em> to the importance of financial literacy and educate people on the significance of establishing and maintaining healthy financial habits. As financial advisors, we wholeheartedly support taking these steps, and what better time of year than FLM to start working out your finances?<\/em> Taking the leap towards financial freedom can be daunting, but it doesn’t have to be difficult. Over the next few weeks, we will break down the Financial Literacy Month\u2019s (FLM) “Thirty Steps to Financial Wellness” into a four-part series we’re calling\u00a0MoneyNav Bootcamp<\/strong>. These posts will outline\u00a0basic steps to take in order to begin revamping your financial life, managing challenges along the way, and staying motivated. Let\u2019s get started!<\/em>\u00a0<\/span><\/p>\n

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Quick Recap<\/strong><\/span><\/p>\n

Last week you spent time preparing for your financial future, learning how to save for goals, and documenting your spending. Hopefully, you are beginning to get the hang of managing your financial life, so this final week of MoneyNav Bootcamp should be no sweat. Get ready to present the new and improved financially savvy you!<\/span>\u00a0\u00a0<\/p>\n

Week #4 of MoneyNav Bootcamp: Small Changes Can Lead to Big Results <\/strong><\/p>\n

This is the last week of Financial Literacy Month and it\u2019s all about making small changes to create a greater and more lasting financial impact.<\/span><\/p>\n

Step #22<\/strong> –<\/em>\u00a0Identify ways to reduce spending:\u00a0More than 318.9 million people were spending $53,495 per consumer unit according to the Bureau of Labor Statistics\u00a02014 Consumer Expenditures Survey. This survey indicated a 4.7 percent\u00a0increase\u00a0in spending from 2013. While more spending is great for the economy, it may not be as good for you.<\/span><\/p>\n

There are ways to keep a balanced budget that allow you to spend and save without overwhelming yourself and undoing all of your hard work. The number one thing that you should remember is to start small: automatically transfer $50 (or a number that doesn’t sound\u00a0too painful for you) into a savings account; bring your lunch to work; cut the cord on cable; find small luxuries or wants you’ve been spending money on that you could gradually or easily do without. This way you are acclimating yourself to spending more wisely and creating another channel for saving as well. Furthermore, if you receive any \u201cwindfall\u201d money (i.e. a raise, bonus, inheritance, etc.), add it to your savings rather than spending it. I know it can be easier said than done, but always bear in mind the power of compound interest.\u00a0<\/span><\/p>\n

Step #23\u00a0\u2013<\/strong>\u00a0Save money on groceries:<\/em>\u00a0You have to eat. That\u2019s an expense you can\u2019t go without, but you can be more frugal when it comes to grocery shopping. Making simple changes to your shopping habits can help add to your savings. When you plan out your groceries, think about where you will be buying from, how often, what you will purchase, and if there are any sales you can take advantage of.<\/span><\/p>\n

If you shop at a high-end grocery or major grocer you may be able to buy the brands and products you are looking for, but you also may be paying more than you would somewhere else. Try shopping at a more affordable place like:<\/span><\/p>\n