Simple money advice you wish you knew.
It’s all about habits.
I am keeping it short. The very important you already know but don’t apply often is this: Spend less money than you make. It’s not a new concept, but with time and seeing people’s lives on social media and getting influenced by their lifestyle, spending more than you make is actually becoming a growing problem. Think about it. I am sure you have spent extra money on something just because everyone else has it, even if you couldn’t afford it. So if you want to start with just one this, start with this. Spend less money on things you don’t need.
Look where your money is going. Budgeting is so crucial; sometimes, we don’t even sit back and see where we spend all our money in a month. Take out those receipts or really dive deep into your bills and extra subscription that you probably don’t even use. You can even use budgeting apps like Mint or Wallet to manage your money. Cut out things that are unnecessary. It will surprise you at how expense eating out or buying a cup of coffee from outside will affect your wallet when you calculate the expense yearly—alternate those habits. If you like eating out, then set up a limit for yourself. Maybe instead of eating out every day, move it to a few days a week and then to once a week. Perhaps cutting all the ties with your old habits will be hard, so do it slowly, but you will notice an enormous difference once you do it.
Do I really need this need this? When facing this dilemma, why not sleep on it? Let’s say you went out shopping and saw a $200 pair of shoes, but you already own so many. Ask yourself, do I really need it? Perhaps taking a step back and waiting for a few days can help you save that $200. Shops in the mall and online stores are designed with colorful pictures and big sale promotions. Don’t give in to indulgence. You don’t need to get it all. Just because someone else has something doesn’t mean you also need it. Ask yourself, do I really want this, or will I be okay without it? I can’t tell you how many times I have gotten home and the next day haven’t even thought about something that I thought I couldn’t resist in a mall a day before. Always a good thing to remember. If you don’t think about it, it probably wasn’t that important.
Keep your lifestyle in check when your income increases. When people win a lottery or get a promotion at work or their income increases through any other means, they level up their lifestyle habits, thinking of it as a reward. They buy a new house or get a new car; they overspend basically. Instead of changing our lifestyle quickly after our income rises, we can save for our future if we continue to live modestly and be mindful of our spending.
