4. Track all your expenses

Set up a track method to track all the money that goes out—keep a record of all the receipts and withdrawal slips.

Doing this will let you measure which areas of your life you’re spending too much or too little money on, foresee potential problems and have the data to avert or resolve them, and see if you can actually up your savings percentage.

Bottom line, keeping track of how you spend your money gives you more control, and an actual, measurable insight on your finances.

3. An emergency fund is ~necessary~

A part of your savings should be kept for events you won’t be able to foresee like hospital bills, car/house repair, natural calamities, political disasters, losing your job, the rise of Cthulhu, the zombie apocalypse—you get the point.

The rule of thumb would be enough money for three to six months’ worth of living expenses, or three to six times the 60% in your 60-20-20 plan.

2. Think about how you want to retire

Early retirement is the dream, right? Imagine traveling around the world in your 40s, without anything to worry about.

You want that? Then establish it as a goal and adjust your plans towards it. Here’s how you calculate.

1. You can work smart to earn more

Side hustles are the way to go but success depends on pro-level skills in time management.

We understand it’s easier said than done, especially if your job has an exclusive/non-compete clause but there are a number of ways to make extra income. It can be from a passion project like making jewelry or home décor to sell, or it can be from passive sources like stocks or an aggregator website with ad spaces.

All you have to do start. Click here and here for some tips.

 Pro-Tip 2: when you’re ready to prep for the future, don’t forget to live a little.

Click here for more information on the BDO Rewards EIP online promo. Don’t forget to post your tips and thoughts in the comments!

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