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Valerie
@val_q29
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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Valerie
@val_q29
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 mon...
Valerie
@val_q29
Personal Finance Guide: Manage Your Money Like A Boss - Darius Foroux
A Definition of Personal Finance
Personal finance is about managing your own money - how much you spend, save, get into debt, and invest.
How you manage your money will depend on your age, education, ambit...
Best Personal Finance Books
- The Richest Man in Babylon, by George S. Clason. The message of this 1926 book is that rich people are rich because they save their money and don't get into debt.
- Your Money or Your Life, by Vicki Robin and Joe Dominguez. This book will change your relationship with money.
- The Little Book of Common Sense Investing, by Jack Bogle. This book is about index funds. Jack Bogle founded Vanguard and created index funds.
The 4 Phases Of Personal Finance
Consider where you find yourself as each phase requires a different strategy.
- From nothing to something. This is where you live from paycheck to paycheck without any savings. Try to build a financial buffer of at least one month of expenses.
- Gaining traction. Once you've saved at least one month of expenses, aim for saving six months of expenses.
- Peace of mind. Put your money in a savings account and don't touch it. Everything else you save from now on is meant for investing.
- Financial freedom. This is the stage where you have enough cash and investments to cover your cost of living.
Elizabeth V.
@elizabethvv67
9 Money Myths & Mistakes That Could Cost You
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.
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