Whether you’re just starting out in your Caring career, tackling student loans, or saving for a milestone, financial balance is undoubtedly top of your to-do list. Where to begin? We share our three principles for finding money + life balance as a Caring Professional.
First, A Reality Check
“You all acknowledge that it’s hard.” – Valentina, Beans member
We all know the struggle is real. According to the Financial Health Network, “The financial health of Americans has declined to pre-pandemic levels and some financial health disparities have widened over the past year.” Achieving financial wellness is not a one and done and that is why The Beans app provides 24/7 access to tools to accommodate life’s changes along with resources specifically created for the Caring Community.
Think of The Beans as your Waze for financial balance. Our roadmap is based on research and evidence, it’s built for the Caring Class, and it works! Here are three simple steps to get set up and on the right path:
1. Start with a Plan
We recently surveyed our members and learned that 74% did not have a Plan for their money until they joined The Beans. Creating a Plan is the first step to achieving better money + life balance.
Why it works: People with plans are 10 times more likely to succeed. With planning comes clarity about your priorities and what important things you want to get done. With The Beans, you get a simple Plan tailored for you, so you always know where your money’s going.
2. Build Your Savings
We’ve all heard that you “should” have 3-6 months of “emergency savings”. There’s a lot of reasons we reject that advice. To begin with, it’s not based on any evidence of what’s important to relieve stress and promote financial progress. Instead, start with building your Essential Savings, that’s $2500, and then you can tackle debt or turn your sights to growing your money.
Why it works: Just five hundred dollars in savings will make a difference because you experience less stress. When you’re not stressed about money, you make stronger financial decisions. Take steps (like automating your contributions) to fully fund your Essential Savings.
3. Spend on what brings you joy
Spending with intention translates to getting more out of every dollar!
Why it works: Research shows that when you spend on what brings you joy you get more utility per dollar. That means when our spending aligns with our personality and our values we experience higher levels of satisfaction.
Financial balance is a journey, but thankfully you have a trusted partner in The Beans. We are in your corner (and literally in your pocket with the app). 86% of our members say The Beans has changed the way they think and feel about their money. YES! Join us, and find balance by creating your Plan.