Money Management
Good Morning,
Today I'll be covering money management and sharing some tips on how you can avoid the traps that the majority fall into when it comes to spending.
The saying 'money makes the world go round' is not an exaggeration. As the general medium of currency practically everywhere, money is a requirement for survival. A lot of people focus on how much money they can make - which is of course just as important - but fewer people monitor how they spend the money they've earned. This is often the reason we see those who were once considered 'rich' experience a rough descent back to the middle or even working class.
Luckily you are subscribed to DailyFinance, where I will now share some ways that you can improve your money management starting from today!
Money Management Tips
Set Financial Goals
Setting financial goals, whether related to savings/investment portfolios/spending limits, will undoubtedly improve your money management - provided you possess the discipline to prioritise these goals. Referencing yesterday's newsletter, setting these goals will improve your decision making and give you a better sense of direction regarding money.
2. Avoid Impulse Buys
Deciding to buy something off impulse certainly feels right at the time, but seems to always become regrettable further down the line. Next time you get the urge to buy that new pair of shoes or new clothes, consider how your future self will feel about this purchase and if it will stand in the way of the financial goals you have in place.
3. Save For Emergencies
Life is full of unforeseen circumstances, some of which will result in you parting with money. Those who are unprepared for times like this will panic and find themselves spending their primary source of income on getting out of the predicament. However, if you are armed with emergency savings you will be in the position to resolve your problem with ease and avoid any disruptions on your journey to meet your financial goals.
4. Invest, Invest, Invest
Whilst saving your money is better than spending it all on luxury items, interest rates on saving are abysmal in comparison to what you can earn investing. I will not go into detail about what exactly to invest in as I am not a financial advisor and this is not financial advice, but I will recommend doing your research and finding what is right for YOU. After all, it is your own money to multiply or lose.
“Those who don’t manage their money will always work for those who do” ~ Dave Ramsey.
That concludes today's newsletter. Like and share with someone whom you want to see smash their financial goals! Have a topic you'd like covered? Feel free to message me or Arzevent on Snapchat.
Written by @getitdone43