When it comes to your money there are many things to think about. So many in fact, that most people don’t think about their money, ever. More importantly, in a recent study presented by Envestnet in partnership with Everfi, 80% of millennials don’t have a plan when it comes to their money.
That’s not good, because planning is one of the two indicators of financial health. The other, is savings.
Therefore, if you know that saving and having a plan are the two things you need to do to be financially healthy, why not start now?
Financial wellness begins with one thing.
- Steady income. Once you have a steady income, you can direct your dollars to their highest and best use on a regular, recurring, monthly basis, automatically. Over time, this creates wealth.
More often than not, we focus on spending money. However, there are many other things we do with money that can lead to creating wealth, or not creating wealth. Every day you’re either doing one or the other.
Some of the things we do with money besides spend it, are
Pay people with it
Learn about it
With each of these, you can use technology to make it easier or automatic. You can create, grow, and keep more of it with tools that facilitate these things.
Below are some of the best tools, resources, products, and FinTech I’ve come across. There are great new products and services entering the marketplace every day, and of course some that leave, so I update this list regularly.
I like Chase’s technology. I like how easy it is to deposit checks, transfer money, and pay bills. I have been with Chase since it acquired my bank in Boulder when I was a teenager. They have even refunded fees on accounts over the years just because I have asked.
American Express. I like online banking with AmEx. Good returns. Nice liquidity. No fees. FDIC insured.
FDIC insured savings account, no fees, with a 2.5% return
Above all, use a spend tracker! Knowing where your dollars are going is step #1 in creating wealth.
Get cash back when you shop online. This is a Chrome extension and I love it. It puts money into my PayPal account when I shop at places I normally buy.
Get paid every day from your job. Great resource if your bank account gets depleted throughout the month.
Automatically save. Automatically budget. I use Chime for my spending money. All the things I swipe for on a monthly basis are paid for from this account. Each week I transfer my week’s spending into my Chime account. I can check my balance each day to make sure I have enough, and I never overspend. It also automatically rounds up my purchases and puts it in a savings account.
Your finances, automatically updated in Google Sheets and Excel each day. If you want to separate business and personal finances, this is a great tool.
Increase your credit score with your rent payments
The Penny Hoarder
Living Well Spending Less
Smart Passive Income
My free mini-course, Five Days to Fiinancial Independence will help you get started.
P.P.S. Many of these links are affiliate links, which means I may get a commission if you purchase. However, none of the fees of these resources have been increased to compensate me. In fact, many of the creators of these tools have given me special discounts that I get to extend to you!