Learn more about moneyandinvestments with this collection
How to overcome fear of rejection
How to embrace vulnerability
Why vulnerability is important for personal growth
The more credit cards you have, the more chances you have for identity theft and the more chances you have to miss a payment. The more investment accounts you have, the less attention you can give to each one and the more likely it is that youโll miss a big problem.
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...take care of your current situation.
Your future self might have more income, but itโs also fairly likely that your future self might have less income and youโll find yourself in a really bad situation.ย
Even if your future self is doing well, there are probably going to be other big expenses that youโll want to deal with at that time, like buying a house.
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The most valuable part of budgeting is actually the process of building a budget correctly.ย
You build a budget based on looking at your actual spending over the previous few months.ย Get real numbers, not estimates. Dig through your bank statements and credit card statements and figure it out. This will easily show you the areas where you actually overspend.
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Rent unless your total monthly cost of home ownership is lower than renting.
Itโs easy to get sold on the home ownership dream, but if itโs going to jack up your bills, itโs probably not a wise move.ย ย
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Whenever youโre tempted to splurge on something cheap, simply hold it in your hand for 10ย seconds and ask yourself honestly whether you need it or not. Actively try to think of reasons why you shouldnโt buy this item. Will you really get enough value out of it to make it worth the cost?
Usually, just 10ย seconds will convince you that you donโt really need the item, and if something still passes the test, feel free to buy it!
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For more expensive items simply choose to wait 30ย days after your first serious impulse before buying the expensive item, provided that itโs not an essential or emergency need.
Use that time to do a little research and make sure you actually want or will use the item, and also give it time to just sit there and see if the desire dies down. Youโll find that, more often than not, you wonโt want the item after thirty days.
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Cancel your unused memberships and subscriptions.
Unused subscriptions and memberships do nothing but devour your money month after month.
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