This week we're focussing on workplace pensions - basically a pension that is arranged through your employer 🏢.⠀
There are three types of workplace pension:⠀
1. Defined benefit⠀
2. Defined contribution⠀
3. Cash balance plans⠀
Check out the post for all the deets on how these different types of pension work and some simple examples 🤓.⠀
What's great about workplace pensions is that your employer either fully pays or contributes to your pension 💰- it's basically free money, or you could even look at it as a cheeky little pay rise 🤑! ⠀
Auto-enrolment means that eligible employees are automatically enrolled in a defined contribution workplace pension scheme. This government initiative has been a huge success with 10 million more people now saving for retirement 🤩!⠀
What type of workplace pension do you have 🤔? ⠀
P.S. If you have a defined benefit pension, I'll be v.jealous - it's the absolute gold standard 🏆!⠀
If you're not sure, go find out, check with your employer and ask for any documentation they have on your pension scheme 💜⠀
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My money content is for educational purposes only and does not constitute financial advice 💙⠀
I KNOW MOST OF YOU DON'T HAVE A GOAL. But all that makes the change is having a clear goal. That being said it's never been too late to start.
So, jot down your goals & split them into short term & long term & Keep Hustling on it.
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33 6148 minutes ago
*Long Course Loan explained.*👉👉
Remember a loan will need to be paid back with interest. Loans from th student loans company are taken out if your pay before it gets to your bank account (if you are self employed you will have to pay this directly)
But remember student finance from the Student loans company do not affect your credit score.
Thanks to a strong economic foundation prior to the pandemic, the recovery is happening much quicker than expected. Investors have regained their confidence and stocks have skyrocketed more than 50% from their March lows 😱⠀⠀⠀⠀⠀⠀⠀⠀⠀
The economy is bursting at the seams with pent-up economic demand. And as the national reopening continues to expand, bumps and all, stocks should soar far higher 🌈⠀⠀⠀⠀⠀⠀⠀⠀⠀
In fact, top analysts are expecting unprecedented economic growth for the remainder of the year. They’re calling for an all-time record GDP increase 📈⠀⠀⠀⠀⠀⠀⠀⠀⠀
Yes, we are witnessing historic times for the market and the economy as a whole. And here’s the best part. It looks like there's a ton more upside ahead ✨⠀⠀⠀⠀⠀⠀⠀⠀⠀
This is an ideal time to increase your presence in the stock market and get started as soon as possible. I want to help you take full advantage of the opportunity 💪🏼⠀⠀⠀⠀⠀⠀⠀⠀⠀
That’s why I’ve decided to do a live webinar on 23 August 2020, Sunday to share with you more 🙋🏻♀️⠀⠀⠀⠀⠀⠀⠀⠀⠀
Click this link to sign up! ⬇️⠀⠀⠀⠀⠀⠀⠀⠀⠀
See you soon! 😍⠀⠀⠀⠀⠀⠀⠀⠀⠀
⠀⠀⠀⠀⠀⠀⠀⠀⠀ #askmichellelee#financialplanning#financialtips ⠀⠀⠀⠀⠀⠀⠀⠀⠀ #budgetingtips#financialfreedom#personalfinance#moneygoals#millennialfinance#bedebtfreewithme#debtfreecommunity
0 51 hour ago
Unexpected events is not controllable but you can lessen the impact of it once it happened, simply by being prepared and having life insurance. It is the best option in order for you to be secured and protected.
Regrets will never happen once you choose the bRight decision.
Start to get your policy today! Let's talk and we will love to assist you!
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What are some of your new financial goals you’re thinking about tackling this month?
I love Chrishaun Denay’s from @moneywithdenay simple no mess, no fuss article on
How to Refresh Your Financial Goals in One Weekend.
Here are her tips.
On Friday, list out all of your goals that you originally set out to achieve at the beginning of your journey.
Check off the goals that you’ve accomplished so far and throw yourself a mini celebration for your wins. It’s important to appreciate how far you’ve come.
On Saturday, put a star (or your favorite symbol) next to any goals that you’re on track to achieve soon, whether that’s within the next month or the next year. This step will help you kick up your momentum to achieving more goals.
If there are goals on your list that no longer serve you, remove them! If there’s something new that you’d like to achieve, add it to the list. It’s good to shake things up a bit every year so that you don’t lose focus on the overall end goal—> financial independence!
On Sunday, back up your goals with DATA (my favorite topic!) and a PLAN (my second favorite topic!). Don’t just write goals down and wish for the best. Align each goal with a strategic plan to how you’re going to achieve it.
For example, my first goal is to pay off $130,000 of debt by the end of 2022. In order to do that I must.
1) maintain a steady salary by doing well at work.
2) stick to a specific spending plan by living below my means.
3) paying off at least $30,000 a year for four and a half years.
If you do these five steps over the weekend, by Monday you’ll feel refreshed and motivated to take on any goal.
Let me know how the steps worked out for you on Monday.
My #1 money tip for married couples
💵Separate spending accounts💵
It’s SO important to have some freedom even when budgeting and reaching money goals as a couple.
🙋🏽♀️Sometimes I want to buy something extra on Amazon or treat myself to chickfila a few times a week.
I don’t want to have to check in with my husband every time and see if we can add it to the budget.
We both need some freedom to spend without checking in (especially for smaller purchases).
👉🏽Insert: separate spending accounts
I opened Ally checking accounts for each of us and every month I transfer $75 to each of our accounts (one day that amount will be more but for now it’s $75).
That is money we can spend HOWEVER we want and we don’t need to tell each other.
💰We can save it. Spend it. Do whatever.
This keeps us both on track with our goals and allows us the freedom to spend on things the other person might find dumb.
Spending money (or fun money) is SO IMPORTANT!
Do you have spending/fun money each month? Let me know what works for you! 👇🏽
87 30721 hours ago
Ladies - Are you ready?? My NEW Financial Series is launching Monday, August 17th 💵📅💵
In this New Financial Series I will be sharing the 4 financial building blocks of building your personal wealth and developing your own financial strategy.
𝐌𝐲 𝐅𝐢𝐧𝐚𝐧𝐜𝐢𝐚𝐥 𝐁𝐚𝐜𝐤𝐠𝐫𝐨𝐮𝐧𝐝:
I was lucky enough to get taught the financial building blocks at a young age by my mom who worked in Finance as a bonds trader.
▪️I had my first savings account when I was 10-years old
▪️I bought my first stocks when I was 20-years old
▪️I achieved my money goal of becoming a homeowner at 30-years old
A lot of woman tell me Finance is intimidating - but it doesn’t have to be! Head to my IG Stories for more 📲
Tell me why building Personal Wealth is important to you?
The craziest thing I’ve been experiencing in this season of my life is listening to God tell me give it away lol 😩 I really don’t be wanting to but I do it anyway!
June was the second lowest month in revenue for my main company. God said give a huge portion of it away to help other people. I’m like what??!! I didn’t understand. I panicked but did it anyway.
In July, he tripled our income... I almost passed out. I couldn’t believe it. Now I just listen. Fund this person, sow here, give this person a free call. Whatever. I just do it because I trust that he will give us more than what we ask for! It’s been working out. Keeping God as the forefront of my company is my secret.
21 14812 hours ago
Sinking funds saved the day!
#tbmfamily member @elizabeth_orosco was able to pay for her child's back to school clothes and supplies without having to rely on debt 👏.
She had her Back to School 2020 Sinking Fund fully funded, and was able to buy everything in cash!
By prioritizing your savings goals, you are able to focus on those that matter most to you.
Will you be using your back to school sinking fund this month? #sinkingfunds
For a really long time I was stuck inside a monthly budget box.
I had to learn how to budget my money in a way that made sense to me, and it was a process. It was also a journey of discovering confidence with my money decisions - to know in my heart that was making the right choices based on what was best for ME and MY FAMILY.
Sure, budgeting monthly is one method, but it's not the only method, and it's not for everyone AND THAT'S OKAY.
Why does budgeting by paycheck work? Why did I find more success budgeting my money every time I was paid?
I started my journey getting paid twice a month - on the 5th and the 20th. Essentially, that's when I would also pay my bills. When I tried budgeting monthly, I was falling short every month, and I couldn't figure out why I was running out of money before the month ended.
Budgeting by paycheck forced me to evaluate my finances more frequently. It also allowed me to manage my paycheck in bite-sized chunks. I was able to make quick changes if something came up before my next paycheck, and I could finally manage my cash flow and see where every dollar was going.
It was a game changer, and it changed my life.
Ultimately you have to do what makes the most sense to you, and use a method where you see lasting change and success. The Budget By Paycheck method was it for me.
Do you budget every time you get a paycheck? #budgettips
The Budget Mom gift cards are here!!! So many of you have reached out asking for physical and electronic gift cards for friends and family.
You can now buy gift cards for $10, $25, $60, & $100. You can also get them mailed to you (for free) or electronically in the TBM shop.
When you order an electronic gift card, you will receive an email with your gift card information.
I'm hoping this makes it easier to give the TBM products that you love, and your loved one can pick a product that will be best for them.
To celebrate, we are giving away FIVE $25 physical gift cards to five individual winners.
You pick the design you want, and we will mail it to your door.
1. Like this post.
2. Follow @thebudgetmom
3. Tag 3 friends that would love a gift card.
Make sure you tag each friend in a separate comment for more chances to enter. Three tag limit.
Giveaway ends on Saturday, August 8th at 8:00pm (Pacific Time). I will be announcing the winner on Sunday, August 9th.
Feel free to share this giveaway in your stories. I would truly love and appreciate it.
This promotion is no way sponsored, endorsed or administered by, or associated with Instagram.