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7 Financial Lessons To Implement Starting Now
Cause why do you need to wait to make wise moves?
Every month ruthlessly go through your budget to determine what other expense non-essential spending you can obliterate.
I run through my budget several times a month.
Aside from adding the outlays, I analyze to see what I can cut out; by doing this, I continually find opportunities to cut until I’m questioning things I deemed essential.
“Hmmmm….maybe I can cut that, too.”
When you keep revisiting an expense, you may find it no longer needs a space in your budget.
2. Never rely on ONE source of income
If 2020 (and maybe 2021) taught us anything, it is to diversify our income pool.
Always have more than one primary source of income. By doing this, you relieve yourself of financial anxiety.
But you also do something else: delay and mitigate your dependence on your emergency fund.
Now, this doesn’t mean you can get away with not having an emergency fund, but if you lose one source of income, it sure is nice not to have to dip into our emergency funds to cover our asses because we lost our primary source of income.
3. Implement your financial mentors’ sound advice.
Notice I said implement their sound advice. Not all advice is viable.
I’ve been thinking a lot about foresight lately; one of my closest confidants continues to discuss the subject.
Foresight is meaningless without action. We can get all of the advice and education, but if we don’t implement and act on the knowledge, what is the point of attaining it in the first place?
My mentors encouraged me to educate myself on non-traditional investments and taxes. Hence, I started reading books and articles, and it’s been a game-changer for my finances.
4. Procrastinate on spending money.
My sister makes fun of me because she says I take too long to make decisions. No lie, it took me about six years to decide whether or not to get a bed frame; hence, I’ve been sleeping on the floor for the last six years, but I’ve enjoyed every minute of it.
You don’t need to take six years to decide on a purchase, but you could probably use 48–72 hours before jumping the gun. I follow this rule with 90% of my large purchases.
It’s critical to consider whether the investment you are about to make with your money is genuinely worth it. Is it? It may not be after 72 hours of pondering the purchase.
Think thrice before buying, and you’ll probably save thousands of dollars. Not a bad result for merely thinking things through.
5. Dine out less.
There are phases when I will not eat out for an entire month. It’s a discipline exercise in two parts: one for health and one for finances. I can easily spend hundreds of dollars eating out, but at what cost?
It will put a mark on my budget, and it will also slow down my energy levels, cloud my thinking, and add stuff to my body that shouldn’t be there in the first place.
Eating out is one of my favorite things because it’s easy, convenient, and saves me time!
But, I like to practice this exercise to remind myself that my health and finances are more important than a quick bite and fleeting experience that, over time, could impact my health negatively if I engage too frequently.
6. Stop trading time for money.
I work a lot and have my hands in several pots. At times, it’s overwhelming. I often ask myself: “What is it all for?” Asking myself the question helps me to keep everything in perspective.
But there are also some other questions I need to think about continually:
Am I setting healthy boundaries with work?
Am I spending time with family and friends?
Am I taking care of myself?
It’s easy to trade our time for money. A more intelligent decision is to learn how to create more time for yourself. Sometimes you will work more than other times, but be careful.
Remember, everything you’re working for can all disappear instantly, just like your life.
Keep your priorities in check by asking yourself, “What is it all for?”
7. Start saving now if you’re planning for holiday gifts.
Maybe you’re into Christmas gifts. Instead of waiting until the last minute to forge up resources to buy all of those gifts, save a portion every month so that when Christmas comes around, you already have an allotted amount of resources to spend.
Maybe you want to be extra kind this holiday; if you start saving now, you’ll put a lot of friendly smiles on people’s faces later this year.
Each month, I allocate some of my resources to generosity. This works well for me. Do what works well for you so you can give how you desire.
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This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.
This content is for informational purposes only — not professional advice. Consult a qualified professional before making any major decisions.