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Free Time Fridays: Financial Freedom

Molly Maid knows your time is valuable, which is why we created the “What’s Your Time Worth” Calculator to show you about how much time you’re giving up to clean your home. In our new weekly blog series – Free Time Fridays, we want to explore the novelty of free time. Instead of spending your much anticipated weekend chained to your home, take the opportunity to enjoy the things you love most. Each Friday we will feature a new bundle of activities to enjoy while Molly Maid does your dirty work…literally.

This weekend we want to help you save money. Organizing your finances and budgeting is a crucial part of financial peace for every person no matter what your situation.

The first and easiest step to getting your finances in order is to observe where your money is going. Becoming aware of your spending habits is a necessary first step in the organizational process. There are multiple free mobile apps, like TYS (Track Your Spending) that document every transaction throughout a 30-day period and creates a report that shows you exactly where your spending habits lie. Whether it’s Nordstroms or the grocery store, you’ll be surprised to see how much money you spend and where. If you are looking for a more detailed tracking device for your personal finances, Monterey Private Wealth recommends Mint.com as the must have personal finance tool. Mint is a free web-based tool that tracks credit, savings, investment, and even your paypal account!

The second step to getting your finances in order is to cut back on your spending in a meaningful way. After you have your accounts and spending habits in order, rank your expenses in order of importance. Many expenses like taxes, rent, and mortgage are items you have no control over. In contrast, items ranking lower on the list, like vacations and adding to your coveted shoe collection, are where you will find wiggle room in terms of budgeting. Monterey Private Wealth recommends their clients reduce their expenses by 30% using this method.

Although many people picture couponing in reference to the TLC show “Extreme Couponing,” this is an extremity. Today, couponing doesn’t necessarily mean sitting down with the mail, cutting coupons, and organizing them based on store. If possible, use the power of the smart phone! There are probably more mobile apps out there for couponing than storage space in your iPhone. Websites like RetailMeNot, The Coupons App, and Groupon are a few of the popular and reliable mobile applications for discounts.

As simple as these things seem, many of us do not take the time to put them into practice. Making organizing and budgeting a habit are the most crucial steps to financial peace of mind. We hope you now have the tools to get a headstart on a more happy, healthy and balanced financial state.

Comment in the section below and let us know your tips for managing finances…

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