{"id":10247,"date":"2022-04-12T08:00:00","date_gmt":"2022-04-12T12:00:00","guid":{"rendered":"https:\/\/www.meetup.com\/blog\/?p=10247"},"modified":"2022-04-14T10:35:48","modified_gmt":"2022-04-14T14:35:48","slug":"financial-advice-that-wont-break-your-brain","status":"publish","type":"post","link":"https:\/\/www.meetup.com\/blog\/financial-advice-that-wont-break-your-brain\/","title":{"rendered":"Financial Advice That Won\u2019t Break Your Brain"},"content":{"rendered":"\n<p>It\u2019s easy to see the value of well-informed financial practices, but it\u2019s not so easy to actually get informed. For many folks, personal finance ranges anywhere from a nuisance to a buzzkill to a do-not-enter-this-scary-door topic.&nbsp;<\/p>\n\n\n\n<p>However, a little effort can go a long way in keeping you secure, helping you do more of what you love, saving up for a big purchase, planning for retirement, and everything in between. It\u2019s never too late to start learning more and improving your situation.&nbsp;<\/p>\n\n\n\n<p>In the United States, Tax Day falls in April, so it\u2019s a natural time to review your finances and think about future goals. But don\u2019t worry: the beginner-friendly tips in this guide are evergreen. You can pick them up wherever, whenever. You (and your wallet) won\u2019t regret the time you spend going over your finances\u2014think of it as an investment in your own peace of mind.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-find-out-what-your-expenses-are\">Find out what your expenses are<\/h2>\n\n\n\n<p>Sounds simple enough, but you might be surprised what sticks out to you when you review credit card and bank statements. Knowing what size slice of the overall pie goes into different spending categories each month is key to any budget, big or small.&nbsp;<\/p>\n\n\n\n<p>Then, you\u2019ll be able to get a sense of what\u2019s necessary and what\u2019s a nice-to-have. Maybe you\u2019ll discover that the amount you spend on takeout is a lot higher than you thought when seen on a monthly scale.&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-set-a-reasonable-budget\">Set a reasonable budget&nbsp;&nbsp;<\/h2>\n\n\n\n<p>Now that you know exactly how much you\u2019re spending, you can judge which areas you\u2019d like to dial back. As a general rule of thumb, you can use these percentages to compare with your current monthly expenses:<\/p>\n\n\n\n<ul><li>Housing: 25-35%&nbsp;<\/li><li>Food: 10-15%&nbsp;&nbsp;<\/li><li>Transportation: 10-15%&nbsp;<\/li><li>Insurance: 10-20%&nbsp;&nbsp;<\/li><li>Utilities: 5-10%&nbsp;&nbsp;<\/li><\/ul>\n\n\n\n<p>At the end of the day, budgeting is a set of personal decisions. If you highly value a comfortable home, you may set aside more of your budget for housing. But if you\u2019re super active and on-the-go a lot, you may be able to spend less on housing and more on travel or nightlife.&nbsp;&nbsp;<\/p>\n\n\n\n<p>When you pinpoint an area where you want to cut spending, try to set attainable and incremental goals. You don\u2019t have to swear off buying new clothes for a whole year just to feel like you\u2019re making progress. In fact, a moderate change is actually more sustainable in the long run. So if you\u2019re a habitual shopper, try limiting yourself to one new item per month.&nbsp;&nbsp;<\/p>\n\n\n\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1120\" height=\"630\" src=\"https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/03\/wallet_financial-advice-1120x630.jpg\" alt=\"\" class=\"wp-image-10250\" srcset=\"https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/03\/wallet_financial-advice-1120x630.jpg 1120w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/03\/wallet_financial-advice-560x315.jpg 560w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/03\/wallet_financial-advice-768x432.jpg 768w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/03\/wallet_financial-advice-1536x864.jpg 1536w, https:\/\/www.meetup.com\/blog\/wp-content\/uploads\/2022\/03\/wallet_financial-advice-2048x1152.jpg 2048w\" sizes=\"(max-width: 1120px) 100vw, 1120px\" \/><\/figure>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-set-up-a-rainy-day-fund\">Set up a rainy day fund&nbsp;<\/h2>\n\n\n\n<p>Life is unpredictable. It\u2019s always a good idea to have some backup cash in case of a surprise medical bill, or even a surprise destination wedding invitation. If possible, you may want to have two different savings accounts: one for your rainy day savings, and one for <em>savings<\/em> savings. Otherwise, it may be difficult to keep track of what\u2019s spendable and what\u2019s for the future.&nbsp;&nbsp;<\/p>\n\n\n\n<p>For both kinds of savings, remove the guesswork by going automatic. You can decide on a set number to put away each month, or a set percentage (like 10% of each paycheck). Don\u2019t be afraid to start small! Committing to put away just $5 a month will get you in the habit of saving.&nbsp;&nbsp;&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-find-a-financial-community\">Find a financial community&nbsp;<\/h2>\n\n\n\n<p>Investment groups aren\u2019t just for stock market experts. These communities can help you:&nbsp;<\/p>\n\n\n\n<ul><li>Build your credit&nbsp;<\/li><li>Get approved for a mortgage&nbsp;<\/li><li>Create your own business&nbsp;<\/li><li>Plan for future generations&nbsp;&nbsp;&nbsp;&nbsp;<\/li><li>Earn passive income&nbsp;<\/li><\/ul>\n\n\n\n<p>To change your relationship with money so that you are more empowered, check out groups like <a href=\"https:\/\/www.meetup.com\/Financial-Literacy-for-the-Family\/\" target=\"_blank\" rel=\"noreferrer noopener\">Financial Literacy for the Family<\/a> and <a href=\"https:\/\/www.meetup.com\/Networking-and-Financial-Workshop\/\" target=\"_blank\" rel=\"noreferrer noopener\">Networking and Financial Workshop<\/a>. Their online events cover the basics of personal finance. If you\u2019re interested in higher level finance, you can join a group like <a href=\"https:\/\/www.meetup.com\/houstonwealthfactory\/\" target=\"_blank\" rel=\"noreferrer noopener\">Houston Wealth Factory<\/a> or <a href=\"https:\/\/www.meetup.com\/money-schmucks-an-investors-book-club\/\" target=\"_blank\" rel=\"noreferrer noopener\">Money Schmucks An Investors Book Club<\/a>. These communities can teach you how to get involved in real estate investment and the stock market.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-be-consistent\">Be consistent&nbsp;&nbsp;<\/h2>\n\n\n\n<p>Financial stability is a lifelong pursuit with ups and downs. It\u2019s better to commit to small positive changes than to take drastic measures that you may struggle with and give up on. The best way to hold yourself accountable is by finding people who understand what you\u2019re going through. One day at a time, you can improve together.<\/p>\n","protected":false},"excerpt":{"rendered":"<div class=\"post-excerpt\"><p>You don\u2019t need an accountant to sort through these statements. Here are some beginner-friendly, real-life tips for financial stability.<\/p>\n<\/div>","protected":false},"author":45,"featured_media":10249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Financial Advice That Won\u2019t Break Your Brain - Meetup Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.meetup.com\/blog\/financial-advice-that-wont-break-your-brain\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Financial Advice That Won\u2019t Break Your Brain - Meetup Blog\" \/>\n<meta property=\"og:description\" content=\"You don\u2019t need an accountant to sort through these statements. 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