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How to Start Managing Your Money, For Those Who Never Learned Growing Up

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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How to Start Managing Your Money, For Those Who Never Learned Growing Up

How to Start Managing Your Money, For Those Who Never Learned Growing Up

https://lifehacker.com/how-to-manage-your-money-for-those-who-never-learned-g-1703892260

lifehacker.com

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Key Idea

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.

SIMILAR ARTICLES & IDEAS:

3 Financial Basics

  1. Create a Financial Calendar: prevent yourself from forgetting quarterly tax payments and to get credit reports.
  2. 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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Financial Literacy

Financial Literacy

While kids and teens get to learn about a lot of stuff, most families and schools do not teach them how to manage their money. In some families, it is considered a taboo subject and many friends a...

In And Out

Most of us know how much we make, but we need to pay close attention to how much money is actually coming in post-tax, and how much is going out.

You can start by writing down your Starbucks, Uber, Amazon, and take-out expenses, along with your car insurance, utility bills, subscriptions and memberships. Slowly we can realize that many of these small expenses add up to huge figures.

Review And Analyse

By noting down all your expenses on pen and paper, or on the PC excel sheet, you can start to review and analyse your spendings on a weekly or monthly basis. This will make you find innovative ways to save money, catching hold of ‘runaway spending’ that went unnoticed before.

Example: You could find that the $5 Smoothie that you had every day, could cost much less if you made it at home.

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Convenience Stores

Convenience stores add a huge markup because they don't purchase food in large quantities. They make you pay more for the convenience they provide. 

Unless it's an ...

Cell Phone Plans

Using a cell phone plan that does not suit your needs, or paying for extra services that you do not use can be costing you money each month.

Compare and determine which plan provides the most value based on your needs. Get rid of the extra features like text messaging and mobile internet if you are not using them.

Soft Drinks at Restaurants

Soft drinks have one of the highest markups of any restaurant item and thus provide lower value for your money.

Dine out, but consider to rather opt for water.

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