The first half of the year is done. I can’t believe we are already approaching the year 2023. Nearly 2 and a half years post covid and so much has changed.

The years 2020 and 2021 saw a lot of prosperity for people who invested in assets and saved their money so they can become homeowners or start the business they’ve always wanted. Even though it seems like COVID was just yesterday we are approaching a completely new wave of economic circumstances. It is of the utmost importance you do not be naive or ignorant to the dramatic shifts in the costs of everyday commodities. So what does that mean specifically for you and your family? What goals have you set for the month of July and for the rest of the year when it comes to personal finance? Here’s one: Save, save, save, save. Use your money more wisely than ever and guard every dollar you have. It’s going to be a very cold winter and I suggest you pull back on all extracurricular spending, I know this is what I’m doing. I’ve even canceled some travel plans because airfare has gone up in price so much over the last 45 days. This article is not to scare you, this article is to help you be more aware and to take a look at your circumstances, and be as prepared as possible.

Let’s review some good examples of goals for the month of July.

Examples of some July personal finance goals:

• Reduce monthly spending by 15%
• Open up a retirement account and deposit $100.
• Drive 20% less than you did the previous month.
• Transfer $250 to your savings account.
• Only go out to eat 1 time per week.
• Don’t spend any money on clothes, electronics, or travel.
• Cancel subscriptions that haven’t been used in the last 10 days.

“Invest early and invest often.”

Are you investing any of your money? Do you have a personal finance plan or personal finance goals? Today is July 1st, 2022 and the first half of the year is officially over. The stock market is down the most it’s ever been for the first half of the year since 1970. Why am I saying this? Because this is a great time to get in. I know I am.

One of the few regrets I have when it comes to my personal finance journey is not investing money in the stock market earlier. There is no secret recipe or magic to becoming rich and wealthy. There is a proven step-by-step process to becoming a millionaire and it goes a little something like this. Invest early and invest often.

As we approach a recession and some even argue we are currently already in a recession a lot of people’s expenses have risen dramatically. Rent, gas, food, insurance, etc have all gone up in price and it’s getting increasingly harder for the average Joe to not only save money but invest money for their future.

You have to have a plan.

Why you must have a plan…

It’s extremely important that you have a specific personal finance plan regardless of market conditions. The creation and implementation of a plan will guide you in the direction of where you are trying to go. I think it’s safe to say that we all want to be rich and have financial freedom, but not all of us are willing to make the sacrifices to eventually get there. It is crucial to always be learning more about money so that you can provide for yourself, your family, your friends, and your community. So do you have a plan? And is your plan bulletproof? There are always ways in which we can work smarter and be better so don’t just assume that your plan is the best.

Find the holes in your plan.

I am always looking for ways to reduce my spending, increase my savings, become a more intelligent investor, and learn valuable ways to use credit and leverage to my advantage, it’s called humility.

In conclusion…

More so than ever it is vital for you to be aware of your current spending habits. Create a money journal. Track every cent you spend every single day. This will not only show you where you spend your money but where you can possibly make some changes to keep more of your money. There are so many ways to keep more of your money, but the starting point is getting a handle on where your money is currently being spent. Also before you spend money ask yourself…. Do I need this? or do I want this? If it’s a need, then get it. If it’s a want, then take a step back before spending the money. Creating wealth isn’t about intelligence, it’s about behavior and a lot of people’s behavior is taking them down the path of eventually being homeless. You don’t want to be homeless.