Monday, July 19, 2021

Becoming a Financially Fit Female

Numerous studies have shown that when it comes to managing finances, women show a lack of confidence compared to men. To be more specific, a Couples & Money study conducted by Fidelity found that 20% of women had little to no involvement in their couples retirement planning. Furthermore, the same study reported that over half of women respondents (56%) indicated their partner as financially “savvier,” meaning they believe their partner understands more about fiscal investments. 

Christina Klenotic, senior vice president at Laurel Road, indirectly agrees with these statistics in her article on gobankingrates.com. Acknowledging the financial inequalities and hardships women have historically encountered, Klenotic emphasizes the differences between men and women in the workforce, which contributes to their lack of financial confidence. For example, compared to 75% of college-educated men, only 54% of college-educated women feel comfortable asking for a raise. This being said, it’s important to note that last year’s study found that only 40% of women felt confident asking for a raise. Therefore, statistics are showing important growth but there’s still significant room for improvement. Additionally, a study by Wealthsimple reported women, on average, invest 40% less of their earnings than men. 


Financially Fit Me wants to encourage all females to know their worth and capitalize on their financial future. We want to provide everyone with the tools and confidence they need to be successful when it comes to handling their money. Sign up for free at https://financiallyfitme.com/ and let’s start boosting your confidence today! 




Written By: Your Financially Fit Me Team


Monday, July 12, 2021

Why Summer 2021 is Perfect for Teens to Begin Building Their Wealth

According to Carmen Reinicke, a reporter for CNBC, 2021 is the best summer since 1953 for teens to start their professional journey. Data released from the Bureau of Labor Statistics showed that the unemployment rate for young adults between the ages of 16 and 19 is 9.9%, the lowest it’s been in over 65 years. Reinicke claims numerous factors may be playing a role however, specifically mentions that due to lingering pandemic effects, older employees may be hesitant to return to the workplace, allowing teens greater opportunities to be hired. 

Aside from allowing teens to get some extra cash in their pocket for summer activities, Reinicke and financial advisor, Tom Henske, list three advantages for getting a job this summer:

  1. Establish a Banking Relationship: starting at an early age, it’s extremely beneficial to encourage teens to open a savings and checking account. These accounts will help young employees understand where their earnings are going and allow early experience using a debit card. 

  2. Make a Budget: emphasized by Henske, summer jobs will help teens learn the true value of money. Especially once kids are expected to cover some financial responsibilities, it will be important for them to develop a budget to track their spending between activities. 

  3. Open a Roth IRA: allowing teens to have access to an individual retirement account, Reinicke explains, is a great way to introduce them to the idea of investing in their future.




To read more, please visit CNBC

Written By: Your Financially Fit Me Team

Wednesday, June 23, 2021

Need Financial Advice? Try Tik Tok!

CBS News released an article a couple weeks ago discussing how Tik Tok is becoming a major source for financial advice. The hashtag #personalfinancec has been viewed over 4.3 billion times on the platform, while #personalfinancetips has over 3.3 million views. One financial advisor on the app Tori Dunlap says "It proved to me that people on TikTok needed this financial advice. I didn't think Gen Z would care, but they do a lot. It proves it's needed in a nonjudgmental, nonshaming way." While Tik Tok users are able to earn money posting videos, one user, Nick Meyer, states that the real money comes from brand partnerships and  collaborations with tax preparation software like TurboTax. Meyers says "I realized [Tik Tok] was an extremely powerful platform and that people were hungry for this kind of information, especially younger Gen Zers and Millennials who never found this information elsewhere. No one talked about it with them at work or within their families, and suddenly here it is on TikTok." For more information on how Tik Tok is shaping the financial world and tips to avoid fraudulent advice, read Tik Tok Personal Finance Tips.


Written By: Your Financially Fit Me Team



Tuesday, June 8, 2021

7 Ways to Vacation on Budget

 Summer is here and it is time to spend some quality time in the sun with our families. Author Hiranmayi Srinivasan of realsimple.com recently wrote an article with tips on how to vacation this summer on a budget. The seven tips she includes are:

1. Budget before you book: Planning is of utmost importance here, and with proper planning you can save hundreds on flights, hotel reservations, car or Airbnb rentals, etc.

2. Carry a debit card of prepaid Visa: this will help you keep better track of your expenses while on vacation.

3. Set a daily limit for spending: this will enable you to spend within your means while remaining aware of daily expenses while traveling. The author writes that having a spending limit is "less overwhelming and will help you stick to [your budget] better."

4. Use a travel credit card: using these can help you get rewards while on vacation. Sometimes these perks include free travel insurance or even a discounted car rental.

5. Cook some of your meals: Eating out is a lot of the fun when traveling, however these expenses can end up being some of the most costly parts of traveling. Opting to stay in and cook some meals will help you cut down on spending. 

6. Bring your own booze: Alcohol can be some of the most costly expenses while traveling; putting store-bought alcohol in your carry-on will save you a ton of money compared to buying cocktails out.

7. Spend your money on experiences: "These are free and will last a lot longer."

For more detailed tips on traveling while on a budget, please read: 
7 Ways to Stick to Your Budget on Vacation


Written By: Your Financially Fit Me Team


Friday, May 28, 2021

How Financial Planning Can Help You




Author Bill Bischoff of marketwatch.com writes “taxes are or will become one of your biggest expenses - maybe the biggest,” in his recent article titled “How financial planning can help you. Exhibit A: Selling your home before getting married — and facing this avoidable tax mistake.” Tax planning and financial planning are closely linked, as taxes become a large expense as you go through life. He includes fictional examples of people planning to move and get married and the large burden taxes can weigh on a person if they do not plan long-term for federal-income tax purposes. The author also includes examples of how properly planning can lead to gains within your 401(k) with his simple tips. He states that by employing effective tax-planning strategies, you can increase your long-term cash flow, have more disposable income at your hand, and have a greater ability to save and invest. Ultimately, financial planning is a crucial component of life and learning to do it sooner than later is critical for reduced stress and lifelong success. For more information on how tax planning is important and worth the effort, please read: How financial planning can help you. Exhibit A: Selling your home before getting married — and facing this avoidable tax mistake


Written By: Your Financially Fit Me Team


Wednesday, May 19, 2021

The Basics of Budgeting



While most adults know what budgeting is and think they are doing it correctly, many are not well-versed enough in their finances to be implementing budgeting strategies that could greatly impact their long-term savings and overall financial standing. In an article written by Danielle Hendrix of orangeobserver.com, Hendrix states that the first step of creating a strategic budgeting plan is to first track where your money goes: those morning Starbucks add up over the months, and many do not keep track and realize where a lot of their money is going. The next step is to list out your monthly income and expenses, and configure a budgeting plan that will not leave you in a deficit; and the most important part of creating a budget is to stick with it long-term to see results. Financial coach Cyndia Rivera says “The whole point of a budget is to forecast where your money is going to go before it comes in: It is a plan.” To read more on the basics of budgeting, please visit: The Basics of Budgeting


Monday, May 17, 2021

Financial Wellness Tips In Difficult Times


Bola Sokunbi, from clevergirlfinance.com, wrote an article about how to remain financially well despite the unprecedented times we have all endured this last year. The tips she provides are:

  1. Downsize and focus on essentials: in difficult times, your top priority must be to keep yourself safe and secure. Frivolous spending should be kept to a minimum.

  2. Pause or reduce investment contributions: During financial hardship, focusing on savings should be of utmost importance.

  3. Find other ways to make money: in times of desperation, working at a level below your skill set is sometimes necessary. 

  4. It is okay to ask for help: let your service providers and lenders know you are facing financial difficulty and ask for help if you need it; it is okay!

  5. Work to improve your finances: learning to manage your money through books, podcasts, or through external help (A company like us!) is sometimes crucial to prevent facing financial hardship again

For more detailed tips from Sokunbi, read: Financial Wellness Tips

Written By: Your Financially Fit Me Team