"My hope... is to leave women with a feeling that I call 'Money Zen' – a feeling of calm and confidence and clarity around the role that money plays in their lives" - Manisha Thakor
Financial stress can wear you out but it doesn't have to. Watch Manisha Thakor, financial literacy advocate and financial planner for women, explain how you can find Money Zen. Plus, check out her budgeting tips below!
An excerpt from Manisha's book Your Path to True WELLth: a whole new approach to money, meaning & purpose:
Step #2: Learn what healthy spending looks like.
If you ask the average person, "What is a healthy mix between spending on needs and wants versus savings?" you will likely get a blank stare. That's because very few of us were ever given straight forward guidelines to follow in this area.
Back in the early 1990s when she was a Harvard Law School professor specializing in bankruptcy, Senator Elizabeth Warren and her daughter Amelia wrote a delightful book called ALL YOUR WORTH. In it, they identified an optimal "balanced spending formula" of 50/30/20. It is simple, powerful, and after all these years it's still the most effective healthy spending rule of thumb I've come across.
The "Balanced Spending Formula" Looks Like This...
50 percent – the ideal amount of your take-home pay that goes toward needs
30 percent – the ideal amount of your take-home pay that goes to wants
20 percent – the ideal amount you set aside for savings
Join Manisha to discover a mind-body-spirit approach to financial well-being at MoneyZen for Women January 24-26, 2020 at 1440.