Opinion: Mrs. Dow Jones gives 5 tips for making the most of your money
In today’s unpredictable economic climate, it’s essential to have a solid plan for your finances. One person who knows this well is financial influencer Haley Sacks, aka Mrs. Dow Jones. Her mission is to educate and empower people to manage their money better, especially millennials who are more likely to turn to online resources for guidance.
Here are Sacks’ top five tips for optimizing your finances:
Maximize your accounts
Make sure your money is working hard for you by maximizing all your accounts. Don’t leave any stone unturned when it comes to earning potential. With interest rates on the rise, now is the perfect time to grow your savings by looking for high-yield savings accounts with APYs over 5%. Also, consider earning rewards on your credit card spending if you’re responsible with credit cards.
Stay on top of your budget
Inflation can make even the most essential purchases feel like a luxury. So it’s essential to review your spending habits and cut down on anything unnecessary, such as subscriptions you’re not using. Small charges add up, so keep track of them. You can also save money on necessities like groceries by buying affordable brands and making a list before going to the store to stick to your budget. Use a cash-back credit card to save more on everyday purchases.
Build an emergency fund
Life can throw unexpected situations like job loss, medical bills, and other emergencies. Having an emergency fund with three to six months’ worth of living expenses can help you avoid a bad situation from turning worse.
Don’t let fear dictate your investments
Investing is a long-term game, and it’s easy to let emotions influence your decision-making. But history has shown that the market trends upward over time despite short-term fluctuations. Automating as many of your financial processes as possible can help you stay on track and focused on long-term goals.
Automate your financial life
Mrs. Dow Jones emphasizes that automation is the key to financial success. Automating regular deposits to savings and investment accounts and setting up automatic credit card payments can help you stay on top of your finances without much effort.
– Sacks has partnered with Ritholtz CFP®s to create financial education courses around money management for moms.
– CNBC Select recommends parking your emergency fund in a high-yield savings account.
– CNBC Select’s favorite investing apps let anyone from complete beginners to seasoned investors have access to the wealth-building potential of the market at nearly any time.
Managing your money effectively requires a solid plan and a commitment to following through. By maximizing your accounts, staying on top of your budget, building an emergency fund, investing wisely, and automating as many financial processes as possible, you can optimize your finances no matter what the economy throws your way.
Mrs. Dow Jones offers valuable insights into managing your finances, and her practical tips can help anyone take control of their financial life. Maximize earning potential and automate as many processes as possible to stay on track, and create a sound plan for long-term financial security.