Does the future spook you out? Whether you’re dealing with an unforeseen circumstance like a natural disaster or a planned expense like shopping for the holidays, planning ahead as best as you can means you won’t be screaming and scrambling for help when you need it the most. DCBA’s Center for Financial Empowerment is here to share the keys for healthy financial habits.
Get a fierce and free bank account
Have you been avoiding opening a bank account because the fees make you shriek? There are free options out there that are safe and will help you reach your financial goals. Learn more about BankOn.
Set SMART, not suspenseful financial goals
Do you feel like you always set plans to buy certain things by a certain time, but when the date comes around, you find you already blew the money on something else? Increase your chances of success by making sure your goals are SMART! Specific, Measurable, Achievable, Relevant, and Time-bound.
Make a BOO-dget
Tired of your paycheck ghosting as soon as you get it? Prioritize how you’ll spend your money. Budgeting is a skill you’ll use throughout your life. Plan for the month or week by week if that’s best for you. Use our worksheet (pg. 2) to track your purchases. There are also many budgeting apps to help you track your spending.
Start an electrifying emergency fund
You can’t anticipate flat tires, injuries, or disasters, but you can be prepared in order to avoid taking a devastating financial hit. It’s best to have 3 to 6 months of living expenses saved up. Setting aside ‘rainy day’ money can be a part of your budget. You’d be surprised how setting aside anywhere from $50-$200 a month can add up.
Make the best monster moves for your business
Looking to bring in more profit? If you’re curious about selling your goods and services to Los Angeles County or other government agencies, get in touch with our Office of Small Business. If you’re not quite ready to get into government contracting, visit one of our Contracting Centers for assistance.
If you need to borrow money, read the Small Business Borrowers’ Bill of Rights first to avoid financial products that may do more harm than good.
Check out our “Get Financially Empowered” resource guide for more tips on how to save and protect your money.
We’ll be highlighting tips on saving for fall travel, emergencies and more on our Instagram account throughout the month.