1. Make Saving Money a Top Priority
Many times I hear people say they just can’t afford to save, the trick is to put savings on top of your priority list. Saving money doesn’t necessarily mean putting a portion of your income away. You can save by choosing to buy discounted brands at the grocery store, avoiding unnecessary items like junk food, carpooling, or even setting up an automatic saving plan with as little as $20/month. The main goal is to develop a consistent saving habit and to continue working on it throughout your life.
2 Positive Attitude
This rule has nothing to do with money but at the same time has everything to do with managing it. It’s easy to get overwhelmed with paying bills and ensuring your account isn’t overdrawn with payments. However, feeling upset and stressed out will only make things worse for your health and attitude. Always remember you are bigger than the information in front of you. Knowing whatever financial problem you’re facing is solvable will make you feel in control and confident, which will lead you to positive thinking, and likely will help solve the problem faster.
3. Take Time To Plan
We plan our weddings, we plan for the arrival of a newborn, we plan our vacation trips and much more. We do all this planning to ensure the event is carried out with minimal error, to ensure we avoid disappointment, and of course make sure we are happy. Personal finances should be planned with just as much attention and detail as the events above. Plan your budget, avoid “winging it” with your monthly expenses, ensure you’re in the know about how much your household spends on a weekly or monthly basis. Budgeting and planning will help you make smart financing decisions, will put your family in a better financial position and can create venture opportunities you haven’t thought of before, such as real-estate investments, small business planning etc.
4. Strive for More and Your Income Will Follow
I’ve always believed I can do better, and there is always room for improvement. With this mindset I’ve attempted to push my abilities and strive for more in life. This effort opened up new career opportunities for me which allowed me to earn more and hence save more money. Striving for better has also taught me a lot about life and my strengths and weaknesses. However, it’s not about chasing more money, it’s about creating opportunities for yourself to grow and use your knowledge and abilities and potentially earn a higher income with this growth.
5. Ask Questions – Ask For Advice
Growing up with 2 older sisters and a younger brother I learned from their mistakes and remembered not to repeat them. We learn from each other’s experiences. I often took advantage of my resources, such as my parents, the internet, a financial advisor etc. to gain the best perspective on a situation. Asking for advice is a beautiful thing, seeking answers can prevent us from making poor decisions, suffering financial losses etc. The trick to seeking advice is asking someone who is very knowledgeable about the topic and better yet, someone who has been in the same situation.