Automation Is Easier Than Discipline
You should automate what you can so you don’t have to keep off the discipline to do those things.
Automating aspects of your personal finance can afford you more time and mental capacity to focus on other aspects of life.
MORE IDEAS FROM THE ARTICLE
When you buy mutual funds, you are charged a purchase fee upfront. This is a one-time payment to the fund management institution. Annually, you will be charged with a percentage of management fees, commonly known as “expense ratio”, which can be expensive.
Beware when advisors at your bank recommend mutual funds to buy. They might be earning a sales commission.
Frugality cannot be the sole cornerstone of our personal finance strategy.
Because we can’t save more than what we earn and saving by itself leads to losses, due to inflation devaluing your money.
One way to save money is to identify and cut down on recurring expenses that don’t add value to your life. A good rule of thumb is to cancel if it is something you might want to use “someday.”
Even if the recurring expense offers you value, you can investigate how you can reduce it without sacrificing comfort in your daily life.
By following the conventional path of "school to loan to university to work" you risk running into serious debt. Being creative is a potential way to lessen or eliminate that.
Maybe finding a different and cheaper way of doing the same thing, doing a yard sale or getting a side job… Put your mind to it and you may find ways to get a financial boost.
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, ambition, family, and country of residence. While this guide will give you enough input to work out a strategy, you should always consider your own personal situation.
You don't have to sacrifice all of your free time to start a side hustle, use the time you’re comfortable with and make a little bit of progress every day.
❤️ Brainstash Inc.