Mastering Financial Stability: 10 Small Steps To Take in 2024
Insights from Kelsey Auten of Paul Mitchell the School Tulsa
Blog > Mastering Financial Stability: 10 Small Steps to Take in 2024
Financial stability is a goal for many students, but achieving it requires knowledge, discipline, and the right mindset. Kelsey Auten, Education Leader at Paul Mitchell The School Tulsa, shares her insights on how to build and maintain financial stability. Share these tips with your students — or use them on yourself!
1. Start with Financial Education NOW
Financial literacy should start as early as possible. Kelsey’s journey began with observing her parents' dedication to building their finances from the ground up. This early exposure to budgeting and financial planning instilled in her the importance of understanding money.
Tip: Embrace your financial curiosity. Taking simple lessons on saving, budgeting, and understanding the value of money can lay a foundation for future financial stability.
2. Develop a Strong Financial Mindset
Kelsey emphasizes the importance of having a positive and proactive attitude toward finances. Growing up, she witnessed her parents’ resilience and resourcefulness, which shaped her belief that financial stability is achievable with the right mindset.
Tip: Cultivate a mindset of abundance and possibility. Believe in your ability to manage finances effectively, regardless of your starting point.
3. Implement Practical Budgeting
Budgeting can sometimes feel restrictive, but it’s essential for financial stability. Kelsey’s parents referred to budgeting as “the B word,” but their disciplined approach paid off, allowing them to pay off their home and save for the future.
Tip: Create a realistic budget that includes all necessary expenses and savings goals. Regularly review and adjust your budget to stay on track.
4. Prioritize Financial Education
Understanding financial concepts is key to making informed decisions. Kelsey credits Qnity’s financial literacy modules for reigniting her passion for financial education and helping her develop a solid financial plan.
Tip: Invest time in learning about personal finance. Utilize resources such as online courses, books, and financial workshops to enhance your financial knowledge.
5. Set Clear Financial Goals
Having specific financial goals provides direction and motivation. Kelsey and her husband set a goal to pay off their house in three years, which gave them a clear target to work toward.
Tip: Define your financial goals, both short-term and long-term. Whether it’s paying off debt, saving for a home, or building an emergency fund, having clear goals will help you stay focused and motivated.
6. Live Within Your Means
One of the most critical aspects of financial stability is living within your means. Kelsey’s parents demonstrated this by making thoughtful financial decisions and avoiding unnecessary debt.
Tip: Avoid lifestyle inflation and unnecessary expenses. Focus on spending money on things that truly matter and bring value to your life.
7. Plan for the Unexpected
Unexpected expenses can derail your financial plans if you’re not prepared. Kelsey’s story highlights the importance of having an emergency fund and being financially resilient.
Tip: Build an emergency fund with at least three to six months’ worth of living expenses. This fund will provide a safety net in case of unexpected financial challenges.
8. Embrace Continuous Learning
Financial literacy is an ongoing journey. Kelsey continues to learn and apply financial principles in her life, demonstrating that there’s always room for growth and improvement.
Tip: Stay curious and keep learning about personal finance. Regularly update your knowledge to adapt to changing financial landscapes and improve your financial strategies.
9. Teach and Inspire Others
Kelsey’s passion for financial literacy extends to her role as an educator. She believes in empowering her students with the knowledge and skills to achieve financial stability.
Tip: Share your financial knowledge with others. Teaching and inspiring others can reinforce your understanding and create a positive impact on your community.
10. Stay Committed to Your Financial Journey
Financial stability is a marathon, not a sprint. Kelsey’s story of her parents paying off their first home in 12 years and purchasing another home in cash is a testament to the power of long-term commitment and perseverance.
Tip: Stay committed to your financial goals, even when the journey gets tough. Celebrate your progress and stay motivated by keeping your long-term vision in mind.
Remember, it’s never too late to start your financial journey and build a secure financial future. By following these tips and learning from Kelsey Auten’s experiences, you can take meaningful steps toward achieving financial stability right away. Need additional support? Start here.
Want more?
Click here to watch the full interview with Kelsey Auten!