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How to Start Managing Your Money, For Those Who Never Learned Growing Up
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The Golden Rules of Personal Finance
- Spend less money than you earn
- Always plan for the future: you should always look forward beyond the current month
- Make your money make more money: invest, start a business or invest in your education.
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3 Financial Basics
- Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
- Check Your Interest Rate: Pay off loans, open saving accou...
Budgeting Like a Pro
- Consider an All-Cash Diet, as limiting yourself to physical currency combats overspending.
- Set aside 1 minute a day to check on your financial transactions, to identify problems, track goal progress and set your spending tone.
- Allocate at least 20% of your income to financial priorities like emergency funds, debts and retirement fund.
- Budget about 30% of your income for nonbasic spendings, like entertainment. Abiding by the 30% rule, you can save and splurge at the same time.
How to Get Money Motivated
- Draft a Financial Vision Board, it motivates and helps you to stay on track with your financial goals.
- Set specific financial goals stating the reason, the way, numbers and dates.
- Adopt a spending mantra, a phrase that serves as a rule of thumb for how you spend.
- Love yourself. Taking control of your finances is part of that.
- Make bite-size money goals. Make the bigger ones but also small step goals to get there.
- Don’t be a financial fatalist, and switch to more positive mantras.
- Get your finances and body in shape. The discipline associated with regular exercising translates to managing your money well.
- Appreciate what you have now, instead of being a consumerist.
- Get a Money Buddy. Studies indicate people pick up good habits from friends with similar traits.
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Myth: Shop Early for the Best Deals
While early holiday shopping can snag you discounts and the best selection, you are most likely to get the best deal just before holiday shopping.
Retailers need to move h...
Myth: Buy Coupons for Huge Discounts
Coupons are sold in lots to allow couponers to stock up on the best deals.
While coupons are great to save money, it does not make sense to spend on coupons in order to save. Coupons vary greatly by geographic location and store, and may not apply to your geographic area. Instead of buying coupons, get the Sunday paper for better ads, download an app or keep a coupon binder to stash extras.
Myth: Always Buy in Bulk
It makes sense to stock up on non-perishable items such as soap and canned goods.
However, buying wholesale perishable items like fruit and milk might mean it goes to waste if you can't consume it before the expiration date.
Automate Your Savings
The best way to attain financial success is not about having a budget or avoiding debt, or even choosing the right investments, but about having a system that makes automatic wealth creation po...
Self Control And Laziness
Will power and self-control are like a muscle that can be strengthened. The more we practice self-control, the better we become in implementing the same.
Our laziness too plays a big part in hurting our wallets, like forgetting to pay bills that incur late fees, or overspending on credit cards and paying for subscriptions that are not in use.
Brain On Autopilot: Tiny Habits That Work
Automatic behaviours trigger better decisions and make the entire process seamless. One thing compliments the other, and good habits give space to other good habits.
Example: When a person is dressed up nicely, they tend to work harder.