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  • ๐ŸŒฎ Finance News: March 21, 2024

๐ŸŒฎ Finance News: March 21, 2024

5 Things You Need To Know Today

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Happy Thursday!๐Ÿ–๐Ÿฝ

I know this email is a bit late, but just like it's never too late to take charge of your finances, the good news is still valuable!

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๐Ÿ—ž๏ธ Hot off the Press

These 5 things happened while you were busyโ€ฆ

๐ŸŒฎ Struggling to Save Money? Save $1,000 in 4 Months

It outlines a couple's strategy for saving $1,000 in four months. They had no prior savings and started by creating a budget. This involved tracking their income and expenses to identify how much they could realistically save each payday. They used a method of separating their money into designated accounts for spending, debt repayment, and savings. Read more here.

๐ŸŒฎ Fed Pumps the Brakes on Rates: Boom or Bust for Your Wallet?

The Federal Reserve has decided to hold interest rates steady, which has both positive and negative consequences. This is good news for people saving money because it means higher interest rates on savings accounts and CDs. However, it's not so great for those who need to borrow money, as borrowing costs will remain high for things like credit cards and auto loans. Read more here. 

๐ŸŒฎ Financial Security: The Top Goal for Almost 60% of Ambitious Women

A Fidelity survey found that financial security is the top goal for most women (58%). This is likely because money stress is more prevalent among women (57%) compared to men (41%). Interestingly, nearly all women (93%) surveyed felt stressed about managing their finances. Read more here.

๐ŸŒฎ Unlock Your Financial Freedom: 4 Money Moves for Childfree Folks

The article outlines financial advantages for people who choose not to have children. It emphasizes building a strong emergency fund to cover unexpected costs. Without childcare concerns, the article suggests pursuing careers with greater flexibility, including remote work or entrepreneurship. Read more here. 

๐ŸŒฎ From Drowning in Debt to Debt-Free: My $36,000 Credit Card Payoff

Brittney Reynolds, 28, accumulated over $36,000 in credit card debt and moved back to her parents' place to get back on track. While her situation seems extreme, it is actually quite common - almost half of people with credit card debt expect to take at least a year to pay it all off. The national average credit card debt is $6,864. Read more here.

๐Ÿ‘€ Level Up

Read: Here are stories that depicts people struggling under the weight of owning money.

Watch: Your mortgage doesnโ€™t have to be a debt you carry for the rest of your life. Learn the pros of paying off your house early.

Take Action: If you are ready pay off your credit card debt, here are the 4 strategies to pay it off faster. 

๐ŸŒถ๏ธ Extra Spicy

Here are three tips to stop procrastination about budgeting:

1. Start Small and Celebrate Wins: Budgeting can seem overwhelming, so tackle it in bite-sized chunks. In this case, dedicate just 15 minutes to track your income and expenses for a week. Once you have that initial data, set a small, achievable goal, like cutting back on daily coffee purchases.

2. Find the Fun Factor: Budgeting doesn't have to be a chore. Explore budgeting apps with user-friendly interfaces and gamification features that make tracking your finances engaging.

3. Focus on the Future You: Visualize the positive impact a budget will have on your future and use that image as motivation to stay on track. Please remind yourself that budgeting is a tool that empowers you to make informed financial decisions.

๐Ÿคฃ Meme Stash

Oh Yes!

Hard Times!

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