What To Do With Extra Income

Greetings to all. I am Success Jenkins and I welcome you to my financial blog. My desire is to educate and motivate my audience about Financial Wellness and how to achieve it. Every Friday I will be posting a new blog that will address various topics, giving tips and/or sharing events that one can attend to learn more about Financial Wellness.

Today, I was looking over my financial goals and mapping out how I want 2022 to look like for me financially and I thought about all of you who are on this financial journey with me. Where you in a good financial position when this pandemic hit? Are you ready for whatever may come next? I want to go over a few things that I was taught from my research of how to make the most of extra cashflow. This year many got stimulus checks and a lot of people have received their tax money recently. Hopefully, everyone who was blessed are and/or will use it to propel them into better financial situations. Here are a few ways to use extra cashflow to help benefit you in your quest of Financial Wellness.

One of the top priorities to cover is your immediate needs. Things like groceries, supplies for the family or the house, and anything that you need to live. Once those are

taken care of, the next focus are bills. Making sure the utilities are up to date will keep the lights, water and heat or AC on. Looking ahead, another great idea is to put some money towards paying off credit cards and other debts. It might not be enough to pay it all off, but every bit helps when you are securing your financial future and striving to become debt free.

Putting money towards an emergency fund is critical. This pandemic has shown us that the world can change very quickly, so we must always be prepared for a rainy season. Once we get back on our feet as the economy improves, it is a must to set aside enough cash to buffer our expenses for a few months. After this has been achieved, then the focus can shift to building the savings back up again.

Another great idea is to invest in yourself for the long term. Start an IRA or some other type of investments that you can contribute over time. This will help create a wonder nest egg to live off during retirement. With extra cashflow on hand, investing in a home-based business is a great move. As an entrepreneur, I can attest to it being one of the greatest decisions I have ever made. Being able to set my own schedule and create additional cashflow from home has been truly life changing.

These are just a few ideas as to what to do with extra cashflow. Financial Wellness is about understand the concept of money and how to effectively manage it, so that a person can benefit from it later. Until next Friday, continue to enjoy the journey to Financial Wellness and Freedom. Have A GREAT Day On PURPOSE & An Amazing Year Of Financial Wellness!!!

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