How To Improve Your Money Management

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In this day and age you need money to survive and thrive, even with the quote ‘money isn’t everything’, it might not be but you need money in order to get shelter and food, and don’t forget transportation from A to B. Young millennials may wonder how is it possible to travel and do other things and save on the side. How do you save money? How do you acquire that millionaire’s mentality? Here are a few tips to get you started.

Check Your Account At Least Once A Day

If you can’t check your bank account at least once a day, then try every two days. A lot of us don’t like to check our accounts, especially when were heading towards overdraft, that creeping feeling of ‘I’ve probably gone overboard’ starts to kick. However it’s so important to check, it’s the first step to tracking your expenses, and understanding whether your ‘wants’ are worth the hassle.

Think Abundance And Wealth

We know that money doesn’t grow on trees; however money can be acquired easily. Understand that there is enough money for everyone on this planet, there’s no shortage of money on this earth. Phrases such as ‘money doesn’t grow on trees’ and ‘money is the root of all evil’ fills your subconscious mind with limitations that serve you no good as these promote scarcity and fear. Replace these phrases with phrases such as ‘money comes easily and frequently’. It may take a while to get used to but you just have to keep going with it and eventually your subconscious mind will accept it.

Skip Luxury Items From Time To Time

Did you know that the Mexican billionaire Carlos Slim doesn’t own a private jet or yacht? Warren Buffet also avoids lavish material items; saying that ‘most toys are just a pain in the neck’. When you get the urge to splurge on luxury items, think about whether or not you need it, and then think about coming back for it later, if a few days goes by and you still want that item then it may be worth the money.

Create Multiple Streams Of Income

Earned income is the first type of income earned by many, which consists of a monthly salary from employers, but an additional way to create more income is through profit, rent, royalties, interest, or capital gains. However the easiest type of income to get along side ‘earned income’ when you’re young is ‘profit income’; for example starting up a small business, (it could even something small as a blog) can help you to generate a new source of income. It may take a bit of research, but figuring out how to sustain yourself for retirement whilst you are still young will pay off in the long run.

 

This post was written by Freda

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