Monday, September 27, 2021

How is Gen Z Learning About Personal Finance?

As the generation who has been raised with technological advancements, Gen Z is now using social media for financial education. GOBankingRates asked 1,000 Americans aged between 18-24 about their approach to personal finance. This survey found that 38.8% of Gen Zers use TikTok, YouTube, or other social media platforms to learn about personal finance. To be more specific, 34.3% learn from TikTok and YouTube, and 7.2% learn from other online techniques, like Reddit. On the flip side, only 22.7% responded they’re learning from other family members and 17.6% are learning from educational classes at college/high school. 



To learn more about how Gen Zers are investing their money, what they’re spending money on, and what they want the most out of their professional life, please visit www.gobankingrates.com


Don't forget to follow us on TikTok! @financiallyfitme


Written By: Your Financially Fit Me Team







Monday, September 20, 2021

Coping with Financial Stress

Maurie Backman from The Ascent wrote about some tips and tricks on how to minimize financial stress. Here’s what she had to say:

  1. Maintain a Solid Emergency Fund: Backman admits that her personal emergency fund is extremely strong in fear of unplanned financial burdens. She claims that it’s typical of her to save at least a year’s worth of expenses/bills. She admits that it’s probably safe to have a little less than that, but it’s encouraging to have left over savings for investment opportunities. Regardless, it’s better to be over prepared than under, and she claims that keeping a year’s worth gives her significant peace of mind.

  2. Under Budget Home Owner: Backman references the rule of thumb to limit your monthly housing expenses to less than 30% of your income. If you’re looking to buy a home in the near future, analyze your annual income and make sure you aren’t spending too much on home expenses, or else there won’t be much left over for recreation, food, or investing. 

  3. Revise your Budget: To ease your worries, Backman suggests updating and revising your budget often to account for rising expenses. Checking in often is a great way to be confident in your financial status and ensure you have enough money. 


To read more from Backman, please visit www.fool.com.


Written By: Your Financially Fit Me Team




Monday, September 13, 2021

Become Financially Fit This Fall!

With the perfect amount of time left before the end of the year, fall is a great time to really analyze your personal finances. Kimberly Palmer, a NerdWallet representative, posted some financial to-do’s to take care of this fall on tucson.com, here’s what she had to say:

  1. Increase Short-Term Savings: As past years have presented, you never know what the next year will look like. Therefore, building a “cash pile” early can help with unexpected payments or an opportunity to invest. 

  2. Be Ready for Tax Season: Especially if you’ve encountered any major financial changes in the past year that could impact your taxes, consider speaking with a tax professional early, instead of during their busiest time of the year.

  3. Reflect On This Past Year: Analyze your workplace benefits and ensure you’re comfortable with the insurances you’re committed to. 

  4. Contribute to Your Retirement Fund: Holiday spending season is upon us and any extra money you can contribute to your financial future now will be extremely helpful.

  5. Predict 2022 (The Best You Can): Whether you’re thinking of changing jobs, going on a vacation, or doing a big renovation project, it’s important to anticipate the bigger expenses you’re planning to incur so you’re ready to afford it when the time comes. 



To read more, please read Why Fall is a Great Time to Check Finances to Avoid Falling Behind.


To start managing your fall finances with Financially Fit Me, please click here


Written By: Your Financially Fit Me Team


Monday, September 6, 2021

4 Financial Mistakes to Avoid as a College Student

As many students quickly figure out, living away from home means being responsible for personal finances. According to Jasmin Suknanan of CNBC, there are four common financial mistakes that college students are making:

  1. Misusing Student Loans: Suknanan draws attention to the fact that many students may be receiving more money than needed to attend college. What this has shown to lead to is students using that extra loan money to fund non-educational activities. In the end, they are in a pool of debt that may be difficult to repay.

  2. Missing Repayment Terms on Loans: When students accept loans, it’s easy to assume that they have the average seven years to repay those personal loans. However, it’s important that as a student, you are keeping track of how much money you owe and when the repayment is due. Falling behind on payments, needless to say, is not a good way to be financially stable.

  3. Credit Card Debt: As a valuable financial tool to help build credit, credit cards also come with a lot of responsibility. It’s very important to always use your credit card with a plan (and the money) to pay off the remaining balance. In this article, CNBC highlights a statistic that claims in 2019, only 51% of students with credit cards planned to fully pay off their balances. 

  4. Money Management Can Wait Until Graduation: This mindset is a mistake that more often than not, college students make. Whether they have a job, internship, or their parents give them money every month, it’s important that their monetary income is managed despite the amount.


A great place for students to start learning saving and money management skills would be with Financially Fit Employees (FFE), which is why we have a back-to-school promotion going right now! The first 20 students to use the code STUDENT20 will get 20% off their monthly membership fee with FFE! All you have to do is use your student email and enter your university as the company name during registration and you’ll be all set! We look forward to helping all students prepare for their financial future. 



Written By: Your Financially Fit Me Team


Monday, August 30, 2021

Consistency is Key!

What are some things that you believe to be a constant in your life? Whether it’s lifting weights once a day or journaling or going through the Starbucks drive-thru, there are certain things that, we as individuals, create consistent habits out of. At Financially Fit Me (FFMe), we recognize the importance of being consistent, especially with our finances. Prioritizing lifting weights every day and maintaining your physical health is arguably just as important as maintaining your financial health. FFMe is a great service that allows individuals to prioritize their financial health. Our online functionality is great for allowing members to consistently check their finances and ensure their financial future is healthy.


We recognize that creating a habit dedicated to checking your finances may be difficult to jump into. An article posted by Simple Money Man (SMM) lists some ways you can ensure consistency or at least build healthy financial habits. For example, SMM suggests automation. Whether it’s saving a certain percentage from every paycheck or investing money into your 401K, automating payments may be a helpful way to set aside some money without even having to think about it! If automation may not be the most effective way to go right now, SMM also suggests setting calendar reminders, which will notify you every time you need to do a financial task. 


To read more from SMM, please visit: www.simplemoneyman.com



Written By: Your Financially Fit Me Team 


Tuesday, August 24, 2021

Building Your Rainy Day Savings

Used as a metaphor for financial difficulties, rainy day savings is the money set aside for those ‘not-so-sunny’ economic hardships that involve digging into money previously set aside in preparation. An article published in the Seattle Times encourages individuals to first analyze how much money they are able to save based on their monthly expenses. To do so, Financially Fit Me (FFMe) provides financial tools such as simple budgeting worksheets and savings calculators that help members visualize the division of their earnings, and gives a clear-cut dollar amount they should aim to save each period. Once that value is determined, 1st Security Bank, the sponsored author of the article, recommends building your rainy day fund so it will support three to six months worth of mandatory expenses (i.e. rent, food, electricity) with no additional income. Therefore, in times of unforeseen circumstances, you can rely on your financial planning to support you and your family. 

In addition to contributing to your rainy day fund, Seattle Times suggests creating multiple savings funds that are specific to certain needs or wants. For example, if you’re planning to do a house renovation or go on a family vacation, don’t use your rainy day fund as a “piggy bank” where you can take out money whenever for whatever reason. Instead, create financial goals with FFMe and start financially planning for your next luxury want without digging into your previous savings. 



We want to encourage financial growth among members, and planning ahead is a key component! Start your free membership today with FFMe and begin preparing for those rainy days. 


Written By: Your Financially Fit Me Team


Monday, August 16, 2021

Things You Should Know Before Becoming Your Own Boss

For some, the COVID-19 pandemic forced the self-employment route. For others, it gave them much more time to start a business they had always dreamed of. Regardless of the reasoning, a CNBC article highlighted the sudden boom of entrepreneurial start-ups and how individuals managed to find their market niche. 


Are you thinking about becoming an entrepreneur? Keep reading to learn more about demographic statistics of new business owners, courtesy of Gusto


Minority Trends: Gusto’s survey on pandemic entrepreneurs found that 2020 start-ups are more likely to be owned by women or people of color than previous years. The statistics show that in 2020, 11% of new owners were Black or African American in comparison to previous years that showed only 3%. Furthermore, the survey found that in the past, only 27% of new business owners were women however, 2020 reported 49%, a 22% increase! 


Geographic Trends: If you live in the suburbs, you’re in luck! Gusto found that there was a 13% increase from 2019 to 2020 in suburban-owned entrepreneurial businesses. 


Stress Trends: Although being your own boss can be extremely rewarding, it can also be stressful. To provide full transparency, the road to birthing a self-owned business can be difficult. Gusto reported that 35% of all start-up owners felt their business was doing worse than expected. Additionally, one-third of respondents said they had to take up a second job to take care of expenses - a statistic that continues to increase when looking specifically at Black and AAPI owners. 


Adopting a financial wellness service for yourself may not take care of all financial burdens of starting a business, but can definitely help you manage your finances and plan your financial future, thanks to our team of experts! To register for our services and begin your financial wellness journey, please go to: https://app.financiallyfitemployees.com/#!/guest/register-free


To read more about Gusto’s survey results, please visit: https://gusto.com/company-news/new-business-creation-during-covid-19-a-survey-of-pandemic-entrepreneurs 


Written By: Your Financially Fit Me Team