Good Financial Goals For Anyone Making Less Than $20 An Hour
Good financial goals are a sort of foundation for your well-being. Everyone needs them no matter what financial status they have. You may be a rich person or someone who’s making $10.50 per hour and struggling to survive, but without very specific financial goals in mind, your finances are a mess.
Making less than $20 an hour? That’s above minimum wage but making less than $20 an hour means you may have trouble making ends meet. That’s why it’s important to set good financial goals and do all it takes to reach them. Don’t know where to start and how to formulate them? Below are some examples that you can use.
Here Are A Few Examples Of Good Financial Goals
1. To Create A Budget And Stick To It No Matter What
One of the most important financial goals that many people start with is creating a budget. This also helps them to raise funds either for future investments or for possible emergencies.
Take time to write out an honest list of your essentials (needs) and non-essentials (wants) and the amount you pay for each in the average month. The essentials list should include expenses like rent, food, clothing, and utilities. Reviewing the list will give you an idea of your good and bad financial habits and should showcase what you’re paying too much for and what you should cut back on or cut entirely.
There’s no one way to make a budget and fine-tune your spending, but a good general rule of thumb is the 50-30-20 rule: 50% of your pay should go to essentials, 30% for other forms of spending, such as entertainment or eating out, and 20% should be put aside for investment goals and personal savings.
2. To Try Frugal Living For A Few Months
Good financial goals are easier to make if you’re frugal. Just because you can spend a certain amount on groceries or entertainment each month doesn’t mean you have to, especially if you’re taking home less than $20 an hour. Avoid unnecessary big purchases and set aside that cash for something essential or your savings.
3. To Pay Off Debt
There are certain strategies that you can use in order to pay off your debt and even boost your payoff speed. Some of the most popular ones include:
- Debt snowball – where you start with your smallest debt first
- Debt avalanche – where you first focus on paying off the debt that has the highest interest rate
- Debt consolidation – where you combine multiple old debts into a single one at the lowest interest rate.
There are even online tools that let you calculate how much time it will take you to pay off your debt which can help to make your goals even more specific.
4. To Prioritize Savings
Yes, you want to have a lot of financial wiggle room for savings, but it’s important to start an emergency savings fund if you haven’t already. Even setting aside $10 or $20 a month can make a big difference in the future.
5. To Save On Utility Bills
Home utilities, such as gas, electricity, and water, can drain finances, but there are savvy ways to save. Adjust your heat a few degrees down in the winter and air conditioning temperature up in the summer. When you’re not at home, try to turn off lights and unplug appliances. In addition, check with your power company to see if there is financial help or payment plans available for lower-income individuals.
6. To Increase Income By 20% By Getting A Side Hustle
A side hustle, everything from food delivery to babysitting and dog walking, can be an impactful part of good financial goals. Find a gig that fits in well with your other job and rake in some extra cash easily each month.
What If An Emergency Is Preventing You From Reaching Your Financial Goal?
Ideally, you should have an emergency fund for unexpected situations requiring out-of-pocket expenses which will help you continue working toward achieving your goals without any interruptions. If, however, you face a problem preventing you from reaching your goal, fast payday loans online may help. Fast Payday Loans of Kentucky, LLC offers payday loans between $100 and $500 for those who qualify.
The only required items are a driver’s license or state-issued I.D., your most recent paystub, and a blank check from a checking account that is active and in your name. It’s also a quick process, taking as little as 30 minutes to qualify.
All you need to do is go online. Fill out the online payday loans form on our website, and one of our loan representatives from your preferred Fast Payday Loans of Kentucky, LLC locations will give you a call.
They will review the payday loan process and set up a time for you to drop by a location of your choice with the required items. Once they are reviewed, and you are approved, you will get the money you need.
Get Started Today
You can start making good financial goals today, but if you need some immediate assistance with a financial emergency, online payday loans offer help for those who qualify. Go online, give us a call, or visit us today.
Note: The content provided in this article is only for informational purposes, and you should contact your financial advisor about your specific financial situation.