A creative approach to personal wealth.
By Jenny Hoff
Sponsored by Frost Bank
Alina Tudor, Assistant Vice President at Frost Bank
“I believe that through knowledge and discipline, financial peace is possible.”
Contact Alina Tudor at alinta.tudor@fronstbank.com or call 512-473-4529
When we see the acronym STEAM, our minds often leap to classrooms bustling with eager students or cutting-edge careers pushing the boundaries of innovation. It’s a concept deeply rooted in academia and professional development, shaping the minds that will lead tomorrow’s world. Yet, the principles of STEAM are far from confined to these realms; they are universal, transcending beyond the walls of schools and corporations, weaving into the very fabric of our daily lives—including the way we handle our finances.
STEAM is not just a set of subjects; it’s a philosophy, a way of thinking and approaching problems. It encourages us to blend scientific inquiry with creative design, to merge analytical rigor with artistic expression. This holistic approach can be a powerful ally in managing personal finance. It invites us to look at our financial health not just as numbers on a spreadsheet but as a canvas for innovation and growth.
Science: Experiment With Savings.
Just as a scientist experiments to find the best solution, you can apply the same method to your savings. Start with a hypothesis: “If I save 20% of my monthly income, I can build an emergency fund in six months.” Test it out, observe the results and adjust as needed. For this, Mint/Credit Karma is your go-to app,offering a comprehensive view of your finances and helping you track your savings progress.
Technology: Automate Your Finances.
Technology has streamlined countless aspects of our lives, and it can do the same for your finances. Use Prism to automate your bill payments, ensuring you never miss a payment. And for investment management, Empower can optimize your portfolio for maximum growth.
Engineering: Construct a Solid Budget.
Engineers build structures that last, and your budget should be no different. Construct a budget that accounts for all your income and expenses, ensuring you have a solid foundation for your financial house. You Need a Budget (YNAB) is a powerful tool that can help you build and maintain a robust budget.
Arts: Get Creative With Side Hustles.
The arts inspire us to think outside the box, and when it comes to finances, a little creativity can go a long way. Consider starting a side hustle that aligns with your passions—be it photography, writing or crafting. Platforms like Etsy for crafters, Upwork for freelancers and Fiverr for a variety of creative gigs can help you monetize your skills.
Mathematics: Calculate Your Financial Future.
Mathematics is all about precision and planning. Calculate your financial trajectory by setting clear, measurable goals. Personal Capital is a great tool for tracking your net worth and planning for retirement, giving you a clear picture of your financial future.
As we integrate these STEAM principles into our financial lives, we not only enhance our ability to manage our money but also enrich our understanding of how interconnected our world is. The fusion of these disciplines doesn’t just make for a sound financial plan; it makes for a more enlightened approach to life.
So, whether you’re saving for a rainy day, investing in your future or simply looking to make your money work harder for you, remember that the principles of STEAM can guide you towards financial success.