Many of us know how good stew is but have you heard of S.T.E.W.? STEW stands for Save More, Take Less, Earn More and Work Longer. It's a great acronym to encourage healthy money habits like saving, non-waste, earning potential and taking into account, retirement. Let's break down each of these categories and see what more we can learn from a hearty helping of STEW!
Save More: it's always a good idea to save for a rainy day. More specifically, it's best practice to save for an emergency through the use of an emergency fund. We never know when we'll have to fix a vehicle, have a health scare or need to fix an appliance in our home for example.
Take Less: this concept can be compared to non-waste or even, minimalism. Minimalism has been a popular movement among many, even having Netflix features (such as the movie, "The Minimalists: Less is Now"). This means not to waste and to buy minimally. Most of the time, really living and purchasing intentionally and not giving into the habits and activities of consumerism.
Earn More: this makes it a point to earn more money. It's not as easy as it sounds (I know) but with up-skilling on-the-job, revamping our resumes, and negotiating pay at our workplaces, we can (many times) increase our earning potential year by year.
Work Longer: this pertains to working until we're 55-65 years old. Typically, the longer we work the more prepared we are for retirement because we've had a longer timeframe to save for our retirement goal. However, this isn't always the case. To make sure we succeed in reaching our retirement goals, it is advisable to visit your Financial Advisor or Financial Planner at least once per year to ensure financial goals are on track for retirement.
There you have it: the STEW method to financial soundness - save more, take less, earn more and work longer. Hope you enjoyed today's post. Signed, Filipina Budget Girl.